Business News

Pink Scolari's in South Reno Closing

Updated: 9:50 AM - Scolari’s Food & Drug Company has announced the closure of its store, widely known as the pink Scolari's, at 8165 South Virginia Street in Reno. The closing will be effective October 31, 2014.
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Nevada Changes Urged to Promote Electric Cars

Posted: 09/22/2014 - A nonprofit group promoting energy efficiency is recommending a number of ways Nevada can do more to promote the use of electric cars in the wake of Tesla Motors' plans to build a $5 billion battery factory in the state.

$70M Grant For Biofuels Plant Planned East of Reno

Updated: 09/21/2014 - A California-based biofuel company building a plant east of Reno has been awarded a $70 million grant from the U.S. Department of Defense to help speed delivery of its high-tech process that converts household garbage into jet fuel.

King Fire Impacts Local Nuptials

Posted: 09/20/2014 - Local football games, soccer games and school recesses all have been impacted by smoke from the King Fire. But the smoke could change the schedules of events you probably haven't thought of. Some couples will be looking at the skies this weekend and crossing fingers.

Alibaba Prices IPO at $68 Per Share

Posted: 09/18/2014 - Chinese e-commerce powerhouse Alibaba priced its initial public offering of stock at $68 per share on Thursday, the top end of the expected range.

Stocks Hit Record Highs

Posted: 09/18/2014 - The U.S. stock market is closing at record highs following another piece of good news on the economy.

Applications for US Jobless Benefits Fall

Updated: 09/18/2014 - The number of people applying for U.S. unemployment benefits dropped by a sharp 36,000 last week to a seasonally adjusted 280,000, a sign that the job market is strengthening.

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Economic News

  • U.S. Home Sales Falter as Investors Pull Back
    The U.S. housing market lost momentum in August as investors pulled away, weighing on existing-home sales and raising doubts about the sector's underlying strength.
  • Fed's Plosser to Retire in March
    Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said Monday he will step down from his post on March 1.
  • Fitch Downgrades Pennsylvania's Bonds
    Fitch Ratings cut its ratings on Pennsylvania's general-obligation bonds by a notch, citing the commonwealth's continued inability to address its budget woes.
  • Should Lending Standards Ease?
    As officials flag worries about a soft housing recovery, they face a hard question: Is the drag on housing due mainly to tight lending standards? Or is the real culprit weak demand?
  • G-20 Continues Growth Push
    Finance ministers from the world's biggest economies reaffirmed a pledge to sharply boost world growth through more infrastructure spending, amid demands for some participants—especially European countries—to do more.
  • Fed Rate-Hike Tool Stirs Some Concern
    Federal Reserve Chairwoman Janet Yellen spent months devising a strategy for managing short-term interest rates. Two days after the plan's release, some market participants warn the new approach may have flaws.
  • The Penny May Not Be From Heaven
    The U.S. Mint makes billions of new one-cent coins every year—more than any other denomination. But the penny costs more than its face value to produce.
  • Household Wealth Hits Record
    Americans' wealth hit the highest level ever in the second quarter amid a rise in stock and home prices, prompting consumers to ramp up their borrowing—a development that could boost the economic recovery.
  • Affordable Homes Drive Rebound in Exurbia
    The exurbs are starting to make a comeback, signaling that the housing market's recovery is slowly spreading beyond major cities and their suburbs.
  • Jobless Claims at Second-Lowest Level in 14 Years
    The number of new applications for unemployment benefits dropped last week to near postrecession lows, the latest indication layoffs are trending sharply lower amid generally improving economic conditions.

US Business News

  • Soda Companies Set Goals on Calories
    Coca-Cola Co., PepsiCo Inc. and Dr Pepper Snapple Group Inc. will work to cut beverage calories in the American diet 20% by 2025 through promoting bottled water, low-calorie drinks and smaller portions.
  • Sirius Loses Oldies-Royalties Case
    The founders of the '60s rock band the Turtles won a summary judgment against Sirius XM, in a suit alleging that the satellite-radio company violated California copyright law by playing the band's songs without permission.
  • New Smartphone Encryption Alarms Law Enforcement
    Moves by Apple and Google to put some smartphone data out of the reach of police and the courts are raising alarms inside U.S. law-enforcement agencies.
  • German Firms Go on U.S. Buying Spree
    German companies are on a buying spree—and the U.S. is their biggest target.
  • Philips to Split Operations
    Dutch electronics group Philips said it would split itself into two companies, spinning off its iconic lighting business 123 years after making its first incandescent light bulb.
  • Oracle Co-CEOs Get Options for 500,000 Shares
    Oracle Corp. said Tuesday its newly appointed top executives, Safra Catz and Mark Hurd, will have the option to purchase 500,000 company shares apiece.
  • Starbucks to Take Full Ownership of Japan Operations
    Starbucks unveiled plans to take full ownership of its Japanese operations, part of a two-step plan that would strengthen the coffee chain's control of its second-largest market.
  • Companies Offer $8 Billion California Energy Plan
    Four energy companies are teaming up on an $8-billion effort to ship electric power produced in Wyoming all the way to Southern California, with the help of a novel energy-storage and generation system in Utah.
  • U.S. Issues New Inversion Rules
    The Obama administration issued new rules to combat so-called tax inversions, intended to make the deals harder to accomplish and less profitable.
  • U.S. Steel CEO Takes on Heavy Load
    One year into leading U.S. Steel, Mario Longhi says "everything is on the table" as he tries to bring the company back from five years of losses.
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