Money - The Salt Lake Tribune http://www.sltrib.com/money Stories from The Salt Lake Tribune &copy; 2014 The Associated Press, The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our privacy policy: http://www.sltrib.com/pages/privacy. en-us webmaster@sltrib.com (Webmaster) Utah’s unemployment rate ticked up in March http://www.sltrib.com/sltrib/money/57836124-79/utah-construction-economy-percent.html.csp Utah’s unemployment rate went up a few decimal points in March, a sure sign of an improving economy to Utah Department of Workforce Services economist Mark Knold. “It’s not because of layoffs or signs of weakness we see in the greater Utah economy,” he said Friday of the department’s monthly employment report, which put the state’s jobless rate at 4.1 percent, up 0.2 percentage points from February. His interpretation of the number: “In a deep recession, you’re going to get people who move to th... Utah’s unemployment rate went up a few decimal points in March, a sure sign of an improving economy to Utah Department of Workforce Services economist Mark Knold. “It’s not because of layoffs or signs of weakness we see in the greater Utah economy,” he said Friday of the department’s monthly employment report, which put the state’s jobless rate at 4.1 percent, up 0.2 percentage points from February. His interpretation of the number: “In a deep recession, you’re going to get people who move to th... <img src="http://mngislctrib.112.2O7.net/b/ss/mngislctrib/1/H.17--NS/0?&pageName=RSS" height="1" width="1" border="0" alt=""/> 57836124@www.sltrib.com Fri, 18 Apr 2014 16:04:11 MDT New Americans turn to goats to address food demand http://www.sltrib.com/sltrib/money/57836516-79/goats-goat-vermont-freudenberger.html.csp Colchester, Vt. • A bunch of kids in a minivan are solving twin challenges in northern Vermont: refugees struggling to find the food of their homelands and farmers looking to offload unwanted livestock. The half dozen kids — that is, baby goats — that arrived last week at Pine Island Farm were the latest additions to the Vermont Goat Collaborative, a project that brings together new Americans hungry for goat meat with dairy goat farmers who have no need for young male animals. Some dairy farmers... Colchester, Vt. • A bunch of kids in a minivan are solving twin challenges in northern Vermont: refugees struggling to find the food of their homelands and farmers looking to offload unwanted livestock. The half dozen kids — that is, baby goats — that arrived last week at Pine Island Farm were the latest additions to the Vermont Goat Collaborative, a project that brings together new Americans hungry for goat meat with dairy goat farmers who have no need for young male animals. Some dairy farmers... 57836516@www.sltrib.com Fri, 18 Apr 2014 12:04:41 MDT Chinese trade group to mediate shoe factory strike http://www.sltrib.com/sltrib/money/57836146-79/workers-trade-factory-security.html.csp Beijing • Chinese police hauled away dozens of workers Friday to break up a march on a factory complex targeted by tens of thousands of laborers striking against the world’s largest maker of athletic shoes, while a government trade union said it would mediate the labor dispute. More than 40,000 workers went on strike this week against Yue Yuen Industrial (Holdings) Ltd., bringing production to a halt at the manufacturer, which makes shoes for companies including Nike and Adidas. About 1,000 work... Beijing • Chinese police hauled away dozens of workers Friday to break up a march on a factory complex targeted by tens of thousands of laborers striking against the world’s largest maker of athletic shoes, while a government trade union said it would mediate the labor dispute. More than 40,000 workers went on strike this week against Yue Yuen Industrial (Holdings) Ltd., bringing production to a halt at the manufacturer, which makes shoes for companies including Nike and Adidas. About 1,000 work... 57836146@www.sltrib.com Fri, 18 Apr 2014 09:22:02 MDT Mazda recalls 109,000 older SUVs for rust problem http://www.sltrib.com/sltrib/money/57836025-79/mazda-suvs-problem-109000.html.csp Detroit • Mazda is recalling 109,000 Tribute SUVs in cold-weather states to fix rusting frame parts. The recall covers SUVs from the 2001 through 2004 model years. Mazda says in documents filed with U.S. safety regulators that the frame can rust and a wheel control arm can separate from it. That could result in a loss of steering control. The SUVs were originally sold or registered in 20 states and Washington, D.C., where salt is used to clear snow and ice from roads. Dealers will install a rein... Detroit • Mazda is recalling 109,000 Tribute SUVs in cold-weather states to fix rusting frame parts. The recall covers SUVs from the 2001 through 2004 model years. Mazda says in documents filed with U.S. safety regulators that the frame can rust and a wheel control arm can separate from it. That could result in a loss of steering control. The SUVs were originally sold or registered in 20 states and Washington, D.C., where salt is used to clear snow and ice from roads. Dealers will install a rein... 57836025@www.sltrib.com Fri, 18 Apr 2014 08:38:02 MDT ACA demands may limit taxpayer response time, IRS chief says http://www.sltrib.com/sltrib/money/57833465-79/irs-koskinen-agency-care.html.csp Ogden • IRS Commissioner John Koskinen said Thursday that the agency’s additional responsibilities under the Affordable Care Act in combination with its current budget could mean a steep deterioration in its ability to answer queries from taxpayers. Koskinen was in Ogden as part of a tour of major operations of the Internal Revenue Service. He met with managers and employees at the agency’s business return processing center here that employs about 5,000 people. Under President Obama’s health car... Ogden • IRS Commissioner John Koskinen said Thursday that the agency’s additional responsibilities under the Affordable Care Act in combination with its current budget could mean a steep deterioration in its ability to answer queries from taxpayers. Koskinen was in Ogden as part of a tour of major operations of the Internal Revenue Service. He met with managers and employees at the agency’s business return processing center here that employs about 5,000 people. Under President Obama’s health car... 57833465@www.sltrib.com Fri, 18 Apr 2014 07:29:36 MDT West Valley City rejects plan for Jordan River Marketplace http://www.sltrib.com/sltrib/money/57786621-79/area-ascent-center-council.html.csp West Valley City • For years, officials of the state’s second-largest city envisioned a multicultural center of shops and restaurants next to the Jordan River that would showcase the diversity of the community and serve as a destination spot. But the Jordan River Marketplace struggled to get off the ground and now the West Valley City Council has put the project on hold indefinitely. The council voted unanimously late last month to reject Ascent Construction’s proposal for the first phase of the... West Valley City • For years, officials of the state’s second-largest city envisioned a multicultural center of shops and restaurants next to the Jordan River that would showcase the diversity of the community and serve as a destination spot. But the Jordan River Marketplace struggled to get off the ground and now the West Valley City Council has put the project on hold indefinitely. The council voted unanimously late last month to reject Ascent Construction’s proposal for the first phase of the... 57786621@www.sltrib.com Thu, 17 Apr 2014 17:04:02 MDT Herbert: Trade mission bolstered ties to Mexico http://www.sltrib.com/sltrib/money/57828715-79/mexico-utah-trade-mission.html.csp Gov. Gary Herbert proclaimed his recent trade mission to Mexico a success after three Utah-based companies used the tour to release plans to expand operations there. Space Monkey, doTerra International and Converus all announced new ventures during the governor’s April 7-10 trade mission, which included 39 Utah business leaders and six government officials. “Utah and Mexico have a rich history of economic trade,” Herbert said, noting that Utah exports to Mexico last year approached $550 million.... Gov. Gary Herbert proclaimed his recent trade mission to Mexico a success after three Utah-based companies used the tour to release plans to expand operations there. Space Monkey, doTerra International and Converus all announced new ventures during the governor’s April 7-10 trade mission, which included 39 Utah business leaders and six government officials. “Utah and Mexico have a rich history of economic trade,” Herbert said, noting that Utah exports to Mexico last year approached $550 million.... 57828715@www.sltrib.com Thu, 17 Apr 2014 17:04:02 MDT Nomination deadline extended for Top Work Place 2014 Awards http://www.sltrib.com/sltrib/money/57833148-79/sltrib-survey-tribune-com.html.csp The deadline to nominate your company as a Top Work Place 2014 has been extended until May 23. The Salt Lake Tribune, in partnership with the survey firm Workplace Dynamics, is searching for Utah companies that consistently do right by their employees. It’s easy to nominate your employer. You need only spend five minutes completing a 22-statement survey available online or by calling 801-803-6841. The competition is open to any organization with 35 or more employees in Salt Lake, Utah, Tooele, S... The deadline to nominate your company as a Top Work Place 2014 has been extended until May 23. The Salt Lake Tribune, in partnership with the survey firm Workplace Dynamics, is searching for Utah companies that consistently do right by their employees. It’s easy to nominate your employer. You need only spend five minutes completing a 22-statement survey available online or by calling 801-803-6841. The competition is open to any organization with 35 or more employees in Salt Lake, Utah, Tooele, S... 57833148@www.sltrib.com Thu, 17 Apr 2014 14:32:02 MDT Researcher finds flaw in Samsung fingerprint check http://www.sltrib.com/sltrib/money/57832973-79/fingerprint-samsung-says-flaw.html.csp Berlin • A Berlin-based researcher says he has managed to fool the fingerprint-based security system on Samsung’s new Galaxy S5 smartphone using wood glue and a picture of the original print. Ben Schlabs, who works for Security Research Labs, says the trick is identical to the one hackers used to unlock Apple’s iPhone 5s last year. The S5 flaw is potentially more serious because Schlabs says he was also able to trick the electronic payment app PayPal, which uses Samsung’s fingerprint authenticat... Berlin • A Berlin-based researcher says he has managed to fool the fingerprint-based security system on Samsung’s new Galaxy S5 smartphone using wood glue and a picture of the original print. Ben Schlabs, who works for Security Research Labs, says the trick is identical to the one hackers used to unlock Apple’s iPhone 5s last year. The S5 flaw is potentially more serious because Schlabs says he was also able to trick the electronic payment app PayPal, which uses Samsung’s fingerprint authenticat... 57832973@www.sltrib.com Thu, 17 Apr 2014 13:51:01 MDT Facebook rolls out location-sharing feature http://www.sltrib.com/sltrib/world/57832806-68/friends-nearby-facebook-feature.html.csp New York • Facebook users in the U.S. will soon be able to see which of their friends are in close proximity using a new feature the company is launching on Thursday. Called “Nearby Friends,” the optional tool will only be available to people who choose to turn it on. The feature uses your smartphone’s GPS system to tell your Facebook friends you are nearby — provided they have the feature turned on. Rather than share your exact location, it will only show that you are nearby, say, within half a... New York • Facebook users in the U.S. will soon be able to see which of their friends are in close proximity using a new feature the company is launching on Thursday. Called “Nearby Friends,” the optional tool will only be available to people who choose to turn it on. The feature uses your smartphone’s GPS system to tell your Facebook friends you are nearby — provided they have the feature turned on. Rather than share your exact location, it will only show that you are nearby, say, within half a... 57832806@www.sltrib.com Thu, 17 Apr 2014 13:20:00 MDT Budget office: Wage boost would cost firms $15B http://www.sltrib.com/sltrib/money/57832794-79/budget-office-wage-billion.html.csp Washington • A Senate Democratic bill gradually increasing the federal minimum wage to $10.10 hourly would require private businesses to spend $15 billion more in salaries when it takes full effect in 2017, the Congressional Budget Office estimated Thursday. The nonpartisan budget office’s estimate could be used as ammunition by Republicans, who largely oppose the measure because they say it would drive up business costs. But it could also be beneficial to Democrats because the private sector sp... Washington • A Senate Democratic bill gradually increasing the federal minimum wage to $10.10 hourly would require private businesses to spend $15 billion more in salaries when it takes full effect in 2017, the Congressional Budget Office estimated Thursday. The nonpartisan budget office’s estimate could be used as ammunition by Republicans, who largely oppose the measure because they say it would drive up business costs. But it could also be beneficial to Democrats because the private sector sp... 57832794@www.sltrib.com Thu, 17 Apr 2014 13:14:02 MDT Hot models at this year’s New York Auto Show http://www.sltrib.com/sltrib/money/57827312-79/liter-horsepower-car-tlx.html.csp New York • With more than 1 million visitors annually, the New York International Auto Show is one of the most important shows for the U.S. auto industry. Here are some of the vehicles debuting this year. The show opens to the public Friday. ACURA TLX: Honda’s luxury Acura brand calls the new TLX midsize sedan a “red carpet athlete” for its blend of elegance and sportiness. The TLX — which replaces the TL and the TSX for the 2015 model year — has two new engine options: A 2.4-liter four-cylinder... New York • With more than 1 million visitors annually, the New York International Auto Show is one of the most important shows for the U.S. auto industry. Here are some of the vehicles debuting this year. The show opens to the public Friday. ACURA TLX: Honda’s luxury Acura brand calls the new TLX midsize sedan a “red carpet athlete” for its blend of elegance and sportiness. The TLX — which replaces the TL and the TSX for the 2015 model year — has two new engine options: A 2.4-liter four-cylinder... 57827312@www.sltrib.com Thu, 17 Apr 2014 11:12:15 MDT Worker strike snowballs at Nike, Adidas shoe factory http://www.sltrib.com/sltrib/money/57831994-79/strike-workers-china-chinese.html.csp Beijing • A strike at the Chinese factories of the world’s biggest athletic shoe maker snowballed Thursday to about 30,000 workers, a labor group said, making it one of the largest-ever work stoppages at a private business in China. Workers in the southern city of Dongguan want Taiwanese-owned Yu Yuen Industrial (Holdings) Ltd., which makes shoes for companies such as Nike and Adidas, to make social security contributions required by Chinese law and meet other demands. They’ve been striking in i... Beijing • A strike at the Chinese factories of the world’s biggest athletic shoe maker snowballed Thursday to about 30,000 workers, a labor group said, making it one of the largest-ever work stoppages at a private business in China. Workers in the southern city of Dongguan want Taiwanese-owned Yu Yuen Industrial (Holdings) Ltd., which makes shoes for companies such as Nike and Adidas, to make social security contributions required by Chinese law and meet other demands. They’ve been striking in i... 57831994@www.sltrib.com Thu, 17 Apr 2014 11:06:51 MDT Average U.S. 30-year mortgage rate falls to 4.27 pct http://www.sltrib.com/sltrib/money/57831773-79/average-mortgage-rates-percent.html.csp Washington • Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the 15-year mortgage eased to 3.33 percent from 3.38 percent. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. Many analysts have been expecting an improving econo... Washington • Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the 15-year mortgage eased to 3.33 percent from 3.38 percent. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. Many analysts have been expecting an improving econo... 57831773@www.sltrib.com Thu, 17 Apr 2014 08:29:02 MDT Goldman’s income falls 11 percent, but still beats expectations http://www.sltrib.com/sltrib/money/57831761-79/billion-goldman-percent-quarter.html.csp New York • Goldman Sachs’ earnings fell in the first quarter as bond trading slumped, but the results still came in ahead of what investors expected as other parts of the bank performed well. EARNINGS AND REVENUE: The bank earned $1.95 billion in the quarter, down 11 percent from $2.19 billion in the same period a year earlier. The earnings were equivalent to $4.02 a share, compared with $4.29 in the first quarter of 2013. Revenue totaled $9.33 billion, down 8 percent from $10.09 billion a year ... New York • Goldman Sachs’ earnings fell in the first quarter as bond trading slumped, but the results still came in ahead of what investors expected as other parts of the bank performed well. EARNINGS AND REVENUE: The bank earned $1.95 billion in the quarter, down 11 percent from $2.19 billion in the same period a year earlier. The earnings were equivalent to $4.02 a share, compared with $4.29 in the first quarter of 2013. Revenue totaled $9.33 billion, down 8 percent from $10.09 billion a year ... 57831761@www.sltrib.com Thu, 17 Apr 2014 08:26:02 MDT Union Pacific railroad’s 1Q profit up 14 percent http://www.sltrib.com/sltrib/money/57831748-79/pacific-union-percent-coal.html.csp Omaha, Neb. • The harsh winter didn’t keep Union Pacific railroad from delivering 14 percent higher quarterly profit as it hauled more agricultural, industrial and coal shipments. The Omaha, Neb., based railroad said Thursday that it generated $1.09 billion in net income, or $2.38 per share, in the first quarter. That’s up from $957 million, or $2.03 per share, a year ago. Union Pacific’s revenue grew 7 percent to $5.64 billion. Analysts surveyed by FactSet expected Union Pacific to report earni... Omaha, Neb. • The harsh winter didn’t keep Union Pacific railroad from delivering 14 percent higher quarterly profit as it hauled more agricultural, industrial and coal shipments. The Omaha, Neb., based railroad said Thursday that it generated $1.09 billion in net income, or $2.38 per share, in the first quarter. That’s up from $957 million, or $2.03 per share, a year ago. Union Pacific’s revenue grew 7 percent to $5.64 billion. Analysts surveyed by FactSet expected Union Pacific to report earni... 57831748@www.sltrib.com Thu, 17 Apr 2014 08:20:02 MDT Morgan Stanley’s income rose 18 percent http://www.sltrib.com/sltrib/money/57831744-79/morgan-stanley-billion-income.html.csp New York • Investment bank Morgan Stanley said Thursday that its first-quarter income rose 18 percent from a year ago, helped by higher earnings in its trading and merger and acquisitions advisory businesses. THE RESULTS: Morgan Stanley earned $1.39 billion, up from $1.18 billion in the same period a year ago. The figures exclude accounting adjustments related to the value of the bank’s debt. The earnings were equivalent to 68 cents per share. That easily beat the 61 cents per share analysts wer... New York • Investment bank Morgan Stanley said Thursday that its first-quarter income rose 18 percent from a year ago, helped by higher earnings in its trading and merger and acquisitions advisory businesses. THE RESULTS: Morgan Stanley earned $1.39 billion, up from $1.18 billion in the same period a year ago. The figures exclude accounting adjustments related to the value of the bank’s debt. The earnings were equivalent to 68 cents per share. That easily beat the 61 cents per share analysts wer... 57831744@www.sltrib.com Thu, 17 Apr 2014 08:19:02 MDT GE 1Q earnings fall, outlook strong http://www.sltrib.com/sltrib/money/57831612-79/billion-company-industrial-growth.html.csp New York • General Electric posted lower first-quarter net income than a year ago because last year’s results included the sale of NBC Universal. But the company said its industrial divisions performed well and the economic environment was “positive.” GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year’s first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year. On a per share basis, GE earned 30 cents. Adjusted to re... New York • General Electric posted lower first-quarter net income than a year ago because last year’s results included the sale of NBC Universal. But the company said its industrial divisions performed well and the economic environment was “positive.” GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year’s first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year. On a per share basis, GE earned 30 cents. Adjusted to re... 57831612@www.sltrib.com Thu, 17 Apr 2014 07:46:01 MDT Applications for U.S. jobless aid edge up to 304,000 http://www.sltrib.com/sltrib/money/57831602-79/applications-growth-jobless-percent.html.csp Washington • The number of people seeking U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase. The Labor Department said Thursday that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That average has fallen from 357,500 applications over the past 12 months. It is the lowest four-week average since October 2007, just two months before the Great R... Washington • The number of people seeking U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase. The Labor Department said Thursday that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That average has fallen from 357,500 applications over the past 12 months. It is the lowest four-week average since October 2007, just two months before the Great R... 57831602@www.sltrib.com Thu, 17 Apr 2014 07:44:01 MDT U.S. stock market edges higher as earnings pour in http://www.sltrib.com/sltrib/money/57831585-79/percent-earnings-cents-fell.html.csp Major U.S. stock indexes rose in afternoon trading Thursday as investors reacted to quarterly results from a batch of U.S, companies. Google, IBM and insurer UnitedHealth were among the biggest decliners, while General Electric and Morgan Stanley were among the largest gainers. KEEPING SCORE: The Standard & Poor’s 500 index rose four points, or 0.2 percent, to 1,866 as of 1:30 p.m. Eastern Time. The Dow Jones industrial average gained 10 points, or 0.1 to 16,435. The Nasdaq composite added 14 po... Major U.S. stock indexes rose in afternoon trading Thursday as investors reacted to quarterly results from a batch of U.S, companies. Google, IBM and insurer UnitedHealth were among the biggest decliners, while General Electric and Morgan Stanley were among the largest gainers. KEEPING SCORE: The Standard & Poor’s 500 index rose four points, or 0.2 percent, to 1,866 as of 1:30 p.m. Eastern Time. The Dow Jones industrial average gained 10 points, or 0.1 to 16,435. The Nasdaq composite added 14 po... 57831585@www.sltrib.com Thu, 17 Apr 2014 07:40:02 MDT