12/04/2008

Dallas area seeing projects left in limbo

G.J. McCARTHY/DMN

Work on the Heritage at the Stoneleigh condo tower is at a standstill.

Abandoned excavations, empty foundation slabs and half-built high-rises can be the byproducts of any real estate market bust. And the Dallas area is once again seeing a few unfinished projects sitting idle. This summer, Prescott Realty Group stopped work on the 22-story Heritage at the Stoneleigh condo tower in Uptown near Maple Avenue when it couldn’t get additional financing.

12/05/2008

Dallas area seeing projects left in limbo
When the Dallas real estate market crashed in the 1980s, the vacant corner at Cole and Lemmon avenues was the most visible sign of a boom gone bad.

Southwest, mechanics union reach tentative pact
Southwest Airlines Co. and the union representing its mechanics announced Thursday that they've reached a tentative agreement on a new contract.

Wal-Mart's doing fine, but nobody else is
With only 20 days left to Christmas, Wal-Mart is having a decent holiday season. But most other major retailers reported lower November sales as shoppers cherry-pick the best deals and pass on the rest.

2008 commercial foreclosures, still small number, but up 30% over 2007
While Dallas-Fort Worth-area home foreclosures hit a record 50,000 postings in 2008, fewer than 2,000 commercial properties were threatened with forced sale.

Dallas-based AT&T will lay off 12,000 within year
AT&T Inc. announced Thursday that it will cut 12,000 jobs – or about 4 percent of its global workforce – citing the slack economy along with corporate reorganization and declining demand for traditional landline telephone service.

12/04/2008

AT&T to cut 12,000 jobs

FILE/DMN

AT&T has been seeing many customers defect from landline phones to wireless services.

Layoffs will begin this month and continue throughout 2009, but they won't affect all areas of the Dallas-based company's business.
New U.S. jobless claims drop unexpectedly
Find a job | Apply for benefits
Factory orders drop by most in 8 years

J.C. Penney sales drop isn't as steep as expected
Deep discounts during the Thanksgiving weekend helped Penney squeeze out slightly better than expected November sales.
Neiman Marcus, Saks sales better than forecast
Many retailers see big declines

Dallas-Fort Worth commercial foreclosures up more than 30 percent
While Dallas-Fort Worth-area home foreclosures hit a record of more than 50,000 postings in 2008, fewer than 2,000 commercial properties were threatened with forced sale. The number is small, but it’s still a more than 30 percent increase from 2007’s commercial foreclosure total, according to information released Thursday by Foreclosure Listing Service Inc.

Direct Energy customers may get hit with huge bills
Nearly 100,000 customers of electricity retailer Direct Energy haven't been getting their bills, and can expect a double or even triple-bill in the mail.

JDA, i2 Technologies deal falls through
Supply-chain management software maker i2 Technologies Inc. said Thursday it is ending a deal to be acquired by JDA Software Group Inc.

Dallas native picked to lead Mercy Ships

SEC chief: Rescue plan needs 'exit strategy'
Securities and Exchange Commission Chairman Christopher Cox says with the government "deeply involved" in many private financial institutions, it "must now begin to build a framework for our exit strategy."

Bernanke: more action needed to cut foreclosures
Although a flurry of actions have been taken to ease the housing crisis, foreclosures still remain "too high" with adverse consequences for struggling homeowners, squeezed lenders and the broader economy, Bernanke said in remarks to a Fed conference here on housing finance.

Automakers make fresh pitch to Congress for bailout
Humbled U.S. automakers are pleading with Congress to approve an expanded $34 billion rescue package to save their troubled industry. But Detroit's Big Three auto executives face continued skepticism from lawmakers in an encore appearance on Capitol Hill.

Judge bars Bratz dolls
U.S. District Judge Stephen Larson rocked the toy industry with his order that MGA must immediately stop manufacturing Bratz. He allowed MGA to wait until the holiday season ends to remove the toys from store shelves.

Financial industry pushes for lower mortgage rates
Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market.

Neiman Marcus, Saks same-store sales better than forecast
Luxury shoppers responded to discounts too as both Neiman Marcus and Saks Fifth Avenue reported better than expected November sales declines, but margins are expected to suffer for it.

12/03/2008

Forecast raises Dallas risk of mortgage defaults to moderate

FILE/AP

CoreLogic said that total nationwide mortgage risk has increased by 54 percent since 2002.

The mortgage default outlook for the D-FW area has worsened since CoreLogic ranked the area as a low mortgage risk in its second-quarter forecast.
Map: See which cities have the highest mortgage risk

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Worker absenteeism shows up in bottom line

KYLE ALCOTT/Staff Artist

Lost days of work can add up to big money. And in recessionary times when profits are slim, it's a cost that most managers would prefer to eliminate.

Fed's Beige Book reports Texas economy is weakening
A new snapshot of business conditions nationwide suggests the economy is sinking deeper into recession.
Link: Read the Beige Book report
Stocks finish higher despite dismal data
UAW to renegotiate labor terms, suspend jobs bank
Read opinions about the economic crash fallout

Texas urged to embrace, not resist, carbon regulation
The question among some executives and environmentalists Wednesday at the Clean Energy Venture Summit in Austin was why Gov. Rick Perry seems to be resisting the inevitable, rather than embracing it.

Grand opening set for Richardson's Eastside development
The development is planned to include 80,000 square feet of retail, more than 200,000 square feet of office space and 435 apartment homes surrounding the Eastside Green park.

Texans' health risks are growing, survey finds
Texas had the nation’s most dramatic drop in a national health-care ranking measuring the prevalence of smoking, obesity and percentage of children in poverty.
Link: America's Health Rankings

Regulators accept Energy Future Holdings' application to build 2 nuclear reactors
The company's Luminant power generation unit said Wednesday in a press release that the nuclear regulator told the company the application is complete, and regulators can begin to take a look.

UAW to renegotiate labor terms, suspend jobs bank
The United Auto Workers said Wednesday it is willing to change its contracts with U.S. automakers and accept delays payments of billions of dollars to a union-run health care trust to do its part to help the struggling companies secure $34 billion in government loans.
Video: Automakers make bailout plea

Bally Total Fitness files for bankruptcy again
Bally Total Fitness has filed for Chapter 11 bankruptcy protection for the second time in less than two years, hindered by debt and limited refinancing options amid the credit crunch.

American Airlines, American Eagle see traffic drop sharply in November
The Fort Worth-based carrier said it filled 76.6 percent of its seats last month, down 4.6 percentage points from November 2007 and its lowest load factor for the month since 2004.

Analysts lower holiday shopping forecasts
Wall Street analysts forecast a 2.4 percent decline in November same-store sales, according to a consensus estimate from Thomson Reuters.

Michaels 3Q loss widens as sales decline
Michaels Stores, Inc., the largest U.S. arts and crafts chain, reported a wider third-quarter net loss and a decline in sales as shoppers spent less on higher-priced items in holiday and home décor.

Dr Pepper 'disappointed' by Guns N' Roses' lawsuit threat over free soft drinks
The folks at Plano-based Dr Pepper are “disappointed” by legal action threatened by a lawyer for the group Guns N’ Roses, after a highly publicized soft-drink giveaway left some fans with a bad taste.

Court OKs Pilgrim's Pride debtor financing
Poultry processor Pilgrim's Pride Corp., which filed for bankruptcy protection earlier this week, said Wednesday a Texas court approved an agreement allowing the company to access $365 million in financing.

12/02/2008

Fuel crisis leaves major airlines well-prepared for recession

Getty Images

A Southwest Airlines plane is refueled in Oakland, Calif.

Airline executives are surprisingly upbeat about the future, despite a recession, falling demand for air travel and other ills. The reason: They reacted strongly to high fuel prices earlier this year, leaving them well prepared for a different crisis going into 2009.
Blog: Airline Biz

Exxon Mobil CEO Tillerson gets 10% raise
Exxon Mobil Corp. chief executive Rex Tillerson got a 10 percent raise this year. And if the oil company continues to boost profit, he could get a lot more.

Baylor wants to transform South Dallas rec center into diabetes institute
Executives at Baylor Health Care System Inc. will unveil plans today for a $15 million, three-year project to transform a South Dallas recreation center into a diabetes health and wellness institute.

Southwest Airlines gets judge's OK for ATA deal
A U.S. bankruptcy judge approved a deal Tuesday to let Southwest Airlines Co. buy ATA Airlines Inc. and its operating rights at New York's LaGuardia Airport for $7.5 million.

12/03/2008

Shell drills to record depth in Gulf of Mexico
Shell Oil Co. said Tuesday it has set a world record by drilling and completing an oil well in 9,356 feet of water in the Gulf of Mexico.

Atmos says CFO is resigning
Atmos Energy Corp. said Tuesday that Pat Reddy will resign as senior vice president and chief financial officer, effective Dec. 31, "to pursue another opportunity outside the company."

12/02/2008

St. Louis design firm opens Dallas office
Control Technology and Solutions, a St. Louis company that provides design and construction services that aim to improve buildings' energy efficiency, has opened an office in Dallas.

Dallas Morning News writer to speak to investors Saturday
Jim Landers, a business writer for The Dallas Morning News, will speak to the Dallas Investors Forum from 8 to 11:30 a.m. Saturday at the Studio Movie Grill, 5405 Belt Line Road in Addison.

GM says it needs immediate infusion of cash from government
General Motors, Chrysler and Ford Motor Co. on Tuesday presented turnaround plans to Congress that suggest GM is in a more dire situation than previously thought.
Ford sales drop 30%; Toyota falls 34%
Myths and realities about the Big 3 and their cars

Black Friday shopping lifts sales, but outlook remains dim

G.J. MCCARTHY/DMn

Edgar Pineda of McKinney browsed through sales racks at NorthPark Center on Black Friday.

But overall, the month was tough for retailers as consumers waited until Thanksgiving weekend to show up.

Tenants sought for new business park in Irving
Called Parc 114, the 52-acre project is being built by developer Jackson-Shaw and partner ORIX Real Estate Capital Inc. of Chicago.

Grand Prairie picks Brinkley Sargent to manage city project
The complex at State Highway 161 near Warrior Trail will include recreational features and two major city buildings, a public safety headquarters and an active adult center.

Southwest Airlines' planes had more empty seats in November
The Dallas-based carrier said it filled 63.2 percent of its seats last month, down 6.1 points from the previous November and its lowest load factor for the month since 2002.

British Airways in merger talks with Qantas
British Airways, which is already pursuing a revenue-sharing deal with American Airlines and Spain's Iberia SA, said that it is exploring a "potential merger" with Qantas "via a dual-listed company structure."

Blockbuster to sell Live Nation concert tickets
Dallas-based Blockbuster will sell tickets and related merchandise next year as the exclusive retailer for Live Nation.
Link: Blockbuster press release

Chase to slash 9,200 WaMu jobs
J.P. Morgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis.

CDC: Pot pies cause 401 salmonella cases
Federal investigators have raised to 401 the number of confirmed cases of salmonella linked to Banquet pot pies recalled last year by ConAgra Foods Inc.

12/01/2008

Dollar Wise: Seniors cash in on discounts

JUAN GARCIA/DMN

Ed and Sally Pendergast take advantage of senior deals such as DART's $1.50 day pass.

Experts believe the slowing economy will be a boon for senior discounts.
Dollar Wise: Tips and tools to help you save money
Link: Senior Discounts Web site
Link: Bargains 4 seniors Web site

American Airlines, Transport Workers Union open talks Tuesday
They plan to talk for 12 days in hopes of getting a quick contract deal.

Big Three U.S. automakers to try again to get rescue money from Congress
For the Detroit Three automakers to win over Washington lawmakers in their bid for federal aid, they will have to address a key question in the business plans they present Congress with today.

Senior Source to use expertise for moneymaking venture

MICHAEL MULVEY/DMN

Lue Taff, elder support director at the Senior Source, explains elder care complexities.

The Senior Source, which has been the go-to place for free advice on caring for older adults, intends to launch a fee-based service called Platinum Care Solutions for seniors and their caregivers next year. Besides continuing all of its free counseling services, the agency will offer a premium senior-care service at a charge.

Recession officially began in December '07, economists say

AP

Traders work on the floor of the New York Stock Exchange, where stocks plummeted Monday.

The U.S. economy officially sank into a recession last December, according to the committee of economists responsible for dating the nation's business cycles.
Paulson: Other rescue programs possible
Bernanke: lower interest rates 'feasible'
Government bond yields hit fresh lows
Dow plunges nearly 680 points

Pilgrim's Pride files for bankruptcy protection
The filing in the Northern District of the U.S. bankruptcy court asks for court approval for a $450 million debtor-in-possession financing agreement lead by the Bank of Montreal. If approved, the money would allow Pilgrim’s Pride to continue to fund its operations normally.

Atmos Energy names vice president

Online retailers offer Cyber Monday deals in bid to boost sales
More e-commerce sites are using the marketing term of Cyber Monday as a promotional event this year, but it isn't the busiest shopping day of the year for Web retailers.
Link: Shop.org Cyber Monday Web site
Tell us: What are you buying?

11/30/2008

As year winds down, look for ways to minimize your taxes

ADAM MCCAULEY/ Special Contributor

Heading into the holidays, it's likely that you're going to be thinking a lot about money. And this time of year tax advisers like to remind us that there are ways to minimize our tax bills next April.
2008 tax guide
1040 tax calculator
IRS Web site

Black Friday deals drew crowds that thinned over weekend

G.J. McCARTHY/DMN

Shopping traffic resembled a busy weekend, not a holiday season.
Cyber Monday deals up for grabs
Dallas CityStore has bargains
Video: Bargain hunting
Blog: Shopping
More: Shopping | Retail industry

Blockbuster, Microsoft team up on mobile movie services
Blockbuster Inc. caught up to the competition last week by introducing a set-top box that brings rentals from the Internet to the television.

Big Three automakers' agendas to diverge as they deliver blueprints
Although the Detroit automakers have been lumped together for decades as the Big Three, their agendas are diverging as they contemplate futures as drastically different car companies.

Union chief pleads for federal aid for Big Three automakers
The head of the United Auto Workers made a public plea Sunday for government help for U.S. carmakers as the Big Three put the final touches on stabilization plans to submit to Congress.

Myths and realities about Detroit-based automakers and their cars
The debate over aid to the Detroit-based automakers is awash with half-truths and misrepresentations that are endlessly repeated by everyone from members of Congress to journalists.

Consumers uneasy about buying new vehicles right now
MINNEAPOLIS – Mike Slobodnik would love to buy a new car. Although he works in finance at Fury Motors in South St. Paul, Minn., even Mr. Slobodnik said now is not the right time.

Letters

Automakers should tell Congress they'll limit corporate pay and bonuses, UAW says
The Big Three U.S. automakers should tell Congress they will limit corporate pay, bonuses and severance packages in return for government loans, the president of the United Auto Workers union said Sunday.

Smaller crowds of Black Friday holiday shoppers focus on specific deals

JUAN GARCIA / DMN

Rain, wind and cold didn't keep the diehard shoppers in Dallas-Fort Worth away from seeking deals. But shoppers remained cautious about the economy and their ability to take on more debt.
N.Y. Wal-Mart worker trampled, dies
Video: Arriving early for bargains
Blog: Shopping
More shopping news

11/29/2008

OPEC defers decision on production cut
Venezuelan Oil Minister Rafael Ramirez said the Organization of Petroleum Exporting Countries is trying to find the right balance after the group Saturday deferred until December a decision on whether to cut production again.

D/FW airport's taxiways to speed ride between gate, runway

FILE 2004/DMN

Passengers landing at the massive airport have always had time to call ahead during the slow ride to the gate – which can take up to 20 minutes. But new taxiways are eventually going to cut into what the industry calls taxi time.
Airport guide: Parking, terminals, shopping and more
Blog: Airline Biz
More aviation industry news

Assisted living in Phoenix area goes upscale
Magdalen Bieling feels at home as she looks around her spacious bedroom with its high ceilings and a window that overlooks citrus groves in north-central Mesa.

Banks restructuring terms on Dallas projects
In today's financing world, small real estate projects reign over big deals, and restructure is the new buzz word.

Parents push toy-makers to cut back holiday marketing to kids amid fiscal crisis
In a season that inspires earnest letters about toys, one notable batch is being sent not by kids to Santa's workshop but by parents to the executive suites of real-world toy-makers.

Early data shows strong Black Friday across U.S.
The nation's retailers got a much-needed sales boost during Black Friday's traditional shopathon as consumers spent more money than they did last year.

11/28/2008

MetroPCS doubles coverage with Leap deal
Until now, MetroPCS has appealed mainly to younger and less affluent customers, both because its limited coverage area discouraged frequent travelers and because its prepaid service plans require no contracts and no credit checks. But MetroPCS has thought its contract-free plans could appeal to all customers, and now it believes its coverage is getting large enough to test that theory.

Job seekers, don't take December off, experts advise
It may be almost time to hang up the Christmas stockings – but not the job search. Smart job seekers will jump in first thing Monday with a clear plan of action for the next six weeks, experts say.

Electronics feel pinch this holiday shopping season

JUAN GARCIA / DMN

Many gadget lovers may get fewer items – and fewer big-ticket items – than normal, thanks to economic woes.
Rain doesn't deter shoppers
Video: Arriving early for bargains
Photos: Looking for bargains
neighborsgo: Shoppers shop, then Twitter
Blog: Shopping
Blog: Tech