UPI NewsTrack Business - January 30, 2008
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Wed, 30 Jan 2008 16:09:29 GMT |
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WASHINGTON, Jan. 30
U.S. market indexes mixed
NEW YORK, Jan. 30 U.S. stock indexes were mixed Wednesday as investors awaited word from the Federal Reserve on possible reductions in interest rates.
The Dow Jones industrial average was down 23.98 points, or 0.19 percent, to 12,456.32 in mid-morning trading. The Standard & Poor's 500 index was up slightly, gaining 0.94 points to 1,361.36, a 0.07 percent change. The Nasdaq composite dropped 3.78 points to 2,361.84, a 0.16 percent change.
The 10-year Treasury note was down 5/32 Wednesday morning, yielding 2.274 percent.
The euro traded at $1.4773, compared to $1.4771 Tuesday, while the dollar traded at 107.08 yen, compared to 106.99 yen Tuesday.
In Japan, the Nikkei 225 dropped 133.83 and closed at 13,345.03, down 1 percent.
UBS records first losing year
ZURICH, Switzerland, Jan. 30 The largest bank in Switzerland, UBS, recorded its first year of net losses in 2007 with fourth quarter write-offs of $11.4 billion, a bank statement said.
It is the first year of net losses for the bank, which began with a merger of Union Bank of Switzerland and Swiss Bank Corp. in 1998, The New York Times reported.
The bank expects a net loss of $4.4 billion for 2007, including $12 billion in losses related to subprime exposure in the United States, "and approximately $2 billion on other positions related to U.S. residential mortgage market," the report said.
Analysts predicted that the write-downs related to the mortgage crisis could eventually reach $800 billion, the report said. Since the housing market crisis began unfolding in 2007, banks worldwide have recorded losses of more than $135 billion.
UBS's statement said it attempted to shore up its capital base during the last quarter, achieving a Tier 1 capital ratio of 8.8 percent as of Dec. 31.
UBS is to release more financial details on Feb. 14.
Hawaii to lose major dairy producer
HONOLULU, Jan. 30 The Hawaiian island of Oahu will lose Pacific Dairy, its last dairy operation, on Feb. 15, forcing 910,000 island residents to rely on imported milk.
The dairy industry in the island state has declined in recent years because of rising costs, environmental regulations and stagnant sales, USA Today reported Wednesday.
As recently as 1980, two dozen dairies produced all the milk Hawaii needed. But, the state has lost seven dairies since 1999.
When Pacific Dairy closes Hawaii will be left with just two dairies, both on Big Island. Those operations currently only serve Big Island customers. The disappearance of dairies leaves the state's residents vulnerable in emergency situations, said Chin Lee, a Hawaiian dairy extension agent.
The closing has also triggered fears of milk prices rising in the state. Whole milk prices already range between $6.50 and $8 per gallon in Honolulu, the report said. The price of whole milk in California, Hawaii's biggest milk supplier, is about $3.50 per gallon.
Ford executives jest about the Taurus
DETROIT, Jan. 30 Detroit auto executives don't often jest about their products, but two Ford executives did, comparing the new Taurus to cartoon character Homer Simpson.
In a January meeting, Chief Executive Alan Mulally and Ford's head of global product development Derrick Kuzak made a tongue-in-cheek joke about the design of the 2008 Taurus, the Chicago Tribune reported Wednesday. Kuzak, the report says, compared the car's looks to those of the animated ne'er-do-well from Springfield, Homer Simpson.
David Koehler, clinical marketing professor at the University of Illinois, said a Motor City car company executive poking fun of one of his company's products, "is really unique."
A Ford dealer from Pennsylvania defended the family car with a disclaimer. "Everything about the car is fabulous, but it does look like Homer Simpson, Richard Bazzy said.
Copyright 2008 by UPI
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