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 This material may not be published, broadcast, rewritten or redistributed.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) Colorado firm buys most of Utah’s Henry Walker Homes http://www.sltrib.com/sltrib/money/57861197-79/homes-henry-utah-walker.html.csp Henry Walker Homes, a major player in residential construction in Utah and Colorado, is selling a large chunk of its business to Colorado’s largest privately owned homebuilder, Denver-based Oakwood Homes. Oakwood Homes founder and CEO Pat Hamill announced the deal Thursday, casting its acquisition of Henry Walker Homes’ northern Utah assets for more than $75 million as a move toward expanding into Salt Lake City metropolitan markets. Henry Walker Homes, Hamill said, “is already established in Ut... Henry Walker Homes, a major player in residential construction in Utah and Colorado, is selling a large chunk of its business to Colorado’s largest privately owned homebuilder, Denver-based Oakwood Homes. Oakwood Homes founder and CEO Pat Hamill announced the deal Thursday, casting its acquisition of Henry Walker Homes’ northern Utah assets for more than $75 million as a move toward expanding into Salt Lake City metropolitan markets. Henry Walker Homes, Hamill said, “is already established in Ut... <img src="http://mngislctrib.112.2O7.net/b/ss/mngislctrib/1/H.17--NS/0?&pageName=RSS" height="1" width="1" border="0" alt=""/> 57861197@www.sltrib.com Thu, 24 Apr 2014 14:26:02 MDT U.S. to propose pay-for-priority Internet standards http://www.sltrib.com/sltrib/money/57861198-79/rules-internet-fcc-companies.html.csp Los Angeles • The Federal Communications Commission is set to propose new Internet rules that would allow Internet service providers to charge content companies for faster delivery of their services over the so-called “last mile” connection to people’s homes. The agency also proposes to enhance government oversight of such deals to ensure that they don’t harm competition or limit free speech, according to a senior FCC official familiar with the matter. The official wasn’t authorized to speak pub... Los Angeles • The Federal Communications Commission is set to propose new Internet rules that would allow Internet service providers to charge content companies for faster delivery of their services over the so-called “last mile” connection to people’s homes. The agency also proposes to enhance government oversight of such deals to ensure that they don’t harm competition or limit free speech, according to a senior FCC official familiar with the matter. The official wasn’t authorized to speak pub... 57861198@www.sltrib.com Thu, 24 Apr 2014 13:12:02 MDT Average U.S. 30-year mortgage rate up to 4.33% http://www.sltrib.com/sltrib/money/57860271-79/mortgage-average-percent-rate.html.csp Washington • Average U.S. rates on fixed mortgages rose this week as the spring homebuying season has gotten off to a slow start. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan rose to 4.33 percent from 4.27 percent last week. The average for the 15-year mortgage increased to 3.39 percent from 3.33 percent. Mortgage rates have risen almost a full percentage point since hitting record lows about a year ago. Warmer weather has yet to boost home-buying as it nor... Washington • Average U.S. rates on fixed mortgages rose this week as the spring homebuying season has gotten off to a slow start. Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan rose to 4.33 percent from 4.27 percent last week. The average for the 15-year mortgage increased to 3.39 percent from 3.33 percent. Mortgage rates have risen almost a full percentage point since hitting record lows about a year ago. Warmer weather has yet to boost home-buying as it nor... 57860271@www.sltrib.com Thu, 24 Apr 2014 13:12:02 MDT Forward to the past with Windows update http://www.sltrib.com/sltrib/money/57845036-79/windows-tile-desktop-screen.html.csp New York • Even as Microsoft prepares for a future dominated by touch-screen devices, it is steering its Windows system to embrace more of the past. The divide between old and new is less pronounced in the latest, free update. That’s a welcome change, as that’s one of the things that annoy me most about Windows 8. As sales of smartphones and tablets grow rapidly, Microsoft reshaped Windows so that PCs came to look, work and feel more like mobile devices. Windows 8 has a full-page, tablet-like s... New York • Even as Microsoft prepares for a future dominated by touch-screen devices, it is steering its Windows system to embrace more of the past. The divide between old and new is less pronounced in the latest, free update. That’s a welcome change, as that’s one of the things that annoy me most about Windows 8. As sales of smartphones and tablets grow rapidly, Microsoft reshaped Windows so that PCs came to look, work and feel more like mobile devices. Windows 8 has a full-page, tablet-like s... 57845036@www.sltrib.com Thu, 24 Apr 2014 10:55:26 MDT United loses $609M in 1Q; fares don’t cover costs http://www.sltrib.com/sltrib/money/57860272-79/united-million-quarter-airlines.html.csp United Airlines is the one U.S. carrier that can’t seem to get its act together. While all the other major airlines made money in the first quarter, United lost $609 million during the first three months of this year. United attributed $200 million of its loss to the “historic severe” winter weather that impacted much of the U.S. this past winter. But by comparison, Delta Air Lines made $213 million in the same quarter while dealing with the same ice and snow storms. Chicago-based United is stil... United Airlines is the one U.S. carrier that can’t seem to get its act together. While all the other major airlines made money in the first quarter, United lost $609 million during the first three months of this year. United attributed $200 million of its loss to the “historic severe” winter weather that impacted much of the U.S. this past winter. But by comparison, Delta Air Lines made $213 million in the same quarter while dealing with the same ice and snow storms. Chicago-based United is stil... 57860272@www.sltrib.com Thu, 24 Apr 2014 09:19:02 MDT Verizon 1Q profit surges on Vodafone-related gains http://www.sltrib.com/sltrib/money/57860260-79/billion-verizon-percent-cents.html.csp New York • Verizon’s $130 billion deal to take over of all of Verizon Wireless is helping lift its profit. The largest U.S. cellphone carrier completed its acquisition of the 45 percent stake in its wireless division from British cellphone carrier Vodafone Group PLC in February. Verizon Communications Inc. said Thursday that its first-quarter net income rose 23 percent to $5.99 billion, or $1.15 per share, from $4.86 billion, or 68 cents per share, in the January-March quarter of 2013. Excluding... New York • Verizon’s $130 billion deal to take over of all of Verizon Wireless is helping lift its profit. The largest U.S. cellphone carrier completed its acquisition of the 45 percent stake in its wireless division from British cellphone carrier Vodafone Group PLC in February. Verizon Communications Inc. said Thursday that its first-quarter net income rose 23 percent to $5.99 billion, or $1.15 per share, from $4.86 billion, or 68 cents per share, in the January-March quarter of 2013. Excluding... 57860260@www.sltrib.com Thu, 24 Apr 2014 09:16:02 MDT GM 1Q profit dragged down by recalls http://www.sltrib.com/sltrib/money/57860248-79/million-percent-company-recalls.html.csp Detroit • General Motors on Thursday reported its worst financial results in more than four years as the costs of a series of recalls dragged down earnings. First-quarter profit fell 86 percent to $125 million as the Detroit automaker took a $1.3 billion charge for recalling about 7 million vehicles worldwide. GM also incurred $300 million in restructuring costs, mostly in Europe. And it took another $419 million charge due to a change in the way it values Venezuela’s currency. GM made 6 cents p... Detroit • General Motors on Thursday reported its worst financial results in more than four years as the costs of a series of recalls dragged down earnings. First-quarter profit fell 86 percent to $125 million as the Detroit automaker took a $1.3 billion charge for recalling about 7 million vehicles worldwide. GM also incurred $300 million in restructuring costs, mostly in Europe. And it took another $419 million charge due to a change in the way it values Venezuela’s currency. GM made 6 cents p... 57860248@www.sltrib.com Thu, 24 Apr 2014 09:12:01 MDT American Airlines swings to $480M 1Q profit http://www.sltrib.com/sltrib/money/57860110-79/airlines-american-airways-merger.html.csp Dallas • American Airlines is making money again and beating expectations after its merger with US Airways. The company posted earnings of $480 million Thursday, a record for the first quarter, which is usually the weakest three-month period for airlines during the year. As separate airlines, American and US Airways lost $297 million a year earlier. The profit was helped by the sale of takeoff and landing slots at Washington’s Reagan National Airport. American and US Airways agreed to sell the s... Dallas • American Airlines is making money again and beating expectations after its merger with US Airways. The company posted earnings of $480 million Thursday, a record for the first quarter, which is usually the weakest three-month period for airlines during the year. As separate airlines, American and US Airways lost $297 million a year earlier. The profit was helped by the sale of takeoff and landing slots at Washington’s Reagan National Airport. American and US Airways agreed to sell the s... 57860110@www.sltrib.com Thu, 24 Apr 2014 08:36:02 MDT U.S. durable goods orders up 2.6 percent in March http://www.sltrib.com/sltrib/money/57860088-79/percent-march-orders-goods.html.csp Washington • Orders to U.S. factories for long-lasting manufactured goods posted a solid gain for the second straight month in March. A key category that signals business investment plans increased at the fastest pace in four months. Orders for durable goods increased 2.6 percent in March following a 2.1 percent rise in February, the Commerce Department reported Thursday. Those back-to-back gains followed two big declines in December and January which had raised concerns about possible weakness ... Washington • Orders to U.S. factories for long-lasting manufactured goods posted a solid gain for the second straight month in March. A key category that signals business investment plans increased at the fastest pace in four months. Orders for durable goods increased 2.6 percent in March following a 2.1 percent rise in February, the Commerce Department reported Thursday. Those back-to-back gains followed two big declines in December and January which had raised concerns about possible weakness ... 57860088@www.sltrib.com Thu, 24 Apr 2014 08:32:01 MDT Southwest Airlines posts a record 1Q profit http://www.sltrib.com/sltrib/money/57860080-79/cents-percent-profit-southwest.html.csp Dallas • Southwest Airlines Co. said Thursday that it made a record $152 million in the first quarter, more than doubling the $59 million it earned during the same time last year. The strong profit during a time of year that is traditionally the slowest for airlines is good news for the Dallas-based carrier, which has been struggling to integrate AirTran into its system following its 2010 acquisition. Southwest earned 22 cents per share, up from 8 cents per share in the same period last year. Ex... Dallas • Southwest Airlines Co. said Thursday that it made a record $152 million in the first quarter, more than doubling the $59 million it earned during the same time last year. The strong profit during a time of year that is traditionally the slowest for airlines is good news for the Dallas-based carrier, which has been struggling to integrate AirTran into its system following its 2010 acquisition. Southwest earned 22 cents per share, up from 8 cents per share in the same period last year. Ex... 57860080@www.sltrib.com Thu, 24 Apr 2014 08:28:02 MDT Stocks close mostly higher on earnings; Apple up http://www.sltrib.com/sltrib/money/57860070-79/percent-rose-share-apple.html.csp New York • The stock market closed mostly higher Thursday, helped by positive earnings out of several large U.S. companies including Apple and construction equipment maker Caterpillar. The markets gains were modest, however, as investors turned their eyes back to Russia and Ukraine, where geopolitical tensions were heating up once again. Some earnings reports, such as 3M and Facebook, also failed to impress investors. It was the seventh time in the last eight days that the S&P 500 has closed hig... New York • The stock market closed mostly higher Thursday, helped by positive earnings out of several large U.S. companies including Apple and construction equipment maker Caterpillar. The markets gains were modest, however, as investors turned their eyes back to Russia and Ukraine, where geopolitical tensions were heating up once again. Some earnings reports, such as 3M and Facebook, also failed to impress investors. It was the seventh time in the last eight days that the S&P 500 has closed hig... 57860070@www.sltrib.com Thu, 24 Apr 2014 08:25:02 MDT Applications for U.S. unemployment aid jump to 329,000 http://www.sltrib.com/sltrib/money/57860066-79/applications-unemployment-week-benefits.html.csp Washington • The number of people seeking U.S. unemployment benefits surged 24,000 to a seasonally adjusted 329,000 last week, though the gain likely reflected temporary layoffs in the week before Easter. The Labor Department said Thursday that the four-week average of applications, a less volatile number, rose 4,750 to 316,750. The four-week average fell two weeks ago to its lowest level since October 2007, two months before the recession began. Applications can be volatile around Easter, becau... Washington • The number of people seeking U.S. unemployment benefits surged 24,000 to a seasonally adjusted 329,000 last week, though the gain likely reflected temporary layoffs in the week before Easter. The Labor Department said Thursday that the four-week average of applications, a less volatile number, rose 4,750 to 316,750. The four-week average fell two weeks ago to its lowest level since October 2007, two months before the recession began. Applications can be volatile around Easter, becau... 57860066@www.sltrib.com Thu, 24 Apr 2014 08:24:02 MDT Utah institutions teaching students to be personal-finance savvy http://www.sltrib.com/sltrib/money/57803330-79/students-credit-student-utah.html.csp Count University of Utah student Anna Drysdale among the group of younger Utahns learning to balance the responsibilities of life with a difficult academic and work schedule. The fourth-year English, French and German major is a full-time student and part-time worker who is struggling to balance the needs of working at the student newspaper with a heavy class load, all the while trying to earn scholarships so she can avoid taking out student loans. “I am running back and forth,” she said. “If I... Count University of Utah student Anna Drysdale among the group of younger Utahns learning to balance the responsibilities of life with a difficult academic and work schedule. The fourth-year English, French and German major is a full-time student and part-time worker who is struggling to balance the needs of working at the student newspaper with a heavy class load, all the while trying to earn scholarships so she can avoid taking out student loans. “I am running back and forth,” she said. “If I... 57803330@www.sltrib.com Thu, 24 Apr 2014 07:42:31 MDT Merchants, phone carriers want to shape how you pay http://www.sltrib.com/sltrib/money/57849566-79/mobile-payments-starbucks-app.html.csp Atlanta • It’s the closest many of us have ever come to mobile payments: Watching the person ahead of us at Starbucks buy a latte with a smartphone. Or seeing someone at Chipotle skip ahead in line. Or watching over some dude’s shoulder at Rite Aid, as he taps his Android smartphone against the card machine on the counter. But these aren’t just blips: They signal a concerted campaign by major companies — from some of the biggest big box retailers to the mobile phone carriers — for more control ... Atlanta • It’s the closest many of us have ever come to mobile payments: Watching the person ahead of us at Starbucks buy a latte with a smartphone. Or seeing someone at Chipotle skip ahead in line. Or watching over some dude’s shoulder at Rite Aid, as he taps his Android smartphone against the card machine on the counter. But these aren’t just blips: They signal a concerted campaign by major companies — from some of the biggest big box retailers to the mobile phone carriers — for more control ... 57849566@www.sltrib.com Thu, 24 Apr 2014 07:20:01 MDT Sales of new U.S. homes plunge 14.5 percent in March http://www.sltrib.com/sltrib/money/57854691-79/homes-sales-percent-month.html.csp Washington • The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate’s spring buying season is off to a weak start. The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second straight monthly decline and the lowest rate since July 2013. Sales plunged in the Midwest, South and West in March. But they rebounded in the Northeast, ... Washington • The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate’s spring buying season is off to a weak start. The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second straight monthly decline and the lowest rate since July 2013. Sales plunged in the Midwest, South and West in March. But they rebounded in the Northeast, ... 57854691@www.sltrib.com Wed, 23 Apr 2014 10:10:55 MDT Memory Lane: Traveling through time on Google maps http://www.sltrib.com/sltrib/money/57854839-79/google-view-street-maps.html.csp Mountain View, Calif. • Trips down memory lane are now available on Google’s digital maps. The new twist on time travel debuted Wednesday as part of the “Street View” feature in Google’s maps, a navigational tool that attracts more than 1 billion visitors each month. Street View snapshots will now include an option to see what neighborhoods and landmarks looked like at different periods in the last seven years, as Google Inc. has been dispatching camera-toting cars to take street-level pictures ... Mountain View, Calif. • Trips down memory lane are now available on Google’s digital maps. The new twist on time travel debuted Wednesday as part of the “Street View” feature in Google’s maps, a navigational tool that attracts more than 1 billion visitors each month. Street View snapshots will now include an option to see what neighborhoods and landmarks looked like at different periods in the last seven years, as Google Inc. has been dispatching camera-toting cars to take street-level pictures ... 57854839@www.sltrib.com Wed, 23 Apr 2014 09:48:02 MDT Europe recovery shows signs of strengthening http://www.sltrib.com/sltrib/money/57854809-79/ecb-percent-euro-eurozone.html.csp Frankfurt, Germany • A closely watched survey has found business activity across the 18-country eurozone running at a three-year high, in perhaps the clearest sign yet that the economic recovery is gaining momentum. Analysts say Wednesday’s positive data could take some of the pressure off the European Central Bank to take further steps to stimulate the economy. However, stubbornly low inflation across the 18-country single currency zone remains a concern. The Markit survey of purchasing manager... Frankfurt, Germany • A closely watched survey has found business activity across the 18-country eurozone running at a three-year high, in perhaps the clearest sign yet that the economic recovery is gaining momentum. Analysts say Wednesday’s positive data could take some of the pressure off the European Central Bank to take further steps to stimulate the economy. However, stubbornly low inflation across the 18-country single currency zone remains a concern. The Markit survey of purchasing manager... 57854809@www.sltrib.com Wed, 23 Apr 2014 09:43:02 MDT Delta navigates nasty winter, tops profit forecast http://www.sltrib.com/sltrib/money/57854784-79/delta-percent-per-quarter.html.csp Dallas • Delta Air Lines Inc. is making more money by filling more seats on its planes and paying a bit less for fuel. Delta’s first-quarter profit beat expectations and underscored how most big airlines are prospering with a combination of strong business travel, slightly higher fares and money from extra fees. Even bad weather couldn’t stop Delta from boosting profit, although it canceled more than 17,000 flights in January and February — double the number from a year ago — which cost the comp... Dallas • Delta Air Lines Inc. is making more money by filling more seats on its planes and paying a bit less for fuel. Delta’s first-quarter profit beat expectations and underscored how most big airlines are prospering with a combination of strong business travel, slightly higher fares and money from extra fees. Even bad weather couldn’t stop Delta from boosting profit, although it canceled more than 17,000 flights in January and February — double the number from a year ago — which cost the comp... 57854784@www.sltrib.com Wed, 23 Apr 2014 09:36:02 MDT First lady announcing one-stop job site for vets http://www.sltrib.com/sltrib/money/57854782-79/military-veterans-biden-job.html.csp Washington • Aiming to streamline employment resources for people leaving the military, the government is creating an integrated website that can help job-seekers create résumés, connect with employers and become part of a database of veterans and their spouses for companies to mine for skills and talents. First lady Michelle Obama was announcing the launch of the new Veterans Employment Center on Wednesday at Fort Campbell, Ky., during a special veterans’ jobs summit organized by the U.S. Chamb... Washington • Aiming to streamline employment resources for people leaving the military, the government is creating an integrated website that can help job-seekers create résumés, connect with employers and become part of a database of veterans and their spouses for companies to mine for skills and talents. First lady Michelle Obama was announcing the launch of the new Veterans Employment Center on Wednesday at Fort Campbell, Ky., during a special veterans’ jobs summit organized by the U.S. Chamb... 57854782@www.sltrib.com Wed, 23 Apr 2014 09:36:02 MDT U.S. stocks edge lower after a six-day rally http://www.sltrib.com/sltrib/money/57854736-79/percent-earnings-fell-company.html.csp New York • The stock market slipped Wednesday after rallying for six straight days as investors worked through another round of quarterly earnings reports from U.S. companies. Intuitive Surgical was among those reporting disappointed results. A worse-than-expected report on the housing market also weighed on the broader market. KEEPING SCORE: The Standard & Poor’s 500 index fell two points, or 0.1 percent, to 1,878 as of 11:10 a.m. Eastern. The Dow Jones industrial average fell 10 points, or 0.1... New York • The stock market slipped Wednesday after rallying for six straight days as investors worked through another round of quarterly earnings reports from U.S. companies. Intuitive Surgical was among those reporting disappointed results. A worse-than-expected report on the housing market also weighed on the broader market. KEEPING SCORE: The Standard & Poor’s 500 index fell two points, or 0.1 percent, to 1,878 as of 11:10 a.m. Eastern. The Dow Jones industrial average fell 10 points, or 0.1... 57854736@www.sltrib.com Wed, 23 Apr 2014 09:29:01 MDT