THE ECONOMYInterest Rates Climb in Treasury Bill...
THE ECONOMY
Interest Rates Climb in Treasury Bill Auction
The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 2.88%, up from 2.805% last week. An additional $14 billion in six-month bills was auctioned at a discount rate of 3.09%, up from 3.04% last week.
The new discount rates understate the actual return to investors -- 2.941% for three-month bills with a $10,000 bill selling for $9,927.20 and 3.183% for a six-month bill selling for $9,843.78.
In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, edged down to 3.28% last week from 3.32% the previous week.
From Associated Press
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AUTOS
2 Million Vehicles Are Recalled by GM
General Motors Corp. said it was recalling more than 2 million vehicles to fix a variety of potential safety defects.
GM said the largest of the safety actions included nearly 1.5 million full-size pickup trucks and sport utility vehicles from the 2003 to 2005 model years with second-row seat belts that may be difficult to properly position across passengers’ hips.
The recall includes some of GM’s top-selling pickup trucks and SUVs, including the model year 2003 to 2005 Chevrolet Suburban, Chevrolet Tahoe, Hummer H2, Cadillac Escalade, GMC Yukon, GMC Yukon XL and the crew cab versions of the Chevrolet Silverado and the GMC Sierra.
Shares of Detroit-based GM rose a penny to $26.75 on the New York Stock Exchange.
From Reuters
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ARCHITECTURE
L.A.’s Jerde Partnership Names Chief Executive
Los Angeles architect Jon Jerde has appointed a chief executive for his firm, Jerde Partnership.
The new position was given to Michael Friedlander, a South African-born attorney and the former chief executive of RhythmRadio Corp., which syndicated music programs in more than 30 countries.
Jon Jerde, who designed Fashion Island in Newport Beach and oversaw the design theme of the 1984 Olympics in Los Angeles, will continue to be the creative voice of the company and keep his title of chairman.
-- Roger Vincent
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ENTERTAINMENT
Paramount Names New Production Co-President
Viacom Inc.’s Paramount Pictures named Brad Weston as co-president of production.
Weston was co-president of Dimension Films, part of Walt Disney Co.’s Miramax division. Harvey and Bob Weinstein, co-founders of Miramax, are set to take the Dimension label with them when they leave Disney later this year.
Weston will oversee the day-to-day development and production of the studio’s films and literary acquisitions with fellow President Alli Shearmur, who was named to her position April 14.
From Associated Press
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REAL ESTATE
Existing-Home Sales Increase 1% in March
Sales of existing U.S. homes rose 1% in March to the third-highest level on record as an increase in single-family sales offset a dip in sales of condominiums, a trade group said.
Sales of previously owned single-family homes and condos increased to a seasonally adjusted annual rate of 6.89 million units last month, the National Assn. of Realtors said.
The national median home price jumped 11.4% to $195,000 from the same month a year earlier, the association’s report showed.
In California, the median price of an existing, single-family detached home rose 15.7% to $495,400, the California Assn. of Realtors said.
From Reuters
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Also
* IAC/InterActiveCorp reduced Chief Executive Barry Diller’s compensation by 31% last year as it cut his annual bonus in half. Diller’s pay package totaled $3.58 million in salary, benefits and bonus, compared with $5.22 million a year earlier.
* U.S. sales of video game hardware, software and accessories rose 23% in the first quarter to more than $2.2 billion, market research firm NPD Group said.
