QUOTE OF THE DAY
“China’s interbank market is basically frozen - much like credit markets froze in the United States right after Lehman failed. Rates are being quoted, but no transactions are taking place.”
Patrick Chovanec, managing director and chief strategist at Silvercrest Asset Management Article,1D
UA to offer online analytics certificate
An online business analytics certificate program will begin this fall at The Sam M. Walton College of Business at the University of Arkansas at Fayetteville.
“There are people who are looking for people who can make decisions based on big data,” Eli Jones, dean of the Walton College, said in a release Thursday. “There are huge opportunities in this area and the Walton College is taking a leadership role in addressing that key need.”
The business analytics certificate focuses on learning the concepts and techniques of data management, analytics and data mining. Students will work with data sets from companies including Sam’s Club, Tyson Foods Inc., Dillard’s Inc. and Acxiom Corp.
The program can be completed in nine to 12 months.
Credit hours may be applied to the Master of Information Systems degree program at the Walton College.
All coursework is online. The application deadline for the graduate certificate is July 1, but late applications may be considered if space is available. E-mail [email protected] to schedule a call with an admissions adviser.
Toyota investing in 3 U.S. factory sites
Toyota Motor Corp., the world’s largest automaker by vehicle sales, said it’s investing $200 million at three U.S. plants.
The spending includes $150 million at a Huntsville, Ala., engine plant, according to an e-mailed statement.
Toyota also is investing at factories in Troy, Mo., and Jackson, Tenn., which supply the Alabama facility.
The automaker, based in Toyota City, Japan, saw its U.S. vehicle sales rise 5.2 percent this year through May, less than the 7.3 percent industry wide sales increase. Toyota has spent about $2 billion in North American manufacturing investments the past two years.
The plans disclosed Thursday are to increase machining capacity and engine part output for V-6 engines.
Toyota will complete an expansion of the engine plant by early 2014. The machining project announced Thursday is scheduled to be completed by July 2015.
Justice Department, EU clear Delta deal
Delta Air Lines has gotten key approvals from antitrust regulators for its deal to buy almost half of Virgin Atlantic.
Both the U.S. Justice Department and the European Commission said Thursday that the deal does not pose an antitrust threat. They concluded that Delta and Virgin Atlantic will still be competing against a strong alliance between American Airlines and British Airways, as well as other airlines.
The deal still needs approval from the U.S. Transportation Department, which Delta hopes to get later this year.
Delta Air Lines Inc. wants to buy a 49 percent stake in Virgin Atlantic for $360 million. The two would then sell seats on each other’s flights, giving Delta a way to expand its flight offerings between New York and London, the busiest aviation route in the world.
NY Times releases pay model for apps
The New York Times Co. said Thursday it would begin a new metered pay model for its mobile apps and charge readers for articles, as it does on its website.
On June 27, the company will start charging nonsubscribers who want to read more than three articles a day on The New York Times apps for mobile devices. Until now, readers using the apps were able to access 10 to 15 stories a day exclusively from its Top News section without paying for content. Subscribers are able to access articles, blog posts, videos and slide shows from all sections of The Times.
After readers click through three articles, nonsubscribers will be able to browse section fronts and get article summaries. But they will have to become subscribers to read more than three articles. Web subscriptions that include mobile apps range from $15 to $35 every four weeks.
To encourage more readers to pay for the app, the company said it is also introducing a seven-day free trial.
Denise F. Warren, an executive vice president of the company, said that the newspaper had been planning for a long time to charge for content on its apps because readers had access to so many more articles there than they did on the website.
“We always knew there was an imbalance,” Warren said in an interview. “We wanted to restore that balance between the website and the apps.”
Since April 2011, when the company introduced a metered pay model on its website, the Times and the International Herald Tribune have attracted 676,000 paid digital subscribers. On the website, nonsubscribers can access 10 free articles a month.
Mortgage rates fall from 14-month high
U.S. mortgage rates fell last week for the first time in seven weeks, a move down that’s likely to be temporary as the Federal Reserve considers scaling back its bond purchases amid signs of an improving economy.
The average rate for a 30-year fixed mortgage fell to 3.93 percent from 3.98 percent last week, McLean, Va.-based Freddie Mac, the Federal Home Loan Mortgage Corp., said in a statement. The average 15-year rate decreased to 3.04 percent from 3.1 percent.
Fed Chairman Ben Bernanke said Wednesday that risks to the economy have decreased and policymakers could end bond purchases next year, sending yields for 10-year Treasuries, a benchmark for consumer debt, to a 15-month high.
Mortgage rates for 30-year loans have jumped to the highest since April 2012 on speculation the stimulus may be reduced, increasing borrowing costs for homebuyers as competition for a tight inventory of properties pushes up prices.
While rising interest rates have had little impact on purchases, they appear to be slowing refinancing. The share of home-loan applicants seeking to refinance was 68.7 percent for the week through June 14, down from 76 percent in the beginning of May, when rates hovered near record lows, according to the Washington-based Mortgage Bankers Association.
The record rate for a 30-year loan is 3.31 percent, reached in November, according to Freddie Mac. The 15-year average fell to a record-low 2.56 percent last month.
- Bloomberg News
Business, Pages 29 on 06/21/2013