Business news in brief

In this Feb. 26, 2018, photo new townhouses are seen in Wood-Ridge, N.J. On Thursday, March 22, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Seth Wenig)
In this Feb. 26, 2018, photo new townhouses are seen in Wood-Ridge, N.J. On Thursday, March 22, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Seth Wenig)

30-year home loan rates rise to 4.45%

WASHINGTON -- Long-term U.S. mortgage rates ticked up slightly this week, the 10th increase in the past 11 weeks.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.45 percent from 4.44 percent last week. Rates are relatively low by historical standards, but they've shot up from an average that remained below 4 percent last year. The benchmark rate averaged 4.23 percent a year ago.

The average rate on 15-year, fixed-rate loans rose to 3.91 percent from 3.90 percent last week.

The Federal Reserve on Wednesday raised a short-term rate that banks charge one another, and rates could continue to climb. That Fed action caused yields to rise for the 1-year U.S. Treasury note, which could push the cost of home loans higher.

Higher mortgage rates have yet to temper demand for homes, but they are rising with prospective buyers fighting over fewer listings and as price gains for property outpaces wage growth.

-- The Associated Press

Tribe starts on new casino in Oklahoma

The Cherokee Nation has begun construction on a new casino at Cherokee Springs Plaza in Tahlequah, Okla.

The new Cherokee Casino Tahlequah will be 92,000 square feet and will include 525 electronic games, according to a Thursday release. The new casino will feature a restaurant, a music venue and a full-service bar along with convention and meeting space.

The casino will replace the Cherokee Casino Tahlequah located a few miles away. It's expected to open in 2019.

In 2014, the tribe said Cherokee Springs Plaza will feature 1.3 million square feet of mixed-use space, including retail, dining and entertainment. It is located next to the Cherokee Springs Golf Course, which the tribe purchased in 2012.

The total value of the project was estimated at $170 million at the time. It's current tenants include Buffalo Wild Wings, Taco Bueno, Sonic restaurants and a Ford dealership.

-- John Magsam

Kidde recalls 500,000 smoke detectors

MEBANE, N.C. -- Nearly 500,000 smoke detectors that might not be able to detect smoke are being recalled by a company based in North Carolina.

The News & Observer reported that the company Kidde has issued a recall for models PI2010 and PI9010 because of a manufacturing defect. These models were sold nationwide and online from September 2016 through January for $20 to $40. Model numbers can be found on the backs of the units.

Kidde also recalled 38 million fire extinguishers last year. They had a design flaw that could have prevented them from working and parts of the extinguisher could detach with enough force to pose an impact hazard.

Those with affected smoke alarms can register for replacements by calling (833) 551-7739 or visiting kidde-smoke-alarm-recallusen.expertinquiry.com.

-- The Associated Press

France protests disrupt travel, schools

PARIS -- Trains, planes, schools and other public services across France were disrupted Thursday as tens of thousands of people took to the streets to protest President Emmanuel Macron's economic policies.

Nearly 50,000 demonstrators protested in Paris to call for more investment in public services. The protest was mostly peaceful, although localized scuffles broke out between some protesters and riot police using tear gas and water cannons.

Airport authorities say 30 percent of flights to and from Paris were canceled. National train company SNCF said only 40 percent of high-speed trains and half of regional trains were running. Some schools and kindergarten were also closed.

Public servants want better wages and are protesting against the planned elimination of 120,000 jobs by 2022, SNCF employees also are rejecting a government plan aimed at adapting the rail company ahead of opening the service to competition.

-- The Associated Press

Best Buy to cut ties with China's Huawei

Best Buy Co., the large consumer electronics retailer, plans to sever ties with Chinese phone maker Huawei amid U.S. government criticism of the phone maker, according to people familiar with the matter.

The U.S. retail giant will stop selling all Huawei phones, laptops and smart-watches in the coming weeks, they said. In addition, Best Buy won't sell phones under the Honor brand, a Huawei subsidiary that was supposed to help the Chinese phone maker sell in lower-cost smartphone markets globally, including in the U.S.

Best Buy follows U.S. mobile-phone carriers AT&T Inc. and Verizon Communications Inc. in distancing themselves from Huawei, which has come under scrutiny by U.S. officials concerned about whether the company is too closely affiliated with the Chinese government.

-- Bloomberg News

Allen buys Weather Channel for $300M

Comedian and producer Byron Allen acquired the Weather Channel TV network as he looks to expand his film and TV production company into a major media business.

Allen's Entertainment Studios Inc. bought the network from Blackstone Group, Bain Capital and Comcast Corp., according to a statement Thursday. The price was approximately $300 million, according to a person familiar with the terms who wasn't authorized to speak publicly and asked not to be identified.

The deal includes the famous cable TV network, but not online assets such as the website Weather.com and related mobile apps, which were acquired by International Business Machines Corp. in January 2016. In an interview on a day in which rain and snow blanketed much of the eastern U.S., Allen said he was attracted to the reach and familiarity of the brand.

Allen said he wanted to invest more in the Weather Channel, expanding both its international and local distribution. It's part of a broader strategy to invest what he said would be billions of dollars in the media and entertainment industry.

-- Bloomberg News

Business on 03/23/2018

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