RICHMOND, Va. – Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its board.The electronics retailer announced it would open its books to Blockbuster Inc. and Blockbuster’s largest shareholder, Carl Icahn. It did so after Icahn defused concerns over whether Blockbuster could finance the deal by saying he was prepared to buy the company if all else fails. more >>
NEW YORK – Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week. Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system. more >>
Rosie Trevino sat inside the Victoria Mall on Wednesday afternoon, corralling her bouncy 5-year-old daughter as she waited to try on her Mother’s Day present. “It’s a princess-cut diamond wedding band set,” the mommy of two said with a smile. “I’ve already seen it.” more >>
NEW YORK – Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon and oil crossing $124 a barrel for the first time. At the pump, the average price of a gallon of regular gas nationwide rose 2.7 cents to a record $3.645, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices also rose, adding 0.9 cent to match a record national average of $4.251 a gallon. more >>
The pecan nut casebearer, a tiny worm that can nearly wipe out a pecan crop if in high population and not controlled, is at the stage where growers need to decide if they will spray, said Joe Janak, Victoria County extension agent. Typically, the worm infests pecan trees between May 1-12 each year for the first generation, with a second generation about 42 days later. more >>
Volvo Rents announced Monday it is looking to build in the Victoria area. The Asheville, N.C.-based company rents out small and medium-sized construction equipment and tools, according to the Volvo Rents Web site. more >>
NEW YORK –“Grand Theft Auto IV” raked in more than $500 million in its first week in stores, selling more than 6 million units worldwide, the video game’s publisher said Wednesday. The highly anticipated title from Take-Two Interactive Software Inc. has received stellar ratings along with criticism for its violent content. The game follows Eastern European immigrant-turned gangster Niko Bellic on crime missions around a fictional Liberty City. more >>
NEW YORK – Wall Street tumbled Wednesday as the price of a barrel of oil soared to a record near $124 and touched off concerns that the stock market’s recent gains might have been premature as consumers grapple with rising energy and food costs. The major stock market indexes each lost more than 1.5 percent, with the Dow Jones industrial average declining by more than 200 points. Sharp gains in commodities prices have drawn fresh attention from investors worried that consumers will be forced to pare discretionary spending to keep up with increasing costs for necessities. more >>
SAN FRANCISCO – It’s hard to believe Google Inc. actually looked vulnerable just two months ago. The Internet search leader’s stock had plummeted 45 percent from its peak. And its two biggest rivals, Microsoft Corp. and Yahoo Inc., appeared poised to combine forces and launch an attack. But on the eve of Google’s annual shareholders meeting today, the company looks stronger than ever. Its stock is hot again and Microsoft has scrapped its plans to buy Yahoo, with Google playing the spoiler’s role. more >>
NEW YORK – Struggling with soaring food costs and cash-strapped customers, restaurants across the country are swapping expensive ingredients for cheaper fare and adding new dishes that won’t break their bottom line. Call it a menu makeover: Steakhouses are adding buffalo meat alongside filet mignon, pizza joints are trying new cheese products and seafood spots are replacing pricier entrees with humbler dishes like catfish. more >>
NEW YORK (AP) – Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode. more >>
3G wireless now in NYC NEW YORK (AP) – T-Mobile USA has fired up its third-generation wireless network in the U.S., announcing Monday that it’s now live in New York City – though few phones can use it. more >>
MADRID, Spain (AP) – The Asian Development Bank announced emergency funding Saturday to help poor countries struggling with rice prices that have nearly tripled in four months. The aid will come in the form of “sizable” soft loans for countries hardest hit by the global food crisis, such as Bangladesh, the bank’s President Haruhiko Kuroda said, declining to provide exact figures. But he warned that even after the current crisis passes, prices may keep rising. more >>
David Sather, a certified financial planner and president of Sather Financial Group in Victoria, has been appointed to the board of directors for Business Bank of Texas in Austin. Sather started his company after serving as an investment portfolio manager for a large brokerage company and a bank trust department. Sather serves as the finance and investment chair of Brownson Children’s Home; treasurer of the First English Lutheran Church; a member of the executive advisory council of Texas Lutheran University; and a business board member of Adopt-A-Pet. more >>
WASHINGTON – The economy showed off unexpected signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing. The unemployment rate dipped, though that may not last. The latest barometers flashed encouraging signs that the economic slowdown may not be as pronounced as some had feared. Still, there’s much caution – about housing, credit and other problems. more >>
