Mortgage rates move sharply higher
WASHINGTON -- Long-term U.S. mortgage rates jumped this week after two straight weeks of declines, reaching their second-highest level this year.
Against a backdrop of rising interest rates in the economy, long-term loan rates have been running at their highest levels in seven years. And the Federal Reserve on Wednesday raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages was 4.62 percent, up from 4.54 percent last week. By contrast, the 30-year rate averaged 3.91 percent a year ago.
The average rate on 15-year, fixed-rate loans increased to 4.07 percent from 4.01 percent last week.
The rate averages don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. The average fee on 30-year fixed-rate mortgages fell to 0.4 point from 0.5 point last week.
-- The Associated Press
H&R Block shares slide a second day
WASHINGTON -- Shares of H&R Block were down for the second day in a row after the tax preparer's announcement that it would shutter 400 offices in response to a new tax law that could simplify the average American's return.
As more people opt for do-it-yourself software such as TurboTax, the Kansas City, Mo., company said it would invest in new technology and focus on retaining customers by providing a range of options for them to file their taxes.
H&R Block reported a 4 percent increase in revenue and a 2.5 percent jump in its U.S. client base in 2018, but the company said it expected revenue to decline 3 percent next year. Its stock fell 18 percent Wednesday and another 2 percent Thursday, falling to $23.77 from $29.60 in two days.
-- The Associated Press
LR tech park OKs marketing agreement
Stone Ward will be paid $1,000 monthly to provide public relations and marketing expertise to help the Little Rock Technology Park Authority broaden its brand.
The authority's board on Wednesday approved a letter of engagement in which Stone Ward, a full-service advertising agency with offices in Little Rock and Chicago, outlined its responsibilities.
They include monthly meetings with the authority and other local, regional and state entities to discuss "possible pitches" for local, regional and national media outlets.
The firm also said it will collaborate with regional representatives to develop a list of regional, national, trade and business publications to pitch "good news" about the region.
Stone Ward also will create a quarterly list of stories or features about the region that it will "push in order to create positive media impressions ... to assist in elevating the overall image of the region."
And the firm will research and monitor the authority's own media channels to recommend posts, news releases and other information as well as create talking points for the authority leadership that would be updated quarterly.
Stone Ward also will measure public relations and social media and report the results monthly.
-- Noel Oman
St. Louis to study privatizing its airport
ST. LOUIS -- St. Louis officials have approved hiring consultants to determine whether to lease the city's airport out to a private operator.
The St. Louis Post-Dispatch reports that the city's Board of Estimate and Apportionment voted 2-1 Wednesday to look into privatizing the St. Louis Lambert International Airport.
Supporters see privatization as a chance for St. Louis to make money, but critics have questioned the transparency and conflicts of interest in such a move.
Mayor Lyda Krewson says it's unclear whether there would be a final vote at the end of the exploration process, which could take up to three years.
-- The Associated Press
S.D. justices reject oil line foes' appeal
PIERRE, S.D. -- South Dakota's Supreme Court this week dismissed an appeal from opponents of the Keystone XL oil pipeline, saying a lower court lacked jurisdiction to hear their cases.
Groups fighting TransCanada Corp.'s pipeline appealed a judge's decision last year upholding regulators' approval for the pipeline to cross the state. But the high court said in a Wednesday ruling that justices didn't "reach the merits of the case" because the lower court didn't have jurisdiction to weigh the appeal of the Public Utilities Commission's decision.
Attorneys for appealing groups didn't immediately comment. TransCanada spokesman Terry Cunha said Thursday in an email that the pipeline developer is pleased with the court's decision.
The 1,179-mile pipeline would transport up to 830,000 barrels a day of Canadian crude through Montana and South Dakota to Nebraska, where it would connect with lines to carry oil to Gulf Coast refineries.
-- The Associated Press
Distiller finds its old Kentucky home
LOUISVILLE, Ky. -- Old Forester, the bourbon that launched a family dynasty and a spirits company, has returned to its pre-Prohibition Kentucky home in a newly renovated building that symbolizes the brand's comeback from years of decline.
The Old Forester Distilling Co. opens its doors to tourists today along a stretch of downtown Louisville known as Whiskey Row for its historic ties to Kentucky's bourbon industry. Bourbon tourism has matured into big business in Kentucky, and Old Forester is tapping into the strategy to build brand awareness.
For decades, Old Forester was a mainstay for Brown-Forman, and the brand's sales topped 1 million cases a year during its heyday in the early 1970s. Sales had dropped below 100,000 cases a year by the time Campbell Brown took hold of the brand a few years ago. The brand now is riding double-digit growth, and yearly sales have surpassed 200,000 cases. Brown-Forman has bolstered the brand's marketing team and is looking to expand its limited overseas markets.
-- The Associated Press
Business on 06/15/2018