Mainstream News

Mortgage slowdown forces new layoffs at Wells Fargo

"The ax is falling again at Wells Fargo's mortgage origination unit, as refinancing activity continues to slow. The bank on Wednesday sent 60-day notices of displacement to 1,800 employees across the country, citing a slowdown in activity throughout 2012 and early 2013. It's unclear how much Wells Fargo—the nation's largest mortgage provider—needs to rightsize to adjust to the new normal. The bank has already cut 3,000 jobs in origination and servicing, but activity has been bouncing around. Other Wall Street banks are making similar moves, as a sharp rise in rates has kept consumers from taking out or refinancing mortgages. JPMorgan laid off more than 2,000 employees in early August." Continue reading →

Continue ReadingMortgage slowdown forces new layoffs at Wells Fargo

Home-Loan Drop Pushes Fed Away From Mortgage Bond Taper

"A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year. Builders began work on fewer U.S. homes than projected in August and applications for future work declined more than forecast, the Commerce Department said today. Housing starts rose 0.9 percent to a 891,000 annual rate, following the prior month’s 883,000 pace that was weaker than previously estimated." Continue reading →

Continue ReadingHome-Loan Drop Pushes Fed Away From Mortgage Bond Taper

Theaters brace for new federal rules on accommodating blind, deaf

"Movie-house owners -- as well as disability advocates -- are anxiously awaiting the release of an Obama administration proposal that would require theaters to install expensive technology so deaf and blind patrons can enjoy their films. Theater owners -- particularly those with small, independent houses -- say they cannot afford the technology shift which starts with converting to digital cinema. The cost of that is about $70,000 per screen, though most theaters have already gone digital. Theaters then would have to purchase the headsets that narrate films for the blind and glasses that provide the closed-captioning for the deaf, at an additional cost." Continue reading →

Continue ReadingTheaters brace for new federal rules on accommodating blind, deaf

Late Marc Rich’s Swiss mansions for sale

"The daughters of the late expat American commodity trader and financier Marc Rich have put up for sale his luxury Swiss homes in the canton of Lucerne and the mountain resort town of St. Moritz. Rich is celebrated for making a fortune in metals such as aluminum, silver and zinc by cornering the market and in dubious dealings in oil. He became a fugitive in Switzerland after being indicted in the early 1980s on charges of widespread tax evasion, illegal dealings with Iran and other crimes." Continue reading →

Continue ReadingLate Marc Rich’s Swiss mansions for sale

Video game pioneer & former Nintendo head Hiroshi Yamauchi dies at 85

"He was known as 'the godfather of the console', building the Japanese firm Nintendo from a playing cards manufacturer into one of the world’s most powerful computer games businesses. Now the gaming industry is paying tribute to the company’s former president, Hiroshi Yamauchi, who died on Thursday at 85. For a generation of gamers, Yamauchi’s Nintendo represented a golden era of mainstream gaming, dominated by classic titles like Super Mario Bros, Legend of Zelda and Metroid. A 1990 survey found the company’s mascot Mario, a moustachioed Italian plumber, was more recognisable to American children than Mickey Mouse." Continue reading →

Continue ReadingVideo game pioneer & former Nintendo head Hiroshi Yamauchi dies at 85

Grand Theft Auto V sales zoom past $1 billion mark in 3 days

"Grand Theft Auto V has crossed the $1 billion sales mark after three days in stores, a rate faster than any other video game, film or other entertainment product has ever managed, its creator Take Two Interactive Inc said on Friday. The latest installment of GTA, a cultural phenomenon that has sparked a national debate on adult content and violence, received strong reviews and racked up $800 million in first-day sales alone. That marked a launch-day record for the Grand Theft Auto franchise which is Take Two's most lucrative and allows players to cruise around a make-believe gameworld based on real-life locations such as Los Angeles." Continue reading →

Continue ReadingGrand Theft Auto V sales zoom past $1 billion mark in 3 days

Google teams with Apple chair to launch ‘health and well-being’ company

"Google announced Wednesday it was launching a new company focused on health and well-being, and hinted at cooperation with longtime rival Apple in the venture. A Google statement said the company called Calico 'will focus on health and well-being, in particular the challenge of aging and associated diseases.' Arthur Levinson, chairman and former chief executive of the biotech firm Genentech and chairman of Apple, will be Calico’s chief executive and a founding investor. Time magazine, which interviewed Page ahead of the announcement, said the details of the project were not yet clear but that it is likely to use its data-processing to shed new light on age-related maladies." Continue reading →

Continue ReadingGoogle teams with Apple chair to launch ‘health and well-being’ company

Dozens of British universities join the online education revolution

"Dozens of British universities began offering free online courses on Wednesday through a collective portal, joining a global trend started in the United States that opens higher education to the masses. Pre-registration opened on Tuesday and in one day 20,000 people from 158 different countries signed up — even though the portal site will not be completed for several months. Until then it will run in beta phase, without all the finishing touches, so organisers can see how it works. The scheme brings British universities in line with many of their rivals in the United States, where so-called massive open online courses (MOOCs) are hugely popular." Continue reading →

Continue ReadingDozens of British universities join the online education revolution

Yahoo Japan develops 3D search engine-printer

"Yahoo Japan Corp. has developed a voice-activated Internet search that links to a 3D printer, letting users look online for blueprints to deliver solid objects in a few minutes, the company said. The search engine scours the Internet for information that it can use to print palm-sized renderings of items as diverse as hippopotamuses or fighter jets. Heralded as a technology that is potentially as game-changing as the steam engine was in its day, 3D printers have become a more commonplace reality over the last few years. The devices use slices of information about a three-dimensional object and gradually deposits fine layers of material — such as plastic, carbon or metal — to build a copy." Continue reading →

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Researchers create battery that recycles sewage into energy

"They hope their technique could be used in wastewater treatment facilities and to break down organic pollutants in the 'dead zones' of oceans and lakes where fertilizer runoff has depleted oxygen, suffocating marine life. However, for now the team from Stanford University have started small, with a prototype about the size of a D-cell battery, consisting of two electrodes — one positive and one negative — plunged into a bottle of wastewater, filled with bacteria. As the bacteria consume the organic material, the microbes cluster around the negative electrode, throwing off electrons, which are captured in turn by the positive electrode." Continue reading →

Continue ReadingResearchers create battery that recycles sewage into energy