Briefcase
Five of six credit card issuers report rise in late payments
NEW YORK – In what may be an early sign that credit card users are again having trouble paying their bills, five of the nation’s top six credit card issuers said Monday that late payments rose in September.
That’s the first month since February 2009 that so many major companies reported upticks in payments late by 30 days or more.
The increases all were smaller than a percentage point, and card companies have seen small increases in delinquency in individual months during the last two years.
But the broader trend has been for vast improvements in payment habits that have brought delinquency rates down to historic lows. So it is worrisome that more people appear to be falling behind, especially with unemployment remaining above 9 percent and some economists predicting another recession.
Analysts generally expect improvements in delinquencies and defaults to level off as the year draws to a close.
Associated Press
Lowe’s Cos. closing 20 stores
NEW YORK – Home-improvement retailer Lowe’s Cos. said Monday it will close 20 underperforming stores in 15 states and cut 1,950 jobs in order to focus on more profitable locations.
Ten locations were closed Sunday; the other 10 will close in a month. They include three closings in New Hampshire and two each in California, Illinois and Maine. The only Northwest closure was in Tacoma.
Before the closures, Lowe’s operated 1,725 stores.
Lowe’s, based in Mooresville, N.C., also said it will only open 10 to 15 stores in North America annually beginning in 2012. Previously the company expected to open 30 stores per year. It will open 25 stores this year.
Associated Press
Mini Cooper ‘S’ fires reported
DETROIT – The National Highway Traffic Safety Administration is looking into complaints of engine compartment fires that could affect 36,000 Mini Cooper “S” models from the 2007 and 2008 model years.
The federal safety agency said in documents posted on its website that it has received 12 complaints of fires. Five of the blazes destroyed the cars. Eight fires happened when the engines had been shut off.
No injuries have been reported, the NHTSA said in documents posted during the weekend.
The agency says there’s an increasing trend of fires, with most of the complaints coming in the past year. The NHTSA opened a preliminary evaluation on Oct. 11 and will try to find the cause of the blazes. Depending on the findings, a recall could be ordered.
The fires could affect “S” models of the Mini Cooper, Cooper Clubman and Cooper Convertible, the agency said.
Associated Press
‘Sesame Street’ site hacked
NEW YORK – The YouTube channel for “Sesame Street” is back online after hackers forced its shutdown for a day by loading X-rated material.
“Sesame Street” Executive Producer Carol-Lynn Parente said Monday that YouTube had taken the channel down Sunday after noticing the racy material. The channel usually carries new and vintage clips from the popular preschool program.
Parente said it appears that the X-rated videos were online for less than an hour and that “Sesame Street” had received no viewer complaints.
She said, “We have great hopes that it was found out” before young viewers could see the X-rated material.
YouTube said it counsels clients to adopt tougher security to avoid hackers. The channel resumed at around midday Monday.