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Spokane, Washington  Est. May 19, 1883
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News >  Business

In brief: Foreclosure threat up, expected to rise more

The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released today.

Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm.

In March, more than 340,000 properties were affected, up 17 percent from February and 46 percent from a year earlier.


GM considers offers for Saturn brand

An Oklahoma City private equity firm has teamed with a group of Saturn dealers in an effort to buy the money-losing brand from General Motors Corp.

The proposal from a group led by Black Oak Partners LLC is among several that GM has received for the brand, said GM spokesman Mike Morrissey.

“We are working with all those groups,” Morrissey said. “It’s too early to speculate as to what the ultimate outcome is going to be.”

Jennifer Threet, a spokeswoman for the Black Oak group, said it delivered a proposal to GM last week and is awaiting a formal meeting.

The group said in a statement issued Wednesday that it would get vehicles from GM initially, but it expects to sell smaller, fuel-efficient vehicles from other global manufacturers.

GM put the Saturn brand up for review and possible sale last year.

The company must shed Saturn and other brands as part of its restructuring plan to justify billions in government loans that it needs to stay in business.


Swiss bank UBS AG to cut 8,700 jobs

Troubled Swiss banking giant UBS AG said Wednesday that it will slash its global work force of 76,200 people by more than 10 percent as part of across-the-board cost cutting to return to profit after racking up billion-dollar losses for yet another quarter.

The 8,700 job cuts will hit the United States and Switzerland particularly hard because that is where the bank has its largest payrolls, a bank spokesman said.

“Our results remain very unsatisfactory,” new Chief Executive Oswald Gruebel told the annual shareholders meeting, adding that the bank will report a first-quarter loss attributable to shareholders of nearly $1.75 billion when it releases results next month.

Spokane valley

Revett Minerals chooses new chairman

Revett Minerals Inc. has appointed a new chairman. The Spokane Valley company’s appointment of Tim Lindsay is subject to approval by the Toronto Stock Exchange, on which Revett shares are traded.

Lindsay is president of Canadian Sahara Energy Inc. in Houston. His hometown is Troy, Mont., where Revett has mining operations.

John Shanahan has been Revett’s chairman and remains its president and chief executive.

From wire reports

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