In brief: Google discloses ‘smart’ TV plans

San Francisco – Google Inc. believes it has come up with the technology to unite Web surfing with channel surfing on televisions.

To reach the long-elusive goal of turning TV sets into Internet gateways, Google has partnered with Sony Corp., Intel Corp. and Logitech International. They unveiled their much-anticipated plan for a “smart” TV on Thursday, and Intel CEO Paul Otellini predicted the effort will be “the biggest improvement to television since color.”

The TVs are expected to go on sale this fall in U.S. Best Buy stores, with prices to be announced later in the year.

Other companies have tried to promote Internet-connected TVs with little success during the past decade.

“I have seen this movie before,” Gartner Inc. analyst Ray Valdes said of Google’s ambitious plans.

But Google and its partners believe they have developed a system that will make Internet TV simpler and more appealing. They are also counting on various websites to build new applications tailored to run on the Internet TV.

Associated Press

Mortgage rates drop to 2010 low

Washington – Mortgage rates fell to the lowest level of the year this week, as rates fell on U.S. government securities. Fixed mortgage rates tend to be influenced by movements in the yield of 10-year Treasury notes.

The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent this week from 4.93 percent a week earlier, Freddie Mac said Thursday. It was the lowest level since mid-December, when rates averaged 4.81 percent.

This week, the average rate on a 15-year fixed-rate mortgage was 4.24 percent, down from 4.3 percent last week.

Associated Press

Unemployment claims increase

Washington – The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.

Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.

The total was the highest since new claims reached 480,000 on April 10. It also pushed the average for the last four weeks to 453,500.

“Although no one expects this volatile series to go in one direction every single week, this is clearly a disappointment,” said Jennifer Lee, senior economist at BMO Capital Markets.

Associated Press