BRIEFCASE.Byline: - Staff and Wire Services Only 20% able to afford home The percentage of first-time buyers able to afford a median-price home in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County stood at 20 percent in the second quarter, unchanged from the previous quarter but up slightly from the same period in 2006. The California Association of Realtors' First-Time Buyer Housing Affordability Index was measured at 19 percent in the second quarter of 2006. The minimum household income first-time buyers needed to qualify to purchase a median-price home at $504,080 in Los Angeles County in the second quarter was $101,550, assuming a 6.29 percent interest rate and 10 percent down payment. Statewide, 24 percent of first-time buyers in California were able to afford a median-price home in the second quarter, down from 25 percent the previous quarter, but up from 23 percent in the year-ago period, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Los Angeles-based CAR. The minimum household income needed to purchase an entry-level home at $504,080 in California in the second quarter was $101,550, according to CAR. At 45 percent, the High Desert region, which includes the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley , was the most affordable in the state, followed by the Sacramento at 44 percent, according to CAR. Marlboro to be Swiss product With the Wednesday announcement that it would spin off its Philip Morris International Philip Morris International, (PMI) based in Lausanne, Switzerland, held a 15.5% share of the international cigarette market in 2005. Its brands, led by Marlboro and L&M, are sold in over 160 countries around the world. cigarette business, Altria Group “Philip Morris” redirects here. For the racecar driver, see Philip Morris (autoracer). Altria Group, Inc. (NYSE: MO) (previously named Philip Morris Companies Inc. Inc. moved forward on a plan that will ultimately put the biggest seller of Marlboro brand cigarettes in Lausanne, Switzerland. The spinoff will shrink Altria to include Philip Morris USA Philip Morris USA is the United States tobacco division of Altria Group, Inc. General information On January 27, 2003, Philip Morris Companies Inc. changed its name to Altria Group, Inc. Even under this new name, Altria continues to own 100% of Philip Morris USA. , the biggest cigarette maker in the U.S., and a 29 percent stake in London-based SABMiller PLC, which brews Miller Lite Miller Lite is the name of a popular pilsner beer sold by Miller Brewing Company of Milwaukee, Wisconsin with a 4.2% ABV. Sibling beers include Miller Genuine Draft and Miller High Life. beer. Automaker split adds up to loss DaimlerChrysler AG and its former partner Chrysler posted weaker results in the second quarter as their trans-Atlantic union dissolved, but executives said Wednesday that they're optimistic about the rest of this year despite a sales slump in the U.S. market. DaimlerChrysler also disclosed plans for a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. now that its separation from Chrysler is complete. It plans to spend about $10.2 billion buying back nearly 10 percent of its shares over the next year. DaimlerChrysler said its profit fell 14 percent to $2.52 billion, or $2.36 per share, in the April-June period. Chrysler and its financial arm made a $549 million net profit in the second quarter but would have posted an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. were it not for accounting changes due to the sale of a majority stake in Chrysler to a private equity firm. Alltel approves sale of company Alltel Corp. shareholders overwhelmingly approved a $24.7 billion buyout Wednesday that put the wireless company in the hands of two private investor groups. Chief Executive Scott Ford presided over the two-minute meeting, which he described as "our final shareholders meeting." Gap CFO See Chief Financial Officer. will go to work for Visa Gap Inc. CFO Byron Pollitt is leaving the slumping retailer Sept. 14 to take the same job at credit card issuer Visa Inc., the companies said Wednesday. Pollitt, 56, will be replaced by one of his top deputies -- Samantha Simmons, who is being promoted from senior vice president of corporate finance to executive vice president and acting chief financial officer. Simmons, 44, joined Gap in 2001 as vice president and treasurer. |
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