Wednesday March 30 Housing and Economic stories

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TOP STORIES:

Alvarez, Seijas trounced in Miami-Dade recall election – (www.miamiherald.com) With almost all precincts reporting results, Miami-Dade Mayor Carlos Alvarez and Commissioner Natacha Seijas have been ousted from office.
Results from the recall election, including absentee and early votes, show a vast majority of voters, around 88 percent, want to kick out the two politicians. Both politicians kept a low profile as results came in, but billionaire auto magnate Norman Braman, who championed the recall effort along with political action committee Miami Voice, celebrated with supporters at a news conference. “Today is the first day of a new day for Miami-Dade County. County voters have demonstrated by their ballots that they are tired of unaccountable officials, of being ignored, and of being over-taxed in this very difficult recessionary time,” he said. “I say, ‘congratulations Miami-Dade voters!’”

Building permits fall to all-time low - (money.cnn.com) The housing market just can't seem to catch a break. The number of permits issued in February for future housing construction fell to a new all-time low, according to a government report released Wednesday. Building permits fell to an annual rate of 517,000 permits last month, down 8.2% from a revised 563,000 in January, the Commerce Department said. That was the lowest level seen since the government started tracking the figures in 1959, and much worse than economists had expected. Uncertainty about the job market and rising gas and food prices are still keeping potential homebuyers on the sidelines, even as mortgage rates and home prices are at attractive lows. "It's consumer nervousness," said David Crowe, chief economist with the National Association of Home Builders. "It's a fragile recovery to begin with, and then you throw in high energy costs, new uncertainties about Congress, and it's just enough to spill over the glass again."

Yemen Declares State of Emergency - (online.wsj.com) Armed men opened fire on crowds of antigovernment protesters Friday in Yemen's capital, killing an estimated 45 people and injuring hundreds—prompting Yemeni President Ali Abdullah Saleh to declare a state of emergency and suggesting his government has shifted to a hard line against its hardening opposition. Friday's bloodshed marked the most significant escalation in violence in Yemen's capital since protesters began in January to call for the end of Mr. Saleh's 32-year regime. The one-day death toll stood higher than the estimated 40 demonstration-linked fatalities in Yemen until now. The day's violence began after Friday prayers, a time city residents have in recent weeks joined protesters who are camped near San'a University. Several people who saw Friday's crowds estimated the demonstrators numbered 100,000 or more, San'a's largest protests yet. Yemen's president declares a state of emergency after around 30 protesters are killed at an anti-government rally. Witnesses said official forces opened fire, but this was later refuted by the president. Video and image courtesy of Reuters. Gunfire rang out. Gunmen could be seen firing into a crowd of thousands from atop buildings. Black smoke poured from the edge of the demonstration site. Some witnesses said the smoke came from burning tires, in a screen that helped mask the gunmen's position.

Portugal risks political chaos amid austerity feud - (finance.yahoo.com) Portugal's political and financial crisis deepened Thursday, when the main opposition party said it won't support the minority government's latest measures aimed at avoiding a bailout for the debt-laden country. The decision could force the beleaguered government's downfall, triggering fresh market jitters just as Europe readies new measures to contain the continent's sovereign debt crisis. Many analysts anticipate Portugal's high debt load and feeble growth will compel it to ask for financial assistance like Greece and Ireland last year. The government has ruled out asking for help, insisting its tax hikes, pay cuts and reductions in welfare benefits and other state spending will be enough to restore faith in the economy.

Nike to raise prices sharply as costs hit gains - (www.bloomberg.com) Nike Inc plans to raise the prices on its shoes and sports clothing markedly in 2012 to cope with the rising costs of oil, cotton and transportation that are hurting its profitability. The shares in the world's largest athletic shoe and clothing maker plunged 7 percent on fears that already stretched margins will come under even greater pressure this year and next. It reported a lower-than-expected quarterly profit on Thursday, hurt by rising production costs. The company expects margin pressures to persist this year, intensifying in the current quarter. "This is evidence that rising input costs are hurting Nike's profit," said Giri Cherukuri, a portfolio manager with OakBrook Investments, which owns Nike shares. "Nike's margins will be under pressure for the rest of the year." To contend with that, Nike executives said the company would ramp up and broaden its price increases.

OTHER STORIES:

Stocks Rally on Libya Cease-Fire, Fed; Yen Falls on G-7 Moves - (www.bloomberg.com)

Reduced exports to Japan could pinch U.S. economy - (www.usatoday.com)

Long Pause For Japanese Industry Raises Concern About Supply Chain - (www.nytimes.com)

World energy crunch as nuclear and oil both go wrong - (www.telegraph.co.uk)

Portugal’s Rating Cut Two Steps by Moody’s on Outlook - (www.bloomberg.com)

New-home construction plunges in February - (finance.yahoo.com)

California housing market slump persists through February - (www.latimes.com)

Fed Says Some Banks Can Resume Dividends After Stress Tests - (www.bloomberg.com)

Workers Prepare to Connect Power to Stricken Nuclear Plant - (www.bloomberg.com)

Radiation Fears Add to Japan’s Economic Woes - (www.nytimes.com)

U.S. nuclear officials suspect Japanese plant has a dire breach - (www.latimes.com)