Economy & Business
Suffering From Foreclosure Scams -- Mortgage and foreclosure fraud is growing. According to the FBI 2007 Mortgage Fraud Report, suspicious activity reports grew 31 percent to 46,717 in 2007. The 1,204 mortgage fraud cases pursued in fiscal year 2007, which ended Sept. 30, resulted in 321 indictments and court orders for $595.9 million in restitution. In the Bay Area, counties are ranked by mortgage fraud with Santa Clara being the highest and then followed by Alameda and Contra Costa counties. CC Times 5/27/08
*Nevada sales down -- Nevada merchants reported another bad month in March—sales totaling $4.3 billion for a nearly 4 percent decline over the same month a year earlier. But even though that resulted in the 10th straight monthly decline in tax collections based on sales, Nevada's budget chief said the "good news" is that the state's combined revenue shortfall projection through mid-2009 still remains below $1 billion. AP 5/29/08
*Patelco steps up to help ailing Sterlent -- Sterlent Credit Union said Wednesday it has struck a deal with Patelco Credit Union that is designed to stabilize Sterlent's ailing finances, which have been jolted by the implosion of the housing market. The terms and nature of the agreement between Pleasanton-based Sterlent and San Francisco-based Patelco were not immediately disclosed. It was not made clear on Wednesday what Patelco's ownership, management or financial stake in Sterlent might be. Federal regulators are expected to review the proposal. CC Times 5/28/08
New jobless claims filings rise -- The number of new people signing up for unemployment benefits increased last week. It was the latest sign of softness in employment conditions. The Labor Department reported today that new applications filed for unemployment insurance rose by a seasonally adjusted 4,000 to 372,000 last week. The increase left claims slightly higher than the 370,000 level that economists were forecasting. AP 5/29/08
Costco profit climbs 32 percent, tops outlook -- Costco Wholesale reported a 32 percent jump in third-quarter profits today to top Wall Street expectations, as cash-squeezed customers flocked to its warehouse clubs in search of bargains on food and toiletries. AP 5/29/08
Energy & Environment
*San Jose is nation's 7th-greenest city -- San Jose has one of the smallest carbon footprints of any large U.S. city, research to be released today by the Brookings Institution reveals. The San Jose metropolitan area, including Sunnyvale and Santa Clara, ranked No. 7 among the 100 largest cities in terms of the amount of carbon produced by its residents' energy use. San Francisco, which researchers pair with Oakland and Fremont, finished eighth. SJ Mercury 5/29/08
After record year, Chevron faces the music -- Despite a record-setting financial performance in 2007, Chevron Corp. faced a fusillade of criticism about its operations in several countries during the company's shareholders meeting here Wednesday. Yet Chevron is being besieged on multiple fronts over its activities in Ecuador, Myanmar, Iraq, Nigeria and other countries. The company also is taking heat as gasoline prices skyrocket. Inside Bay Area 5/29/08
Assembly passes bag fee legislation -- Supermarket shoppers in California would be charged a quarter a bag beginning in July 2011 if the store at which they shop doesn't meet plastic bag-recycling goals, under a bill approved Wednesday by the Assembly. The bill, which now goes to the Senate, passed the Assembly on a 40 vote, with only majority Democrats in support. Ventura County Star 5/29/08
Heavy lifting begins in California fight against greenhouse gas emissions -- A at the end of next month, the state Air Resources Board will release its draft plan on putting key provisions of the law, AB32 which Schwarzenegger signed in 2006, into effect. The report will kick off months of hearings leading up to a final approval in October. The provisions take effect in January—and then begins the drafting of regulations. Current proposals cover about 60 percent of the reductions, but debate over meeting the remaining 40 percent portion focuses on options over emission enforcement, market systems, including auctions; pay-to-pollute fees, environmental justice and offsets. Capitol Weekly 5/29/08
Sapphire Energy turns algae into 'green crude' for fuel -- A San Diego company said Wednesday that it could turn algae into oil, producing a green-colored crude yielding ultra-clean versions of gasoline and diesel without the downsides of biofuel production. The year-old company, called Sapphire Energy, uses algae, sunlight, carbon dioxide and non-potable water to make "green crude" that it contends is chemically equivalent to the light, sweet crude oil that has been fetching more than $130 a barrel in New York futures trading. LA Times 5/29/08
Winery goes solar with 'Floatovoltaics' -- Take nearly 1,000 photovoltaic panels and mount them on 130 pontoons floating in a Napa Valley irrigation pond, and what do you have? A first-of-its-kind solar power array and the latest example of why Northern California's wine industry - with its scores of entrepreneurs and mavericks - is a leader in embracing solar power. Representatives of the Far Niente winery in Oakville pointed out the unique aspects of a $4.2 million solar venture during a tour Wednesday in advance of today's ceremonial unveiling of the project. SF Chronicle 5/29/08
Daniel Weintraub: Old idea that’s new again: Rainwater harvesting -- With California on the edge of drought and water restrictions already beginning in some areas, the state might soon be looking toward an ancient practice that is attracting renewed interest around the world: rainwater harvesting. Rainwater harvesting wouldn't be a panacea, but for many people, it might at least be the difference between having a green yard or a brown one, or provide enough water to wash their car when they want to. Sacramento Bee 5/29/08
Media & Entertainment
*Digital arts festivals take over Bay Area -- The Bay Area is North America's new-media hub. At no time with this be more evident than next week, as two major Bay Area digital arts festivals welcome the public to admire, participate and enjoy. Starting Sunday, the UC Berkeley Art Museum & Pacific Film Archive will host Berkeley Big Bang 08, a three-day event featuring talks, digital arts displays and an open house. Big Bang 08 is timed to precede a bigger event in San Jose, the biennial 01SJ: A Global Festival of Art on the Edge (June 4-8). Both festivals are celebrating what is commonly known as "electronic art," which uses computers in some form to get a message across. CC Times 5/28/08
Finance, Budget & Tax
Walnut Creek looks at trimming 13 positions, other cuts, to balance 2008-10 budget -- The council reviewed its draft 2008-10 operating and capital investment budgets Tuesday, looking at leaving 13 positions vacant and cutting back in several areas, including contributions to nonprofit organizations and schools. The city is experiencing a drop in sales tax revenue, which makes up about 44 percent of total revenues. CC Times 5/29/08
Venture Capital, Technology, & Silicon Valley
Fee for unlisted phone number unlikely to end -- A bill by state Sen. Sheila Kuehl (D-Santa Monica) that would have eliminated phone-company fees for keeping numbers out of phone directories and unavailable through 411 directory assistance failed to pass in the Senate on Tuesday. In the face of intense lobbying from AT&T, Verizon and smaller companies, Kuehl said she had given up trying to combat fees that now run as high as $25 a year. LA Times 5/29/08
Silicon Valley janitors end their strike -- Janitors who clean facilities for some of Silicon Valley's major technology companies ended a nine-day strike Wednesday after ratifying a contract that will bring them a 22 percent wage increase and improved health care benefits after four years. SF Chronicle 5/29/08
IPhone buzz fueled by new network -- Buzz about the new iPhone — expected to be released in June — has less to do with the phone itself than its use of AT&T's 3G network. That 3G network, which refers to a third generation of wireless networks, would dramatically improve the performance of some iPhone features, such as Web browsing. CC Times 5/28/08
Intel looks to smaller gadgets -- ntel's push to create and boost new categories of small, cheap Internet-connected devices is taking the world's largest chip maker in some unusual directions.It's investing in wireless networks, or even buying them outright. It's relying on software that isn't from Microsoft. And it's looking at making processors cheaper and smaller rather than faster and faster. SJ Mercury 5/29/08
Google mobile phone software draws raves at conference -- Google showcased a phone using the Android mobile software system for the first time at a developer conference in San Francisco on Wednesday to some rave reviews. The prototype of a phone using Google's free software for mobile devices shown Wednesday resembled the iPhone in its minimalist design and responsiveness to gentle touches and taps. But it also sported some fresh features that may prompt a few iPhone users to upgrade. SJ Mercury 5/29/08
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