Reported by Star-Bulletin staff & wire
Thursday, November 7, 1996
Reported by Star-Bulletin staff & wire
Thursday, November 7, 1996
WASHINGTON -- Thirty-year, fixed rate mortgages averaged 7.67 percent this week, down from 7.78 percent last week, according to a national survey released today by the Federal Home Loan Mortgage Corp. 30-year mortgages drop
to 7.67 percentOn one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.56 percent, down from 5.60 percent last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.20 percent this week, down from 7.30 percent a week earlier.
The rates do not include add-on fees known as points.
FORT LAUDERDALE, Fla. -- Republic Industries Inc. agreed to buy Alamo Rent-A-Car Inc. for about $625 million in stock, setting up a long-sought source of vehicles for billionaire H. Wayne Huizenga's fledgling AutoNation USA used-car chain. Republic agrees to buy
Alamo Rent-A-CarRepublic outbid an offer of less than $500 million from HFS Inc., which owns Avis Inc., analysts said. Republic's move comes two months after the collapse of Huizenga's proposed $4 billion acquisition of company ADT Ltd., which operates the nation's second-largest auto-auction firm.
The privately held Alamo is the nation's fourth largest rental car concern with a fleet of 130,000 vehicles and operations in 42 states, including Hawaii, Canada and 10 European countries.
TOKYO -- Sony Corp. said today its profit rose fourfold in the latest quarter helped by a weak yen and strong sales growth in its electronics and entertainment businesses. Sony’s profit rises fourfold
for the quarterSony earned 34.64 billion yen, or $312.1 million, during the July-September quarter, up from 8.6 billion yen a year earlier. Overall sales rose 17 percent to 1.359 trillion yen, or $12.2 billion, in Sony's second fiscal quarter from 1.160 trillion yen a year ago.
Sony acknowledged that much of the gains were due to currency fluctuations, which have a major impact on earnings overseas that are denominated in U.S. dollars and other major currencies.
Analysts welcomed the stronger results from a leading electronics maker that has struggled to reshape its top management.