The Port Commission of the Port of Houston Authority today will consider $3.6 million in improvements, including a $1.2 million purchase of radios for Barbours Cut and Port Police and up to $2.4 million in concrete replacement.
The radio purchase includes 70 control stations, 30 mobile radios and 234 handheld radios and associated chargers and accessories. The purchase of this equipment will give all PHA departments the opportunity to participate in a port-wide communication system, with the aim of enhancing security at the port authority. Commissioners will also consider a recommendation to advertise and receive proposals for project outlines for a site selection study for a future container terminal.
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Oil refiner Valero Energy Corp. said Tuesday its first-quarter profit tumbled 77 percent as higher oil prices cut into its margins for gasoline and other refined products.
The San Antonio-based company, North America’s largest refiner, said it earned $261 million, or 48 cents per share, in the quarter ended March 31 compared with $1.14 billion, or $1.86 per share, for the same quarter in 2007.
The latest quarter’s results include a pretax benefit of $101 million, or 12 cents per share. Thomson Financial says analysts expected a profit of 29 cents per share. The estimates typically exclude one-time items.
Revenue was up to $27.9 billion from $18.7 billion a year ago.
“Despite a difficult environment for gasoline margins, we reported positive results for the first quarter,” said Valero chairman and chief executive Bill Klesse. “More recently, gasoline margins have shown moderate improvement as inventories have fallen and demand has increased as it normally does this time of year.”
– The Associated Press
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RealtyTrac, an online marketplace for foreclosure properties, yesterday released its Q1 2008 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter.
“Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure.
“While we’re hopeful that programs like those in Philadelphia will have a positive long-term impact, they could be simply deferring another flood of foreclosures,” Saccacio continued. “And that could extend the length of time it takes the market to recover from this downward cycle, in which we’ve already seen seven consecutive quarters of increasing foreclosure activity.”
Nevada, California, Arizona has the highest foreclosure rates of all 50 states. Other states with foreclosure rates in the top 10 were Florida, Colorado, Georgia, Michigan, Ohio, Massachusetts and Connecticut.