CSBJ Daily

Fox News is reporting that General Motors is working on a windshield that combines lasers, infrared sensors and cameras that gives cars the same technology as F-16 fighter jets.

The technology is intended to help the 65-and-older population, which will nearly double during the next 20 years.

GM’s new windshield won’t improve their vision, but it will make objects stand out that could otherwise go unnoticed.

For example, during a foggy drive, a laser projects a blue line onto the windshield that follows the edge of the road.

Or if infrared sensors detect a person or animal in the driver’s path during a night drive, its outline is projected on the windshield to highlight its location.

It’s possible because of a transparent coating on the windshield that lights up when struck by ultraviolet light.

Of course, much more goes into it than that. Sensors have to determine the position of the car in relation to the road, while other devices track the driver’s head and eye movement to make sure the image on the windshield isn’t skewed.

The Associated Press

J.P. Morgan Chase reported a 53 percent profit decline today as defaults rose in mortgages and other loans, but the bank’s results were better than the market anticipated.

The bank’s shares gained about 5 percent in pre-market trading. On the heels of Wells Fargo & Co.’s stronger-than-expected results released Wednesday, investors appear more confident that the banking sector, while struggling, will be propped up by some of its healthier players.

J.P. Morgan Chase & Co. earned $2 billion, or 54 cents per share, in the April to June period, down from $4.23 billion, or $1.20 per share, in the same timeframe last year.

Analysts surveyed by Thomson Financial had predicted, on average, a profit of 44 cents share.

JPMorgan Chase took a nearly $3.5 billion provision for credit losses, and lost more than half a billion dollars due to Bear Stearns, the ailing investment bank it bought in March with the help of the government.

But hardy growth in the business of providing traditional banking services and loans to individuals and companies around the world gave J.P. Morgan a boost. The commercial banking and treasury and securities segments both saw record earnings and revenue.

The Associated Press

CHARLOTTE, N.C. – Securities regulators from several U.S. states have raided the St. Louis headquarters of Wachovia Securities, which is part of the Charlotte-based bank, Wachovia Corp.

The move, made today, is part of a broad investigation into questionable practices involving auction rate securities, Missouri officials said.

Calls to a Wachovia spokeswoman were not immediately returned.

Missouri Secretary of State Robin Carnahan’s office said the “special inspection” at the Wachovia division, the former A.G. Edwards, concerned the $330 billion auction rate securities meltdown.

Zerbe Jewlers, a downtown fixture since 1972, is moving to 210 N.Tejon Street, the former location of the Chinook Bookstore.

Terre Verde owner Chris Sonderman bought the Chinook space and divided it into two retail locations. About six months ago, Title Nine moved into one of the locations. Now, after nearly three years of vacancy, the final spot will be filled.

“We’ve been looking for a couple of years,” said Charles Zerbe. “And we just were looking for the right spot – this became the right spot.”

The mix of retail stores on the block – Terre Verde, Mountain Chalet, Title Nine – makes it a great location, he said.

“We have lots of regular customers who come in,” Zerbe said. “But our walk-in traffic has never been high. We’ll get lots of walk-in customers at that end of Tejon Street.”

UMB Bank Colorado will acquire The Citadel Bank in an all-cash deal upon regulatory approval.

UMB Financial Corp. is the holding company of UMB Bank Colorado, and Citadel is a subsidiary of Citadel Bancorporation.

Regulatory approval of the transaction is expected by early fall. The combined deposits in Colorado Springs will total about $235 million, increasing UMB’s deposit market share ranking for the area from nine to seven.

Following the merger of operations, Citadel Chairman Gary Whitlock will serve as vice chairman, Citadel President Greg Walters will serve as bank president at the Citadel location, and Gar Anneler will continue to serve as the Community Bank President for the Colorado Springs region.

The Associated Press

WASHINGTON – Consumer prices shot up during June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.

The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected. Energy prices rocketed upward by 6.6 percent, reflecting big gains for gasoline, home heating oil and natural gas.

The big rise in prices cut deeply into consumers’ earning power with average weekly wages, after adjusting for inflation, falling by 0.9 percent.

It was the biggest monthly decline since a 1.1 percent drop in weekly wages during September 2005.

The 1.1 percent June price increase was the second largest monthly advance in the past 26 years, surpassed only by a 1.3 percent gain during September 2005 from a jolt to energy costs after Hurricane Katrina.

Separately, the Federal Reserve reported that industrial output rose 0.5 percent during June, the fastest pace in 11 months. The increase, the highest since a 0.6 percent gain during July of last year, reflected an end to an automotive production strike rather than any widespread strength in the economy.

The report on retail inflation followed similarly grim news on Tuesday that wholesale prices had shot up by 1.8 percent during June.

ITT Systems Division of Colorado Springs has been awarded a $33.6 million contract to provide radar surveillance for the country’s Tethered Aerosatellite Radar System counter-drug program.

The surveillance capability extends throughout the United States and at eight sites including those along the Mexican border, the Florida Straits and southwest Puerto Rico. The contract also includes TARS surveillance data for NORAD’s air sovereignty mission in the continental U.S.

Bloomberg news is reporting that the United Nations’ Convention on International Trade in Endangered Species said it will allow southern African countries to sell elephant ivory in a one-off trade, skirting a ban on dealing in the product until 2016.

South Africa, Zimbabwe, Namibia and Botswana will be able to market 108 metric tons from their stockpiles, Geneva-based Cites said on its Web site today.

China will be allowed to buy and import the ivory. Proceeds will be used for elephant conservation.

The sale is designed to placate southern African countries who have a surplus of elephants while the animal is considered endangered in other parts of the continent such as Kenya.

China was previously barred from participating because of concern it was buying smuggled ivory.

The 316-room Cheyenne Mountain Resort and adjacent Country Club of Colorado are for sale.

The popular corporate meeting and recreational property has been listed with Jones Lang Lasalle Hotels, said Amber Strang, local JLL vice president. The club and golf course were opened during the early 1970s by the Gates Land Co. Construction on Cheyenne Mountain Resort was complete during 1984.

The 200-acre property includes 40,000 square feet of indoor and outdoor meeting space, a 35-acre lake and an 18-hole golf course designed by Pete Dye.

The property is being marketed by as a “value enhancement opportunity,” meaning that a new owner will probably invest in guestroom, meeting space and landscaping updates and upgrades as well as a significant renovation at the country club and spa.

Strang said that the Benchmark Management Co. will continue to run day-to-day operations.

Brokers said one of the resort’s selling points is current double-digit revenue per available room, a key hotel industry metric.

A national asphalt and polymer shortage is forcing the Colorado Department of Transportation to review its 2008 summer schedule, which includes several highway projects planned for Southern Colorado.

The shortage is expected to be short-term CDOT officials said, but has the potential to affect 34 of its summer projects.

In El Paso County, projects that will be affected include the Interstate 25 and State Highway 16 interchange near the entrance to Fort Carson, the Powers Boulevard and Woodmen Road interchange and work on I-25 between North Gate Road and the El Paso and Douglas county line.

Possible changes include delaying work until 2009, extending time allowed for project completion, using different pavement materials or completing road work after additional asphalt can be found.