BUSINESS BRIEFS
Housing market to take more hits
By Advertiser Staff and News Services
LOS ANGELES — The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report.
More than two dozen subprime lenders have shut down in recent months and others are scrambling to stay in business as a spike in defaults caused by borrowers unable to make payments has rocked the mortgage industry.
Now, as lenders tighten credit standards, the housing market will likely see further declines in price and output, senior economist David Shulman wrote in the quarterly Anderson Report to be released today by the University of California, Los Angeles.
BEATLES' CATALOG ON APPLE ITUNES?
LONDON — Record company EMI Group PLC said yesterday it planned to unveil "an exciting new digital offering" with computer company Apple Inc., raising expectations that The Beatles' music catalog is about to be made available through Apple's iTunes online music store.
EMI said it would hold a news conference today at its London headquarters with its chief executive, Eric Nicoli, and Apple boss Steve Jobs "and a special live performance."
FLEXCAR EXPANDS TO PHILADELPHIA
PHILADELPHIA — Flexcar, one of the nation's largest car-sharing companies, will launch operations today in its 11th U.S. city, Philadelphia.
The Washington, D.C.-based company, whose investors include AOL founder Steve Case, will start with 30 cars downtown and increase to 100 by the end of the year. Vehicles include hybrids, sedans, minivans, pickups and sports cars such as the Mini Cooper.
With car sharing, members can rent vehicles by the hour or day. The rate typically includes the cost of gas, insurance, parking and maintenance.
