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Biz Quicks

BOLD SALES
Ralph de la Vega: AT&T is happy with demand.

By Bloomberg, AP and staff reports
Published: 11/7/2008 2:14 AM
Last Modified: 11/7/2008 2:55 AM

Mortgage rate falls to 6.20 percent

The nation's benchmark mortgage rate dropped this week, providing a dose of welcome news to prospective home buyers.

The average 30-year, fixed-rate home loan is going for 6.20 percent, down sharply from 6.46 percent last week, mortgage company Freddie Mac reported Thursday after conducting its weekly nationwide survey.

"Mortgage rates fell this week amid new indications of a pullback in consumer spending and a weaker jobs market," said Frank Nothaft, Freddie Mac's chief economist. Those factors are reducing investors' concerns about inflation, which is helping to pull down mortgage rates.

The drop in rates is good news for people thinking about buying a home. However, tight credit conditions are still making it difficult for some people to obtain financing.

The housing slump is big factor weighing on the national economy. Sinking home values have been hurting consumer confidence.

BlackBerry Bold popularity 'fantastic'

Research In Motion Ltd.'s BlackBerry Bold, competing with Apple Inc.'s iPhone, has received a "fantastic" reception from customers, according to AT&T Inc. wireless chief Ralph de la Vega.

"We've had people lining up at our stores," de la Vega said Thursday at a conference in San Francisco.

AT&T has exclusive rights to provide service for the Bold smart phone in the U.S. The Dallas-based carrier began selling the handset for $299.99 with a contract Tuesday.

The

Bold's popularity may help Waterloo, Ontario-based Research In Motion regain its advantage over Apple, which overtook its rival in global smart-phone shipments last quarter with the faster 3G model.

Research In Motion says the Bold has a brighter screen and fast download speeds.

Cupertino, Calif.-based Apple shipped 6.9 million iPhone 3Gs in the third quarter, giving the company second place behind Nokia Oyj, according to Reading, England-based researcher Canalys. That compares with 6.05 million BlackBerrys in the same period.

AT&T acquires Wi-Fi provider

AT&T Inc. agreed Thursday to purchase Wi-Fi provider Wayport Inc. for approximately $275 million in cash.

The acquisition expands Wi-Fi network of Dallas-based AT&T to nearly 20,000 domestic and more than 80,000 global "hot spots". Wayport hot spots are located in businesses such as Wyndham, Marriott Vacation Club and Four Seasons hotels; HealthSouth and Sun Healthcare locations; and McDonald's restaurants.

"We're seeing exponential growth of Wi-Fi-enabled devices — such as smart phones — combined with a continued dependency on 24/7, anytime, anywhere Internet access across business and consumer market segments," said John Stankey, president and CEO, AT&T Operations.

Smucker completes purchase of Folgers

Jelly and jams maker J.M. Smucker Co. has completed its $3 billion deal to buy Folgers coffee from Cincinnati-based Procter & Gamble Co.

The previously announced deal closed Thursday and nearly doubles the size of Orrville, Ohio-based Smucker. Smucker expects to add 150 to 200 jobs in the next year to its headquarters staff of 1,300 in northeast Ohio.

Smucker products include Crisco cooking oil, Jif peanut butter, Uncrustables sandwiches, Pillsbury baking mixes and Hungry Jack potatoes and pancakes.

By Bloomberg, AP and staff reports

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