Business & Economy

Business news

Fresno City Planning Commission

Drivers along Highway 41 may soon see a major new addition to the Fresno skyline, as the city's planning commission last night approved plans for a 10-story tower at Friant Road and Highway 41. 

The 234,000 square foot office tower from Fresno developer DeWayne Zinkin is expected to cover 12 acres, and will rise to a height of 150 feet. It is planned for a site just to the east of Highway 41, and north of Friant Road.

Joe Moore / Valley Public Radio

Update: Saturday, 8:45 AM: Unexpected cloud cover late Friday and early Saturday kept temperatures slightly higher than forecast, enough to prevent damage to most commercially grown fruit. Lows in most places were in the upper 20's. Forecasts call for more extreme cold over the weekend.  ORIGINAL REPORT:

Valley citrus growers are in for a long night tonight, as what is expected to be the coldest evening of the year threatens to damage the region's citrus crop, with the most popular new variety, the mandarin orange,  most at risk.

A company controlled by billionaire investor Warren Buffett announced today it has acquired Fresno-based brokerage firm Guarantee Real Estate. The terms of the deal were not released.

Guarantee will now be a division of Minneapolis-based Home Services of America, Inc., which is affiliated with Buffet's firm Berkshire Hathaway.

Guarantee was one of Central California's largest real estate brokerage firms, with over 400 employees in 13 offices. In 2011, the company handled transactions for over 3,700 units, totaling over $600 million.

Bakersfield Blaze / Bakersfield Commons

The Bakersfield Blaze minor league baseball team announced today that it will construct a new 3,500 seat stadium at Coffee and Brimhall Roads.

Team officials say construction on the facility will begin in the first quarter of 2013, and the stadium is expected to open in 2014. 

Foreclosure Process Speeds Up in California

Oct 11, 2012
Joe Moore / Valley Public Radio

Banks are speeding up the home foreclosure process in California, according to data out today. But one analyst says the process may start to slow down again.

It took lenders an average of 335 days, or about 11 months to complete the foreclosure process on California properties in the third quarter.

Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.

"These foreclosures, if they’re going to happen, it’s better that it’s more like a band-aid that you rip off."

Fresno based poultry producer Zacky Farms has filed for Chapter 11 bankruptcy protection, citing the high cost of grain the company uses for feed. 

The 70 year old firm is the second largest poultry company in California and employs around 1,500 workers. The company filed its petition in U.S. Bankruptcy Court in Sacramento on Monday.

The company released a statement saying that it "has been under severe stress due to historically high corn and soybean meal prices." A drought throughout much of the Midwest has caused grain prices to rise in recent months. 

California Governor Signs Driverless Car Bill

Sep 25, 2012
Official Google YouTube channel

Legislation aimed at getting the first driverless vehicles on the road in California was signed into law today. Governor Jerry Brown signed the bill at Google headquarters in Mountain View.

Google has a dozen computer controlled cars – most of them Toyota Priuses -- equipped with self-driving technology. Designers say the robotic vehicles could make roads safer, since most car accidents are the result of human error.

Joe Moore / Valley Public Radio

Data out today show a big spike in the rate of California homes purchased and resold within six-months.

People in the real estate business call it “flipping.”

“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”

Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.

“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”

A federal judge in Los Angeles has upheld California's law that bans the use of tightly confined cages for some farm animals.

An egg producer challenged 2008's proposition 2, saying it was too vague for farmers because it didn't specify cage size.

But US District Judge John F. Walter said in his ruling it wouldn't require QUOTE "the investigative acumen of Columbo to determine if an egg farmer is in violation of the statute."

Food and Drug Administration

DFI Marketing of Fresno has announced a recall of 28,000 cartons of cantaloupe after a sample tested positive for Salmonella bacteria. Dresick Farms Inc grows produce on a farm in Huron, in western Fresno County.