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In Brief

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N.M. Might Still Get Replica City

LAS CRUCES – The group that pulled out of plans to build a scientific ghost town in Hobbs is still eyeing alternative sites in New Mexico.

The Las Cruces Sun-News reports that Luna County has scheduled a special meeting today to vote on an economic development agreement with Pegasus Global Holdings, which is looking to build an uninhabited replica of an average, midsize American city where researchers can test things such as intelligent traffic systems and future wireless networks.

The group earlier this year had selected Hobbs for what it says could be a $1 billion project, but then walked away, citing problems with the land deal.

A spokeswoman for the group says the Luna County agreement would simply give Pegasus access to more information about the community.



Citigroup Plans To Slash 11,000 Jobs

NEW YORK – Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.


Mining Firm Buying Oil, Gas Drillers

PHOENIX – Freeport-McMoRan Copper & Gold says it is buying oil companies Plains Exploration & Production and McMoRan Exploration for about $9 billion.

The additions of the oil and gas drillers are expected to create a natural resources conglomerate with assets ranging from oil rigs in the Gulf of Mexico to mines in Indonesia and Africa.

Freeport will buy Plains Exploration Co. for $50 per share in cash and stock totaling $6.9 billion. It will acquire McMoRan Exploration Co. for $14.75 per share in cash, or about $2.1 billion excluding interests already owned by Freeport and Plains.


Factory Orders Up Slightly in October

WASHINGTON – Orders to U.S. factories rose modestly in October, helped by a big gain in demand for equipment that reflects business investment plans.

Factory orders edged up 0.8 percent in October, the Commerce Department said Wednesday. That compared to September when orders had jumped 4.5 percent.
— This article appeared on page B1 of the Albuquerque Journal

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