Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Aclara to move HQ to Maryland Heights * Smart meter and utility services company Aclara is moving its headquarters from Hazelwood to West Port Plaza in Maryland Heights. The lease for 63,000 square feet of space gives the company room to expand, Aclara said in a statement Tuesday. Aclara plans to move from its current building on Hornet Drive in the spring. The company provides infrastructure monitoring equipment and services to utilities. In the last year, Aclara has acquired GE's smart meter business and won a large contract to supply smart meters for Consolidated Edison in New York. Aclara employs about 225 people in the St. Louis area.

U.S. home prices rose in July * The Standard & Poor's CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 5 percent in July from a year earlier after increasing 5.1 percent in June. Prices were pulled up by strong gains in the West and Northwest. Prices rose 12.4 percent in Portland, 11.2 percent in Seattle and 9.4 percent in Denver. Gains were more modest elsewhere, up just 1.7 percent in New York, 3.7 percent in Chicago and 5.5 percent in Los Angeles. The index, which does not include St. Louis, plunged after the housing bubble started to burst in 2006, plummeting by more than a third before hitting bottom in March 2012. Since then, prices are up 42.4 percent. But they remain 7.6 percent below the peak reached in July 2006.

German bank stocks rattled; bond issue shelved * Deutsche Bank shares hit a record low on Tuesday and state-backed lender NordLB scrapped plans for a 500 million euro ($560 million) bond sale, underlining investor concern about the health of the financial industry in Europe's largest economy. The decision by NordLB to shelve the bond issue because of a lack of demand came a day after Deutsche Bank, Germany's largest bank with around 100,000 employees, was forced to reassure investors it did not need government support to help meet a potential $14 billion claim from the U.S. authorities. …

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