Business Digest

REGION

National AHB economist to speak to Ohio HBA

COLUMBUS — David Crowe, chief economist of the National Association of Home Builders, will address the annual meeting of the Ohio Home Builders Association at 11:30 a.m. Wednesday at the Hilton at Eason.

Crowe will release housing starts data for the next year and update members on current issues before Congress, including extending the tax credit for new homes. He will also discuss the underlying conditions that have contributed to the depressed level of housing starts in Ohio.

NATION

Treasury to Fannie Mae: No go on tax-credit plan

WASHINGTON — Government-controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $5 billion in low-income housing tax credits. In a regulatory filing Monday, Fannie Mae, formally known as Federal National Mortgage Assoc., said it had planned to transfer equity interest in the credits to investors.

The Treasury, however, blocked the move, saying it would result in a loss of tax revenue greater than the savings to the government. Fannie Mae said it was evaluating whether it must record the credits as an impairment in the fourth quarter. As of Sept. 30, the value of the credits was $5.2 billion. If recorded as an impairment, Fannie Mae’s net worth would be reduced by that amount.

Massive changes under way at Pfizer labs

NEW YORK — The world’s biggest drug maker is closing six of its 20 research facilities, reorganizing others and cutting the jobs of roughly 15 percent of its scientists and support staff. The moves are part of Pfizer Inc.’s massive reorganization after buying drug and vaccine maker Wyeth just three and half weeks ago.

The executives heading the combined research operation tell The Associated Press exclusively that integrating and reorganizing the two companies’ laboratories will boost research productivity and efficiency and save money as well. That money will be poured into research on key diseases Pfizer is targeting, including Alzheimer’s disease, cancer, pain and inflammation, diabetes and infectious diseases. Affected employees were notified Monday.

Combined dispatches