Market News: Goldman Sachs, Gold Lower and Toyota’s Bad News (NYSE:GS),(NYSE:GLD),(NYSE:TM)

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Goldman Sachs Group Inc. pledges to back a new convention center if Nashville’s City general-fund cannot cover investor costs.  Nashville, home of country-music stars such as Taylor Swift and the Grand Ole Opry, will boost city-backed debt by almost 40 percent to borrow $633 million for a new convention center three times the size of the Tennessee municipality’s current one. Bonds to be sold today by Nashville and Davidson County’s Convention Center Authority through investment banks led by Goldman Sachs Group Inc. pledge general-fund revenue if hotel, airport and rental-car taxes and use of the Music City Center aren’t enough to repay investors. The tourism revenue won’t be adequate, said Councilwoman Emily Evans, a former municipal bond underwriter. “It’s a riverboat gamble with very little upside,” said Evans, who worked for 15 years at J.C. Bradford & Co., the Nashville firm acquired by Paine Webber in 2000. “It just doesn’t seem like a good bet to me.” Nashville, the home of the Country Music Hall of Fame, hopes to enhance tourism by creating retail and parking areas, tripling exhibit space to 350,000 square feet and adding 64,000 square feet of ballrooms, according to the preliminary official statement. – More at Bloomberg

Crude oil and gold futures stayed lower on Tuesday after a report showed U.S. import prices rose 0.7% in March, less than anticipated. Crude oil for May delivery was down 73 cents at $83.62 a barrel in electronic trade. Gold for delivery in June was down $6.20, or 0.5%, at $1,156 an ounce. - MarketWatch

Consumer Reports has issued a safety warning on Toyota's 2010 Lexus GX 460 SUV because of an increased rollover risk during a turn. The magazine says it uncovered the problem during routine tests, and is urging car shoppers not to buy the GX 460 until this problem has been remedied.   – More at CNNMoney

 

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