Business Stories for January 2013
Stories for Thursday, January 31
Obama lets Jobs Council expire
By Josh LedermanAssociated PressWASHINGTON (AP) — President Barack Obama is letting his jobs council expire, cutting off one source of input from business leaders while unemployment remains stubbornly high.Obama formed the Council on Jobs and Competitiveness in January 2011, when unemployment was about 9 percent. It’s now 7.8 percent, though ...
Honda profit surges, trims forecast on China
By Yuri KageyamaAP Business WriterTOKYO (AP) — Honda’s quarterly profit surged nearly 63 percent as production recovered after disruptions from natural disasters, but the Japanese automaker slightly lowered its full-year profit forecast because of sales losses in China.Tokyo-based Honda Motor Co. reported a 77.4 billion yen ($850 million) profit for ...
Ohio shares in $120M ‘robo-signing’ settlement
Ohio and 45 other states will share in a $120 million settlement with a Jacksonville, Fla.-based company accused of improper conduct related to mortgage loan default servicing, according to Ohio Attorney General Mike DeWine’s office.The multi-state settlement announced Thursday with Lender Processing Services Inc. and its subsidiaries, LPS Default Solutions ...
Consumer spending rises, but at a slower pace
WASHINGTON (AP) — U.S. consumers increased their spending in December at a slower pace, while their income grew by the largest amount in eight years. Income surged because companies rushed to pay dividends before income taxes increased on high-earners.The Commerce Department said Thursday that consumer spending rose 0.2 percent last ...
Stories for Wednesday, January 30
First Financial ended 2012 on strong loan growth
Regional bank First Financial Bancorp said Tuesday it pulled in profits of $67.3 million last year, up from 2011 net income of $66.7 million.The bank’s board of directors approved a dividend of 15 cents per share of common stock, to be paid April 1 to shareholders who own stock as ...
US economy shrinks 0.1 pct., 1st time in 3½ years
By Christopher S. RugaberAP Economics WriterWASHINGTON (AP) — The U.S. economy unexpectedly shrank from October through December for the first time since 2009, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles. The drop occurred despite stronger consumer spending and ...
Hostess set to announce bidder for Twinkies
By Candice ChoiAP Food Industry WriterNEW YORK (AP) — The indestructible Twinkie appears to be one step closer to a comeback.Hostess Brands is close to announcing that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as the lead bidders for its ...
Ohio bank execs expect better 2013
The three biggest banks headquartered in Ohio reported improved lending and deposits in 2012 as the Midwest economy improves. Financial results recently reported by regional banks Fifth Third Bancorp, Huntington Bancshares and KeyCorp were helped by better credit quality — fewer bad loans written off and fewer delinquencies. All saw ...
Stories for Tuesday, January 29
Still sluggish demand hurts AK Steel’s 2012 earnings
AK Steel Corp. reported a $1 billion net loss for all 2012, which the top executive called a challenging year for the steel industry.Last year’s results include a pre-tax pension-related charge and noncash income tax charges. When the pension charge and tax asset valuation are excluded, AK Steel had an ...
US consumer confidence plunges on higher taxes
By Martin CrutsingerAP Economics WriterWASHINGTON (AP) — U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.The Conference Board said Tuesday that its consumer confidence index dropped 8.1 points in January from December ...
Still sluggish demand hurts AK Steel’s 2012 earnings
AK Steel Corp. Tuesday reported a $1 billion loss for all of last year.Last year’s results include a pre-tax pension corridor charge and noncash income tax charges. When the pension charge and tax asset valuation are excluded, AK Steel had an adjusted net loss of $64.4 million for the full ...
WesBanco earnings rise
WesBanco Inc., which has branches throughout the area, on Tuesday announced higher quarterly and full-year earnings for 2012.The Wheeling, W.Va.-based bank said fourth-quarter net income totaled $12.7 million, up nearly 19 percent from $10.6 million for the fourth quarter of 2011. Earnings per share were 46 cents as compared to ...
Stories for Monday, January 28
Bob Evans sells Mimi’s Cafe restaurants
Bob Evans Farms Inc. on Monday said it agreed to sell the Mimi’s Cafe restaurant chain to LeDuff America Inc. for $50 million.Mimi’s Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, primarily in the West and Southwest.LDA, headquartered in Dallas, Texas, owns and operates a ...
Retailers hesitant to add new charge credit-card swipe fee
Southwest Ohio retailers are casting a wary eye toward a change in federal regulations that allows them to slap a surcharge or “swipe fee” on customers who are paying with a credit card.Retailers’ newfound ability to levy such a surcharge is the result of a multi-billion dollar settlement of a ...
Pending home sales rise in December
Staff and wire reportThe number of home sale contracts signed in December was the highest for that month since a state realtors’ association started tracking the figures five years ago, the association said Monday.The overall strength of pending home sales in Ohio last month was in sync with the national ...
Frontier Airlines announces Cincinnati service
Frontier Airlines today announced new nonstop service between its hub at Denver International Airport and Cincinnati/Northern Kentucky International Airport.This new service, with connections to 19 destinations beyond Denver, will start May 17. Frontier’s first flight from Denver will arrive at CVG the evening of May 16.CVG is proud to offer ...
Projects expected to create 116 jobs
An industrial door springs manufacturer may soon take over a vacant Piqua industrial site after Ohio officials approved a tax credit for the company Monday, Piqua’s economic development director said.Industrial Door Co. Inc. make take over a 46,000-square-foot building at 9200 N. County Club Drive, a site that has been ...
Good Eats! West Carrollton mainstay serving up empanadas as vibrant as the countries they represent
Not every empanada is made the same and that’s just the way Bill Castro likes it.“These wonderful pastries are wonderfully unique based on the (country of) origin,” said Castro, the general manager of his family’s restaurant, El Meson Restaurant in West Carrollton. “Not only do the variety of fillings change, ...
AK Steel leadership changes
Gregory Hoffbauer has been elected controller and chief accounting officer of AK Steel Corp. effective Feb. 8, the company said in a U.S. Securities and Exchange Commission notice filed Friday.Hoffbauer joined the company and was named assistant controller in January 2011, the Butler County steelmaker said. Before that, he worked ...
Stories for Saturday, January 26
Procter & Gamble fiscal 2Q profit jumps
NEW YORK (AP) — Procter & Gamble, the world’s largest consumer goods company, reported that its fiscal second quarter profit more than doubled as its new focus helped it gain market share and boost its bottom line.Like many companies, Procter & Gamble has focused on growing in emerging markets China ...
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