Local News

Friday, January 9, 2015

Author:  Dan O'Brien YOUNGSTOWN, Ohio -- U.S. Rep. Tim Ryan, D-13 Ohio, says that awarding President Obama the power to push international trade deals through Congress with little or no debate would encourage a trade policy that drains American jobs and damages the country's middle class. "These issues of trade have decimated the middle class in the United States of America," Ryan said Thursday. The congressman is part of a coalition of Democratic lawmakers, labor, environmental organizations and consumer advocacy groups that held a...

Friday, January 9, 2015

YOUNGSTOWN, Ohio -- The number of residential properties with a mortgage determined to be in negative equity – or “underwater” – is declining in the Youngstown-Warren-Boardman region, reports CoreLogic. Negative equity means borrowers owe more on their mortgages than their homes are worth. It can occur because of a decline in value, an increase in mortgage debt or a combination of both. In the local region, CoreLogic data shows 9.8%, or 8,349, or all residential properties with mortgages were in negative equity as of the third quarter of 2014. This compares to 10.5...

Friday, January 9, 2015

DETROIT -- The CEO of General Motors Co., Mary Barra, says the company expects light vehicle sales in the United States to reach a range of 16.5 million to 17.0 million units in 2015. The last time industry sales reached 17 million units was in 2001, she noted during a meeting with auto reporters here. The industry delivered 16.5 million light vehicles last year, she noted. “The U.S. economy and vehicle sales have been rebounding since 2009, and we believe there is still plenty of room for the auto industry to grow,” Barra said. “The strength of the labor market,...

Friday, January 9, 2015

YOUNGSTOWN, Ohio -- Car dealerships in the Mahoning Valley sold 2,310 new cars in December, a 19.8% increase over the same month in 2013, the Automobile Dealers Association of Eastern Ohio reported Thursday. Combined new and used sales rose 14.8% in December from a year earlier, to 5,453 vehicles. In 2014, 73,627 new and used cars were sold in Mahoning, Columbiana and Trumbull counties, a 5.2% increase from 2013. In December, sales of the Lordstown-built Chevrolet Cruze were 139, 15.75% below December 2013 when 165 were sold, but the Cruze remained the best-selling...

Friday, January 9, 2015

WASHINGTON -- Consumers are managing their finances more responsibly as evidenced by paying more of their bills on time, the American Bankers Association said Thursday. “Delinquencies continued to decline in the third quarter, falling in seven of the 11 categories as the economy improved, the ABA Consumer Credit Delinquency Bulletin reported. The composite ratio, which tracks delinquencies in eight categories of closed-end installment-loans, fell six basis points (0.06%) to 1.51% of all accounts, something the ABA described as “a record low that is well under the 15-...

Friday, January 9, 2015

YOUNGSTOWN, Ohio -- Because of low oil prices, Houston-based Halcon Resources Corp. said Thursday it would further reduce its drilling and completion budget this year to between $375 million and $425 million. This compares to an earlier 2015 forecast of between $750 million and $800 million. The company operates in the oil-rich Bakken shale in North Dakota and Eagle Ford shale in Texas. It plans to operate an average of two rigs in the Fort Berthold area and one rig in El Halcon in East Texas in 2015, versus the six rigs it had planned earlier. Halcon said it expects...

Thursday, January 8, 2015

BOARDMAN, Ohio -- FastSigns of Boardman is celebrating 15 years of providing local businesses and organizations with signs and visual graphics, report the company’s owners, Jay and Penny Summer. “2014 was the company’s biggest sales year to date, which is a testament to my team’s hard work and dedication,” said Jay Summer in announcing the milestone. “We want to continue our growth in 2015 and plan on adding a router and engraver machine to our equipment line-up to further expand our product offerings.” Most products and services FastSigns of Boardman provides are...

Thursday, January 8, 2015

TROY, Mich. -- Having obtained all regulatory approvals, Talmer Bancorp Inc.’s acquisition of First of Huron Corp., will close Feb. 6, the companies announced today. Shareholders of First of Huron, holding company of Signature Bank, approved the purchase last month. Talmer was to pay $13.4 million when the acquisition was announced last August. First of Huron, based in Bad Axe, is the holding company of Signature Bank that has eight offices in lower Michigan. The bank, which reported $228.2 million in assets at the end of the second quarter last summer, was founded...

Thursday, January 8, 2015

Author:  Dan O'Brien YOUNGSTOWN, Ohio -- Tube producer Vallourec says it is watching the oil market "very cautiously" as it monitors customer demand in the wake of plummeting oil prices that have manufacturers and energy exploration companies scrambling to adjust. "We are looking at oil price trends very cautiously and closely monitoring our customers' activity," the French company said in a statement released Wednesday. "The oil and gas sector, is by nature, cyclical. We've adapted to similar cycles in the past and will adapt to the...

Thursday, January 8, 2015

COLUMBUS, Ohio -- The Portman for Senate campaign today announced it ended 2014 with $5.8 million cash on hand. In addition, Portman announced that he has received the endorsement of more than 250 key Ohio Republican leaders, including the entire Republican congressional delegation, all statewide elected officials, and nearly 90% of State House and Senate Republican members. "I am excited about continuing to serve because there is so much more work to be done for the people of Ohio," Portman said in a prepared statement. "Despite the Washington gridlock, during my...

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