Local News

Thursday, December 11, 2014

Author:  George Nelson YOUNGSTOWN, Ohio --– Mayor John McNally expects to name a director for the city’s newly created office of community and economic development as soon as Friday, the mayor said Wednesday. Combining the community development agency and economic development office was among McNally’s stated priorities when he took office nearly a year ago. In November, city voters approved a charter amendment creating the new department. Bill D’Avignon, a city employee since 1992, has been CDA director since 2006. T. Sharon...

Thursday, December 11, 2014

IRVINE, Calif. -- Cash sales made up 34.8% of all housing bought in September, down from 37.2% in September 2013, CoreLogic reports. The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines. Month over month, the share of cash sales ticked up 1%. Core Logic caustions that comparisons should be made on a year-over-year basis because of the seasonal nature of the housing market. Before the housing bubble burst, the cash sales share of all housing sales averaged approximately 25%. The peak occurred in...

Thursday, December 11, 2014

CHICAGO -- There's no party like a workplace holiday party because workplace holiday parties can get awkward. That's especially true when workers bearing gifts deviate from the more traditional offerings such as candy and gift baskets. Some 21% of workers say they plan to buy holiday gifts for co-workers (similar to last year, 22%), and 20% plan to buy a gift for the boss, finds CareerBuilder's annual holiday survey. Of those who plan to buy gifts for their co-workers or bosses, 76% expect to spend $25 or less on each gift, 33% will spend $10 or less and 10% will...

Wednesday, December 10, 2014

CHICAGO -- The American Economic Development Institute ranks JobsOhio, a private agency that oversees development initiatives for the state, as one of the top-10 economic development organizations for 2014, placing it seventh in its rankings. The institute is a privately funded public policy and research organization that describes itself as nonpartisan. In announcing its rankings, the first for the organization, AEDI lauded JobsOhio's “distinctive approach to economic development, which it said sets the organization apart from those in other states.” "Creativity is...

Wednesday, December 10, 2014

YOUNGSTOWN, Ohio -- Language that would establish a national network of manufacturing hubs modeled on America Makes is included in omnibus legislation that will go before the U.S. Senate this week, the office of U.S. Sen. Sherrod Brown announced today. The language is based on the Revitalize American Manufacturing and Innovation Act, co-sponsored by Brown, D-Ohio, and U.S. Sen. Roy Blunt, R-Missouri, which would establish a National Network of Manufacturing Innovation. The initiative brings together industry, universities and community colleges, federal agencies and...

Wednesday, December 10, 2014

COLUMBUS, Ohio -- American Energy Utica LLC, the company founded by former Chesapeake Energy Corp. CEO Aubrey McClendon, secured 12 new permits for horizontal wells in the Utica shale last week as energy companies showed no let up in their focus on developing the southern portion of that oil and gas play. American Energy was awarded seven new well permits in Guernsey County and five new permits in Harrison County, according to the latest well permits released by the Ohio Department of Natural Resources. Third quarter results provided by ODNR last week show American...

Wednesday, December 10, 2014

Author:  Dennis LaRue YOUNGSTOWN, Ohio -- It’s a highly unlikely scenario: A financial institution can have all of its borrowers repay their loans in full and on schedule and still lose money. Why? Because its management, while nailing credit risk, grossly miscalculated the institution’s interest-rate risk. Recall the late 1970s and early 1980s when inflation was rampant and savings and loan associations faced a crisis as the prime rate climbed, on Dec. 19, 1980, to a record 21.5%. They had issued mortgages in the neighborhood of 6%...

Wednesday, December 10, 2014

NEW YORK -- Throughout 2014, the U.S. initial public offering market put in its strongest performance since 2000 as a broad range of companies took advantage of strong equity markets and an accommodative financing environment to raise capital, IPO Watch reports. IPO Watch is a quarterly survey conducted by PwC US, a division of PricewaterhouseCoopers. Total IPO volume for 2014, as of Dec. 4, reached 288 public company debuts, surpassing the volume of 238 IPOs in 2013 and representing the most active environment for newly listed companies since 2007, IPO Watch said....

Wednesday, December 10, 2014

Author:  Josh Medore LORDSTOWN, Ohio -- After several weeks of dropping off toys in their shop cafeteria, workers at the General Motors Lordstown Complex paint shop, both union and salaried, Tuesday saw those many toys sent to the Salvation Army warehouse in Youngstown. Several bikes, basketballs, Barbie dolls, Lego sets and remote control cars, along with dozens of wrapped presents, were loaded into a truck by paint shop workers around 1 p.m. The workers in the shop also raised $6,150 for the Salvation Army. The money, directed to...

Wednesday, December 10, 2014

YOUNGSTOWN, Ohio -- The Davis Family YMCA in Boardman is accepting entries for its second annual Five Squared Benefit Art Show & Sale, to be held Feb. 8. Participants are invited to donate up to four pieces of art, five inches by five inches square.  The pieces will be offered for sale beginning Feb. 8 through March 8. Proceeds support scholarships for under-served children in the arts and humanities. The art should not be framed, but needs to be created on a stiff surface that can hang on the wall via sticky tack. All art must be labeled on the back with the...

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