Business Week in Review - 6/28/09
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share thisMisericordia hosts financial camp
Twenty-four high school students and recent graduates from New York, New Jersey and Philadelphia, as well as Northeast Pennsylvania took part in the inaugural financial fitness camp at Misericordia University. Students met with financial advisers and business leaders to learn about financial careers and how to make informed financial decisions. They also learned about investing in stocks, including which stocks are good and which are risky.
Chambers to help with electric bills
With electricity bills poised to soar 30 to 40 percent after Jan. 1, the Greater Scranton Chamber of Commerce and other chambers throughout the state have teamed up with OnDemand Energy, a Pittsburgh-based firm that aggregates customers into pools and purchases energy for them. PPL rates are estimated to go up to 13.8 cents per kilowatt hour; OnDemand is delivering prices between 1 to 2.5 cents less, or 7 to 18 percent cheaper.
Households are saving more
Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government's stimulus program was devoted more to bolstering nest eggs than increased spending. The Commerce Department said Friday that consumer spending rose 0.3 percent in May, in line with expectations. But incomes jumped 1.4 percent, the biggest gain in a year.
Stanford enters not-guilty plea
Texas billionaire R. Allen Stanford pleaded not guilty to charges he swindled investors out of $7 billion as part of a massive investment scam and won the right to be released on bail before trial. The financier was indicted on charges that his international banking empire was in fact a colossal Ponzi scheme.
Signs recession bottoming out
Orders to U.S. factories surge for everything from computers to aircraft, while a gauge of business investment rises the most in nearly five years - new signals that the recession could be nearing a bottom. But an unexpected drop in new-home sales makes clear that any recovery in the housing market, and the broader economy, will be long and slow. New orders for manufactured durable goods rose in May by 1.8 percent, the third increase in the past four months, the Commerce Department said Wednesday.
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