Local & State
Haley, S.C. honored for recruiting foreign investments
South Carolina and Gov. Nikki Haley received high ratings for attracting foreign direct investment in fDi magazine’s inaugural Governor’s Awards, her office said Monday. Haley was ranked third in the nation in overall rankings and fifth for best strategy by the magazine’s judging panel. South Carolina was ranked sixth among states for its recruitment of foreign direct investment. The rankings are based on such criteria as project numbers per capita, job creation and capital investment between January 2011 and May 2012, according to the release. Foreign-affiliated companies have invested more than $40 billion and generated almost 160,000 jobs in South Carolina. Firms from more than 40 countries have established operations in the Palmetto State, including manufacturing, distribution, service and retail firms. In addition, exports from the state jumped 21 percent in 2011.
Mid-Carolina Electric names new president, CEO
Robert “Bob” Paulling of St. Matthews has been named as the new president and chief executive officer of Mid-Carolina Electric Cooperative, its board of trustees said Monday. He replaces Jack F. Wolfe Jr., who will retire Jan. 18 after 38 years as CEO. Paulling for the last eight years has served as CEO at Tri-County Electric Cooperative, Inc., for eight years. Mid-Carolina, a member-owned, not-for-profit electric cooperative, serves more than 52,000 customers in Lexington, Richland, Saluda, Aiken and Newberry counties.
Nation & World
Stocks edge lower after
weak manufacturing report
NEW YORK Stocks closed lower on Wall Street after a surprisingly weak manufacturing report heightened concern that fiscal deadlock in Washington is already hurting the economy. The Dow Jones industrial average lost 60 points to close at 12,965 Monday. The Standard and Poor’s 500 index fell seven points to 1,409. The Nasdaq fell eight points to 3,002. The market opened higher but turned down at midmorning after the Institute for Supply Management reported that U.S. manufacturing shrank last month. Businesses expressed concerns about a series of sharp government spending cuts and tax increases that kick in next year unless a budget deal is reached in Washington.
SEC charges China affiliates of top accounting firms
WASHINGTON Federal regulators have charged the Chinese affiliates of five of the biggest U.S. accounting firms with impeding the government’s investigation of Chinese companies by refusing to turn over documents. The Securities and Exchange Commission says it has started proceedings against the Chinese affiliates of all so-called Big Four accounting firms, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, and a fifth major firm, BDO. Hundreds of Chinese companies trade on U.S. stock exchanges. The SEC has been investigating many of them for possible accounting fraud. Calls to the accounting firms for comment drew no immediate response.
The Associated Press contributed.