Business Notebook

April 1, 2013 

Local & State

Lowcountry

Santee Cooper mini-bond

sale kicks off

Santee Cooper’s 2013 spring mini-bond sale started Monday, offering investors a chance to buy municipal bonds throughout April for as little as $200.

The state-owned utility’s mini-bonds are available for purchase by S.C. residents, customers of Santee Cooper, members of the state’s electric cooperatives, electric customers of the city of Georgetown and electric customers of the Bamberg Board of Public Works. The bonds are “tax-exempt” from federal and S.C. income taxes for S.C. residents under current law.

Interest rates vary according to the bond maturity dates – from 2018 through 2033.

The last day to request an information packet for the 2013 Series M1 mini-bonds is April 25. The last day to order mini-bonds is April 30. Investors can buy mini-bonds directly from Moncks Corner-headquartered Santee Cooper online at www.scminibonds.com or by calling toll-free (877) 246-3338. The maximum purchase is $50,000 per individual.

Nation & World

Stock market stalls

on manufacturing report

The stock market got off to a slow start in April, edging lower after the Standard and Poor’s 500 index eclipsed its all-time high last week.

The main catalyst was a slowdown in U.S. manufacturing growth last month. The decline in the Institute for Supply Management’s benchmark manufacturing index for March was worse than economists had forecast. Stocks started falling shortly after the report came out at 10 a.m. and stayed lower the rest of the day.

The Dow Jones industrial average closed 5.69 points, or 0.04 percent, lower at 14,572.85. The S&P 500 index dropped 7.02 points, or 0.5 percent, to 1,562.17. Industrial companies fell 1 percent.

Construction spending

up 1.2 percent in February

Spending on U.S. construction projects rebounded in February, helped by a surge in home construction, which rose to the highest level in more than four years.

Construction spending rose 1.2 percent overall in February compared to January, when construction had dropped 2.1 percent, the Commerce Department said Monday.

Spending rose to a seasonally adjusted annual rate of $885.1 billion, 7.9 percent higher than a year ago.

The advance was led by a 2.2 percent rise in private residential construction, which climbed to an annual rate of $303.4 billion, the best showing since November 2008.

Construction spending is expected to keep growing this year, fueled by more homebuilding and broader improvement in the economy.

Boeing, other companies press

for lower taxes

Top executives from 18 large companies, including FedEx, CVS Caremark and Boeing, are trying to keep up pressure on Congress to cut corporate tax rates.

The executives sent a letter to congressional leaders Monday, urging action to cut the 35 percent statutory corporate tax rate in the United States, the highest in the industrialized world.

President Barack Obama last year called for dropping the rate to 28 percent and to 25 percent for manufacturers. He Many U.S. companies, particularly in high-tech and pharmaceuticals, don’t pay anywhere near the 35 percent rate, making them more interested in preserving breaks than cutting rates.

The (Charleston) Post and Courier, The Associated Press and Bloomberg

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