SC business notebook, May 2

May 2, 2013 

Moonshine maker wants to put distillery at attraction

A Tennessee-based moonshine maker wants to start brewing at Broadway at the Beach in Myrtle Beach. Ole Smoky Moonshine of Gatlinburg, Tenn., has filed plans with the Myrtle Beach Community Appearance Board to transform the large “steamship” row of shops at Broadway near Jimmy Buffett’s Margaritaville into a distillery pumping out its moonshine and shop selling the beverages and other items. The company sells a variety of moonshine in canning jars, including apple pie moonshine and white lightning. Company representatives could not be reached this week. It’s unclear when the distillery and shop plan to open. The appearance board will consider the proposed facade changes Thursday.

Fed keeps short-term interest rates at record lows

The Federal Reserve on Wednesday stood by its aggressive efforts to stimulate the economy and reduce unemployment. And it sent its most explicit signal to date that tax increases and spending cuts that kicked in this year are slowing the economy. The Fed maintained its plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent. And it said it will continue to buy $85 billion a month in Treasury and mortgage bonds. The bond purchases are intended to keep long-term borrowing costs down and encourage borrowing and spending.

Obama signs bill ending furloughs for air traffic controllers

President Barack Obama has signed into law a bill to end furloughs of air traffic controllers. The furloughs stemmed from the automatic, across-the-board spending cuts that started taking effect in March. Millions of air travelers were affected recently by delayed flights across the country because of the furloughs. Congress moved quickly on a fix, despite Obama’s preference that the cuts be replaced all at once rather than piecemeal. The bill lets the FAA transfer around as much as $253 million to prevent staffing reductions through September, when the current budget year ends. The FAA has resumed normal operations.

Stock market falls along with outlook for economy

The stock market fell the most in two weeks as the outlook for the economy grew dimmer. The Dow Jones industrial average fell 138 points to close at 14,701 Wednesday. The Standard & Poor’s 500 dropped 14 to 1,582. The Nasdaq lost 29 points to 3,299. All three indexes fell 0.9 percent. Small-company stocks fell more than the rest of the market. Stocks sagged following a slowdown in hiring and manufacturing last month.

The (Myrtle Beach) Sun News and The Associated Press contributed.

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