SC business notebook, August 22

August 21, 2013 

S.C. 9th on tax-friendly list

South Carolina has been ranked 9th on the list of “10 Most Tax-Friendly States for Retirees,” published by Kiplinger’s Magazine. An interactive Retiree Tax Map on the magazine’s website gives retirees an interactive guide to the best and worst places to retire based on taxes. Alaska topped the list. Rhode Island was listed as the worst place for retirees’ taxes.

Artsfields brought in $5 million

A new report shows that this year’s inaugural 10-day Artfields arts festival in Lake City had an economic impact of about $5 million for the area. The (Florence) Morning News reports an analysis by Miley & Associates of Columbia found that an estimated 22,000 people visited Lake City during the April festival spending an average of $33, with direct employment of 49 jobs.

Wells Fargo cuts jobs in mortgage-production unit

Wells Fargo & Co., the biggest U.S. home lender, is cutting 2,300 jobs from its mortgage-production unit, according to people with knowledge of the matter. Other smaller cuts had been made in the past few weeks in various sites around the country, according to the people, who asked not to be identified because the changes haven’t been publicly disclosed. San Francisco-based Wells Fargo was the largest employer among U.S. banks at midyear with about 274,000 people.

Fed appeals rejection on cap for debit transactions

The Federal Reserve is appealing a court ruling that rejected its cap on how much banks can charge businesses for processing debit card transactions. Scott Alvarez, general counsel for the Fed, told a federal judge Wednesday that it opposed U.S. District Judge Richard Leon’s ruling last month. Leon said the Fed’s cap of 24 cents per swipe set in 2011 is too high.

Rules would put limits on catching bluefin tuna

Boats using surface fishing lines with miles of baited hooks would get individual limits for bluefin tuna under rules proposed to end the practice of dumping dead bluefin caught on hooks meant for other species. The rules would also bar surface “longlines” from part of the Gulf of Mexico during April and May. In an area off Cape Hatteras, they could be used from December through March only by boats that have proven able to use them without catching bluefin.

The Associated Press and Bloomberg News contributed.

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