SC business notebook, Sept 12

September 12, 2013 

Duke residential customers to see 10.1 percent rate hike

Duke Energy’s residential customers will see their bills rise 10.1 percent over the next year, according to the S.C. Office of Regulatory Staff, which said the S.C. Public Service Commission approved the rate hike for the utility. The increase will bring the total bill for 1,000 kilowatt hours to $110.76 by Sept. 18, 2014. The increase will mean an additional $118 million for the utility, which serves more than 500,000 customers in S.C.

Obama urged by economists to nominate Yellen as Fed chair

More than 350 economists have a signed a letter to President Barack Obama calling on him to nominate Federal Reserve vice chairwoman Janet Yellen to be the Fed’s next chairwoman. The letter is designed to draw attention to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers. Fed chairman and Dillon native Ben Bernanke’s term ends Jan. 31.

One-third of all food produced in world wasted, U.N. says

The U.N. food agency says one-third of all food produced in the world gets wasted, amounting to an annual loss of $750 billion. The Rome-based Food and Agricultural Organization said in a report Wednesday that food in developing countries is wasted mostly due to poor harvesting techniques, while in high-income areas the primary cause of waste is careless consumer behavior.

Verizon sells $49 billion in bonds to complete Vodafone buyout

Verizon Communications has sold $49 billion in bonds, the largest corporate bond sale in history. The sale dwarfs the previous record, Apple’s sale of $17 billion in bonds in April. The mammoth bond sale goes with a mammoth deal. Proceeds from the sale on Wednesday will help Verizon buy the rest of its U.S. wireless business from partner Vodafone. That $130 billion deal is expected to rank as the second-largest on record when completed.

The (Spartanburg) Herald Journal and The Associated Press contributed.

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