TheState.com: Business

Cautious holiday optimism

Sun, 22 Nov 2009 00:00 EST

Area malls foresee a little more cheer this season

Elaine Finney of Blythewood had a message for her 13-year-old and 7-year-old twins when she asked them to prioritize what they put on their Christmas wish lists.

"We've explained to the children that Santa Claus is on a budget this year," Finney said while shopping at the Village at Sandhill last week.

Columbia-area malls hope Ho-Ho isn't too frugal this season.

But they have seen their share of changes in their line-ups as shoppers stream through their doors beginning this week.

From S.C. to D.C., stimulus jobs battle rages

Sat, 21 Nov 2009 23:39 EST

There's no need to go to Washington to hear the increasingly shrill arguments over the number of jobs created by the $787 billion economic-stimulus plan.

That dispute is raging across South Carolina among private-sector recipients of stimulus money and state government officials tracking the money and its impact.

New reports that the state unemployment rate rose to 12.1 percent last month, matching its peak level in June, gave added urgency to the debate.

Richard Jackson said his Columbia-based paving company has received about $22 million from the recovery bill that President Barack Obama signed into law Feb. 17, and is using some of it to resurface roads in 28 counties across the state.

Jackson said his firm has 589 employees. That's up from 529 in February - but still considerably down from its 711-strong work force in April 2008 before the full brunt of the current recession hit.

People and Achievements

Sat, 21 Nov 2009 23:10 EST

BANKING & FINANCE

Southern First Bank has promoted two employees:

Andrea Fripp to client service specialist at the new Knox Abbott regional headquarters in Cayce. She was a loan administrator.

Kendra Mosteller to client officer at the Knox Abbott location. She was a client service specialist.

HEALTH CARE

Should you debit the halls?

Sat, 21 Nov 2009 23:10 EST

For many, part of a frugal holiday-shopping strategy includes a plan to leave the credit cards at home and use a debit card at the checkout.

The cards are attractive since they link directly to bank accounts. Early this year, debit passed credit cards in dollar volume spent. But before using debit cards, make sure you understand the risks to your budget or if they are lost or stolen.

Do debit-cards make it easier to stick to a budget?

Not necessarily. The $35 billion banks collected in overdraft fees last year should serve as a warning that yes, you can overspend with debit purchases. The median overdraft penalty is $35, and while some banks have stopped the practice, many allow multiple overdrafts to pile up.

Several studies have found that carrying cash - especially large bills - helps curtail spending, but there's little evidence that translates to debit.

Turning a holiday job into a permanent position

Sat, 21 Nov 2009 23:10 EST

As companies hire extra workers for the holidays, some of these seasonal employees are already wondering: How do I turn this temporary position into something permanent? And, in this economy, can I?

Personnel consultants and company executives say there are plenty of opportunities for hard-working seasonal employees to stay on even after the new year. Shipping giant UPS, for one, says it could eventually hire thousands of workers who make it through the frenetic holiday season.

The first step in nabbing a job: Make it clear that you're interested in the company, and looking for a permanent role. Most seasonal workers never get a chance at other jobs because they simply never ask, said Jeff Joerres, the CEO of staffing company Manpower.

But be tactful, and don't pester management.

"Make yourself available for additional opportunities," he said. "But don't overextend yourself."

Check out Black Friday deals on social media

Sat, 21 Nov 2009 23:10 EST

You may want to check Facebook and Twitter before heading to the mall on Black Friday.

Hundreds of deals already are being advertised by retailers as diverse as OfficeMax and Old Navy. Office supplies chain Staples Inc. has used social media to advertise price cuts of nearly 50 percent for Friday on certain laptops, GPS devices and computer monitors.

One in five shoppers plan to use the sites in their holiday shopping this season, according to Deloitte Research. Dealnews.com and other Web sites also are offering applications and e-mail and other notification services to help shoppers track deals.

After Black Friday, dealnews.com's application will show sales for the following Monday, now known as Cyber Monday because it's the first weekday after the Thanksgiving weekend and many consumers shop from their desks that day.

- The Associated Press

Associations & Clubs

Sat, 21 Nov 2009 23:22 EST

Note: Some clubs might limit participation to one person per business category. Call in advance.

BUSINESS ASSOCIATION OF COLUMBIA: 7:30 a.m. Wednesdays, Summit Club, 1301 Gervais St.; Summers Duffie, (803) 351-4390

BUSINESS DEVELOPMENT CLUB, GATEWAY DOWNTOWN CHAPTER: 6:45 a.m. Tuesdays, Summit Club, 1301 Gervais St.; scbdc.com

BUSINESS DEVELOPMENT CLUB, LEXINGTON CHAPTER: 7:15 a.m. Thursdays, IHOP, 5571 Sunset Blvd.; scbdc.com

BUSINESS DEVELOPMENT CLUB, VISTA DOWNTOWN: 6:45 a.m. Thursdays, Summit Club, 1301 Gervais St.; scbdc.com

Boeing breaks ground for S.C. plant

Sat, 21 Nov 2009 01:07 EST

787 Dreamliner facility expected to open in N. Charleston in 2011 and begin production in 2012

Work on Boeing Co.'s massive 787 Dreamliner plant got under way Friday with a groundbreaking ceremony attended by dozens of elected officials and hundreds of Boeing employees.

Jim Albaugh, Boeing's president of commercial airplanes, praised the local work force and said the aerospace giant's decision to expand in South Carolina "is going to be good for our competitiveness, it's going to be good for our company, it's going to be good for the country, and I think it will create jobs not just here in South Carolina but in Washington state."

The company last month chose North Charleston over Everett, Wash., for a second final assembly site for its 787 Dreamliner after the S.C. Legislature approved a massive tax incentives package.

The plant, expected to employ at least 3,800 workers, is being built near Boeing's existing factory at Charleston International Airport.

Change approaching takeoff

Fri, 20 Nov 2009 20:08 EST

Boeing Co.'s transformational influence on the Lowcountry that started with a mound of dirt Friday will have an immeasurable impact on generations to come.

The sheer scope of the aviation giant's future $750 million plant, the largest private investment ever announced in the Charleston area, could change the economic and cultural fabric of the region.

Boeing's plant will stand as the region's largest building, a steel-sided fortress on the Charleston airport's campus. With the footprint of 12 football fields, it will be able to be seen through trees along Interstate 526.

Drivers will be able to peer into the fenced-in facility over neat landscaping and guarded entrances. The entire area around the plant will be redesigned for traffic flow with fresh turn lanes that will guide traffic into a black asphalt sea of parking lots.

Boeing's influence likely will reach beyond the plant itself.

S.C. home sales soar

Fri, 20 Nov 2009 20:08 EST

Double-digit October increase fueled by first-time buyers seeking to beat tax credit deadline

S.C. home sales spiked 18.1 percent last month as a crush of first-time buyers hurried to make purchases before a federal tax credit was about to expire, real estate officials reported Friday.

And median sale prices posted their first statewide gains of 2009, growing 2.6 percent from a year ago to $152,400, according to data released by the S.C. Realtors trade group.

But experts question whether the sales gain can be sustained without the boost provided by Uncle Sam.

October was the second consecutive month that sales statewide have risen versus a year earlier. September's reported gain of 1.6 percent was the first positive result for home sales in more than three years.

Vehicle fuel efficiency up in 2008 models

Fri, 20 Nov 2009 20:08 EST

WASHINGTON - The fleet of new cars and trucks sold to U.S. consumers averaged 21 miles per gallon in the 2008 model year, a modest increase over the previous year, the Environmental Protection Agency reported Friday.

New vehicle fuel efficiency improved 2 percent in 2008 from 20.6 mpg for the 2007 model year. The government projected it will improve slightly to 21.1 mpg in the 2009 model year. The EPA figures are based on real-world estimates for city and highway mileage found on window stickers at dealer showrooms instead of mileage values developed through laboratory testing.

- Honda led the industry in 2008 with 23.9 mpg, followed by Hyundai and its affiliate Kia Motors with 23.7 mpg, and Toyota with 22.8 mpg.

- Volkswagen's fleet averaged 22.3 mpg, followed by Nissan with 21.9 and BMW with 21.2.

- General Motors led U.S. automakers with 19.7 mpg, followed by Ford with 19.4 and Chrysler with 19.3. The EPA projects Ford will increase its fuel efficiency by more than 1 mpg in the 2009 model year and overtake GM.

Shop Around: Downtown workers get more menus on Main

Thu, 19 Nov 2009 23:29 EST

Several new restaurants have sprung up along Main Street in recent months. A sampling:

- Jim and Alex Hazelton opened Cafe 1201 a couple of months ago on the mezzanine level of the Capitol Center building, 1201 Main St.

The cafe is open from 7 a.m. to 3 p.m. weekdays, serving breakfast and lunch.

The couple, who moved to Columbia from Hilton Head this summer, serve a variety of pastries, bagels, sausage gravy and biscuits and lots of Adluh grits for breakfast.

For lunch, the menu consists of sandwiches, soups and salads with a blue plate special each day. Most lunches cost between $6 and $7.

Hebrew Boys case going to jury

Thu, 19 Nov 2009 23:19 EST

Are the 3 Hebrew Boys sinners or saints?

That's what attorneys wrapping up the federal $82 million investment fraud trial asked jurors to weigh as they begin deliberations today.

During closing arguments Thursday, defense attorneys said the trio of Midlands men worked hard to relieve debt for the downtrodden, aimed to make more money by starting new businesses and warned depositors of the possibility they could lose their money.

Attorney Michael Duncan said they were following the biblical verse from the Book of Romans that says, "Owe no man any thing, but to love one another."

Prosecutors countered that the 3 Hebrew Boys could not generate enough money to keep their promises to pay off mortgages and car and college bills - selling instead "false hopes and false dreams" of a Ponzi scheme

Costs for Jenkinsville project hold steady

Thu, 19 Nov 2009 23:19 EST

SCE&G says its share is expected to be about $4.5 billion

Costs of adding two reactor units at SCE&G's Jenkinsville nuclear plant appear to be in line with initial projections, according to documents the utility has filed with state regulators.

In a quarterly progress report sent to the state Public Service Commission, the utility said latest financial forecasts show that the company's share of the project cost will be about $4.5 billion.

That's the figure South Carolina Electric & Gas Co. used when it won approval in February from the state panel to build the reactor units.

As part of the agreement, commissioners also ordered SCE&G to submit periodic reports so they could keep tabs on cost.

More S.C. residents behind on mortgages

Thu, 19 Nov 2009 23:31 EST

3.27 percent of mortgages in foreclosure at end of third quarter

Foreclosures rose slightly in South Carolina in the third quarter, and more people were on track to lose their homes as they fell behind on payments, according to a report released Thursday.

More than 13 percent of mortgage holders in the state were at least 30 days behind on their payments, the report from the Mortgage Bankers Association said.

That's up more than 1 percentage point from the second quarter and nearly 4 percentage points from the same period last year.

The national rate was more than 14 percent.

Columbia firm to market port tract

Thu, 19 Nov 2009 23:19 EST

NAI Avant will help state agency sell Daniel Island site

The State Ports Authority has hired a Columbia real estate firm to help it sell nearly 500 acres on Daniel Island that the agency once planned to develop into a major shipping terminal.

The vote at Tuesday's board meeting will enable the SPA to finalize a listing agreement with NAI Avant and its affiliate, NAI Global.

As part of the arrangement, the maritime agency and the Midlands-based brokerage will establish a new asking price for the 495-acre tract. The most recent appraisal, which has never been disclosed publicly, is about two years old.

The effort to sell the property comes amid one of the harshest real estate markets in decades, with most banks unwilling to underwrite loans for speculative large-scale land purchases. In all likelihood, any serious buyers will have to come to the table with cash.

Wings eatery, sports bar coming to Devine Street

Thu, 19 Nov 2009 04:06 EST

Buffalo Wild Wings Grill and Bar is stampeding Columbia.

The company next month will open a new restaurant at the old Hollywood Video location on Devine Street. It will be the first of six stores the Dayton, Ohio, franchisee ThreeWitt Enterprises wants to build in the Midlands over the next few years.

"Ohio was maxed out, so we had to look outside," said David Fisher, one of four partners in the franchise.

He said Columbia and Dayton are similar because of the presence of universities and military bases. Dayton is home to Wright-Patterson Air Force Base, the University of Dayton and Wright State University.

"We were looking for a growth town. And while no town is recession-proof, with the Army base, the university and the state capitol, it was close," he said about Columbia. "It just felt right."

Leggo my Eggo! There's a waffle shortage

Wed, 18 Nov 2009 23:59 EST

ATLANTA - Dear Kellogg: Leggo my Eggo!

Kellogg Co. says there will be a nationwide shortage of its popular Eggo frozen waffles until next summer because of interruptions in production at two of the four plants that make them.

The company's Atlanta plant was shut down for an undisclosed period by a September storm that dumped historic amounts of rain in the area. Meanwhile, several production lines at its largest bakery in Rossville, Tenn., are closed indefinitely for repairs, company spokeswoman Kris Charles said in an e-mail.

It will take until the middle of 2010 before shelves around the country are stocked at pre-shutdown levels, Charles said.

Already customers are noticing near-empty Eggo shelves on the freezer aisle at many grocery stores.

S.C. to share in Vonage settlement

Wed, 18 Nov 2009 23:23 EST

Internet phone service provider Vonage Holdings has agreed to pay $3 million to South Carolina and 31 other states to settle an investigation into some of its business practices.

In a filing this week with the Securities Exchange Commission, the company said it also agreed to provide refunds to affected customers.

Among the complaints:

- Consumers said they found it difficult to cancel their service with Vonage amid pressure from the company to keep their accounts.

- Vonage failed to clearly tell potential customers that they needed to have high-speed Internet service to use Vonage, which offers cheaper calls by sending voice data over the Internet just like e-mail and Web pages. Officials said those unable to use the service had to pay cancellation and other fees.

Now, a BlackBerry without contracts

Wed, 18 Nov 2009 23:23 EST

T-Mobile said Wednesday it will sell a pay-in-advance BlackBerry smart phone that doesn't require a contract or credit check.

The BlackBerry Curve 8520 is one of the four handsets offered through the carrier's new T-Mobile Complete package.

The kits start at $59.99, which includes the first month of service, and customers will have their choice of voice, text and data plans starting at $50 a month.

Pre-paid wireless plans and carriers have grown in popularity in the last few years, appealing to consumers who are budget-conscious, dislike being locked into an annual contract or lack the credit history to get a contract.

T-Mobile said it is the first national U.S. carrier to offer a pay-in-advance BlackBerry smart phone. The company is also targeting the Hispanic population. It said that 66 percent of Hispanic wireless consumers text message daily, compared with 36 percent of the general market, and that mobile Web use among Hispanics is growing rapidly.