TheState.com: Business

Retire debt-free

Sat, 04 Jul 2009 22:16 EDT

Not so long ago, Americans retired debt-free. Then, somewhere along the way, that changed. Now more and more Americans are retiring with debt, with mortgages, with home-equity lines of credit, with credit-card debt, with auto loans and more.

The debt load of would-be retirees and retirees is worrisome. Consider: One in five boomers owe at least $50,000 in non-mortgage debt in 2009, up from 12 percent in 2007, according to the just-released “Debt: The Detour on America’s Road to Retirement,” Securian’s 2009 Survey of Financial Values and Debt.

Boomers must and should make retiring debt-free, even mortgage-free, a priority. And they must do that while making sure they have saved enough for retirement. But how? Here are four suggestions:

1. SET UP A PLAN

In his book, “The Complete Idiot’s Guide to Getting out of Debt,” author Ken Clark talks about the need to change your lifestyle and spending habits, the need to start today and the need to set realistic goals. But Clark doesn’t want this to be too painful. In his book, he suggests rewarding yourself along the way. He suggests treating yourself every time you eliminate a piece of debt.

How to capitalize on luxury sector’s woes

Sat, 04 Jul 2009 22:16 EDT

With luxury retailers in a major slump, this is a great time to find deals on luxury handbags, apparel and accessories. Here are five ways to capitalize on the luxury sector’s woes.

1. ONLINE SAMPLE SALES

Sample sales in out-of-the-way locations have been fixtures for years in New York and other cities where designers are based. Now, as unsold luxury goods pile up, they’ve gone online. At Gilt.com, Gilt Groupe Inc. gives members access to designer clothing at discounts up to 70 percent. RueLaLa.com offers bargains on items ranging from Gucci to Waterford. Shopittome.com searches Web sites of high-end stores such as Nordstrom and Saks Fifth Avenue for its subscribers and e-mails them when products, brands and sizes they specify are on sale.

2. OUTLET STORES

Luxury brands’ factory and outlet stores are going back to their roots and selling unsold higher-end inventory in addition to cheaper merchandise made specifically for outlets. This lets luxury makers such as Coach Inc. avoid lowering prices at retail locations quite as far as they might.

Tips for keeping your job in scary times

Sat, 04 Jul 2009 22:16 EDT

Michael Kitson, co-author of a job-survival book, “How to Keep Your Job in a Tough Competitive Market: 101 Strategies You Can Use Today,” offers advice for keeping your job. Kitson should know — he has never gotten a pink slip but has been an architect of layoffs at a major refiner.

What if things are beginning to unravel at work?

“I’d start with taking stock of myself. What is it about me that I feel great about myself in the work I do? As wheels that may be out of my control begin to start churning, what are the things that I want that might be within my control?”

How does one avoid being paralyzed by fear?

“One thing is, I must continue to do my job and do it well. I have to realize I need to be productive. If for no other reason than to demonstrate to the organization that I am still valuable, and to allow me to look at what other opportunities I could seize hold of.

People & achievements

Sat, 04 Jul 2009 22:16 EDT

ACCOUNTING

Erin C. Boyce of Kirkland, Thomas, Watson & Dyches has become a certified public accountant. Boyce provides accounting services and employee benefit plans to nonprofits, manufacturers and distributors.

Harris Darver, Lindsay Harrelson and Julia Walker have joined the accounting firm of McGregor & Company. James R. Matthews II also of McGregor and Company has become a certified public accountant.

ARCHITECTURE

Jill Dougan and Anna Dis Sveinsbjornsdottir both of CDA Architects have received the Leadership in Energy and Environmental Design accreditation.

Associations/clubs

Sat, 04 Jul 2009 22:16 EDT

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

AMERICAN SOCIETY OF CIVIL ENGINEERS: 6:30 p.m., second Thursdays, USC College of Engineering, 300 Main St., Room B201; Charlene M. Cassidy, (803) 227-3474, cassidy@pbworld.com

ASSOCIATION OF GOVERNMENT ACCOUNTANTS: 1-2 p.m., second Wednesdays; go to www.columbiaaga.com for more information.

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

Shop Around: Zaxby’s expanding in S.C.

Thu, 02 Jul 2009 23:11 EDT

With record-breaking sales in a battered economy, brothers Britt and Jim Poston decided now was the time to open more Zaxby’s restaurants in South Carolina.

In May, they opened a location in front of the new Lowe’s on Clemson Road near I-77 in Northeast Richland.

And renovations are under way on a restaurant on Beltline Boulevard in the former Shane’s Rib Shack near Midtown at Forest Acres.

A third is planned in Richland County, but Britt Poston said they have not identified a location or a time frame for it.

Poston said his company’s second-quarter last year was the best on record. This year was even better, he said, though he declined to talk specifics.

Tainted beef: No S.C. stores on recall list

Thu, 02 Jul 2009 23:11 EDT

No S.C. stores were included in an initial list of grocers that sold beef from a Colorado company potentially tainted with E. coli. bacteria, according to documents released by federal regulators Thursday.

Still, this week Food Lion has asked Myrtle Beach-area customers to return some cuts of meat bought in April and June, and Bi-Lo said some of the recalled meat reached undisclosed S.C. locations. Both grocers are offering refunds.

JBS Swift Beef Co. has recalled 380,000 pounds of beef produced over two days in April that was shipped to South Carolina and 11 other states after tests found potential E. coli contamination.

At least 23 people in nine states have become ill with ties to the recalled beef, the Centers for Disease Control and Prevention reports. Two have suffered kidney failure, the CDC said. No illnesses have been reported in South Carolina.

The JBS recall involved so-called muscle beef, which can be cut into steaks. In that case, bacteria is on the surface and cooks away quickly, experts said.

June jobs report gloomy

Thu, 02 Jul 2009 23:11 EDT

The pace of job losses quickened in June after slowing just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of declines in the labor market.

The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported Thursday. Job losses were widespread among the construction, manufacturing and business and professional services sectors.

The losses were sharply higher than economists’ expectations of 365,000 lost jobs.

Economists said a decline of 322,000 jobs in May had raised expectations that the market was bottoming out as the economy struggled to right itself, but the numbers Friday dashed some of those hopes.

The figures also raised questions about whether the Obama administration, which has already passed a $787 billion stimulus plan, needed to step in again to shore up the American worker.

Simplicity cribs pose suffocation hazard

Thu, 02 Jul 2009 23:11 EDT

About 400,000 Simplicity drop side cribs were recalled Thursday for posing a suffocation hazard.

The Chinese-made crib’s hardware can break or deform, allowing the drop side to detach. This creates a gap between the mattress and the side of the crib, where a small child could be trapped and suffocate, according to the Consumer Product Safety Commission.

Last September, Simplicity recalled about 600,000 drop side cribs with similar defects. In 2007, the company recalled 1 million older model drop side cribs after two children became trapped and suffocated.

Cribs that were fixed after the 2007 recall to hold the drop side in place are safe, according to the CPSC. But cribs recalled Thursday or last September do not have a fix and can be returned to the place of purchase for a refund, replacement or store credit.

Details: (800) 638-2772

S.C. in running for car firm’s facilities

Thu, 02 Jul 2009 23:11 EDT

South Carolina is among five states in the running for at least part of the corporate, manufacturing and research and development facilities planned by a South Korean company, according to company officials.

CT&T Korea Ltd. plans to hire 2,600 people over the next five years as it begins to make electric vehicles and batteries. Sites under consideration are in South Carolina, Georgia, North Carolina, Alabama and California, CT&T president Young Gi Lee said.

The Upstate is appealing because of its business environment, its auto infrastructure of suppliers and skilled workers, its logistics and the marketing potential of master-planned community developments, marketing director Curt Westlake said. The company also is looking at incentives.

Lee founded the company in 2002 with and fellow ex-Hyundai managers. Initially, CT&T produced electric golf carts and utility vehicles, he said.

Plans are to produce and market city drive, mid-speed, high-speed and utility electric vehicles as well as lead acid, advanced lead acid, lithium polymer and lithium ion batteries for domestic and export markets. Initially, the company will produce utility carts and city drive vehicles, which have a range of 30 miles using a lead acid battery and 65 miles with a lithium polymer battery.

Growth rebounds for big cities

Wed, 01 Jul 2009 23:06 EDT

Reversing a decade-long trend, many of America’s largest cities are now growing more quickly than the rest of the nation, yet another sign of an economic crisis that is making it harder for people to move.

Census data released Wednesday highlight a city resurgence in coastal regions and areas of the Midwest and Northeast due to a housing crunch, recession and higher gas prices that have slowed migration to far-flung suburbs and residential hot spots in the South and West.

Here are the results for cities and towns in Richland and Lexington counties as well as the state's best-and worst-performing communities.

1. Hardeeville 43.6%

3. Blythewood 8.4%

Funds to shut S.C. nuclear plants solid despite economy

Wed, 01 Jul 2009 23:06 EDT

Trust funds to cover the costs of shutting down commercial nuclear reactor units in South Carolina appear in good condition despite the recent economic downturn.

The financial shape of the funds, which are invested, came to light last week when federal regulators reported the owners of 18 power plants are short of cash. None of those companies operates the seven reactor units in South Carolina.

“This is not a current safety issue, but the plants do have to prove to us they’re setting aside money appropriately,” said Tim McGinty of the Nuclear Regulatory Commission.

If there were any deficiencies in the S.C. plants’ trust funds, the power companies said they have plenty of time to fix them.

That’s because it will be 20 to 30 more years before a plant is South Carolina is scheduled to be decommissioned. Even then, the plant could either have its operating license extended another 20 years or simply mothballed for 60 years.

'Shots' open new front in energy drink wars

Wed, 01 Jul 2009 23:06 EDT

Carl Sperber, creative director for Living Essentials, has at least one theory for why his company’s 5-Hour Energy shots have gained a foothold in the competitive energy drink segment.

Its tiny, 2-ounce bottles are marketed with a straightforward pitch designed to reach adults, Sperber said. The broader energy drink market, led by the likes of Red Bull, Monster, Rockstar and AMP, takes a different approach, he said.

“If you look at the canned energy drink array out there, if you look at the names, if you look at the graphics on the cans, it’s obvious who they have in mind for this — teenage boys,” Sperber said. “I have teenage boys at home, and they’re the last people on Earth who need more energy.”

Since its launch in 2004, 5-Hour has carved out a niche in the energy drink market that’s added a new twist to the segment and attracted plenty of competition from bigger players.

These shots, sold in 2- or 3-ounce bottles depending on the brand, pack about the same punch as larger canned energy drinks, which are usually 8 or 12 ounces.

Bluff Road area development blossoms

Thu, 02 Jul 2009 16:59 EDT

Growing community seems poised to take off as economy rebounds

Peggie Funny-Roane has been hearing talk for 20 years about housing and retail growth in the area around Bluff and Atlas roads.

In April, she became part of it when she moved into Congaree Pointe, a new housing development on Atlas Road.

“It’s finally starting to happen,” she said.

Several high-profile projects are converging in the long-neglected warehouse district, which is sprinkled with older neighborhoods.

Metromont helping to review garage collapse

Wed, 01 Jul 2009 21:46 EDT

Greenville-based Metromont Corp. has rushed engineers and other officials to Atlanta to help investigate the collapse of a parking garage in the city’s busy Midtown commercial district.

Crews used have used cranes to lift crushed cars from the collapsed garage, but it’s too early to say what caused the failure, said Rick Pennell, chief executive of Metromont, which manufactured the concrete slabs. “The parking deck is stable now, and we’re just getting debris out,” he said.

Harry Gleich, vice president of engineering for Metromont, said hot weather and weight weren’t likely factors when the deck collapsed Monday. He said the Greenville company was a subcontractor to Hardin Construction, which was the general contractor on the deck. The concrete pieces were prefabricated at Metromont’s plants in Greenville and the Atlanta area. A subcontractor to Metromont assembled the parking deck, Pennell said.

• Force Protection loses out on Pentagon deal

Armored-vehicle maker Force Protection Inc. said Wednesday it was disappointed about not being picked for a Pentagon contract valued at more than $1 billion but stressed its growth prospects are not dependent on that deal.

Boeing to snap up Vought's 787 plant?

Wed, 01 Jul 2009 22:39 EDT

Is Vought Aircraft Industries Inc. set to unload its North Charleston operations to Boeing Co.?

FlightBlogger, which is known in the industry for unearthing information about Boeing’s business, reported Wednesday that a sale of the 787 fuselage plant is imminent.

The report’s author, Jon Ostrower, cited unidentified multiple sources who are familiar with the deal.

Dallas-based Vought declined to address any speculation about a sale of its business at Charleston International Airport.

“As matter of public policy, we don’t comment on potential mergers, acquisitions or divestitures,” said spokeswoman Lynne Warne. “That’s just the bottom line.”

Report: Insurance may cost too much in S.C.

Wed, 01 Jul 2009 00:40 EDT

South Carolina consumers could be paying more for insurance than is necessary, according to a report from the S.C. Legislative Audit Council released Tuesday.

The S.C. Department of Insurance needs to do a better job of documenting reasons for approving rate increases, according to the report. Many of the files audited were missing paperwork, such as projected loss and revenue sheets, that prove why the increase is necessary, said Tom Bardin, director of the audit council.

Without the paperwork, the council could not determine whether reasons for rate increases were properly reviewed. For example, a company could have been approved for a 20 percent increase when 5 percent would have been enough, Bardin said.

The council has no evidence, however, that an excessive rate increase was approved in the past few years.

State insurance director Scott Richardson called portions of the report “erroneous or misleading.” He said many of the documents in question were not required by state law and the approval process was not compromised.

SCE&G proposes energy savings

Tue, 30 Jun 2009 22:53 EDT

SCE&G submitted plans to state regulators on Tuesday that offer a range of energy-savings programs, from cash incentives for buying a water heater to installing devices that monitor electric use in the home.

The programs must win the state Public Service Commission’s approval before they go into effect. That process, which will include public hearings, could take several months, the utility said.

“SCE&G’s goal is to begin rolling out the programs next spring,” said utility spokesman Eric Boomhower.

In February, SCE&G won state approval to add two reactor units to its nuclear plant near Jenkinsville. The utility, which is partnering with state-operated Santee Cooper, is now seeking permits from federal regulators.

As part of their order approving the new reactor units, state regulators required the utility to come up with an efficiency plan. Critics of the nuclear plan claimed SCE&G wasn’t doing enough to promote energy efficiency.

More will celebrate Fourth at home in S.C. this year

Tue, 30 Jun 2009 22:53 EDT

The number of South Carolinians traveling over the July Fourth weekend is forecast to fall for the second year in a row despite lower gas prices and air fares, AAA Carolinas said Tuesday .

Travel by South Carolinians is expected to slide 1.9 percent this year, which is similar to the nationwide forecast from the AAA.

The number of S.C. motorists will drop 2.4 percent to 452,459, while the number of air passengers is expected to rise 6.4 percent to 26.878. (But only about 6 percent of all S.C. travelers go by air.)

Still, the drop in South Carolina motorists this holiday weekend is not expected to be as steep as in North Carolina or the nation as a whole, while the rise in air travel is forecast to be greater than both.

S.C. gas prices are down 37 percent from a year ago and average less than $2.50 a gallon. They have dropped more than a nickel a gallon in the past week after rising dally over the previous seven and a half weeks.

New options for old VA building?

Wed, 01 Jul 2009 06:42 EDT

While employees of the Department of Veterans Affairs settle into their new offices, city leaders wonder what will happen to the 58-year-old building the agency leaves behind in downtown Columbia.

Earlier this month, about 400 VA workers moved from the agency's downtown headquarters and into a $20 million, 116,000-square-foot, three-story structure on the tree-shrouded campus of Dorn VA Medical Center.

The office serves nearly 421,000 veterans living in South Carolina. Its new location just off Interstate 77 and Garners Ferry Road should make it handier for veterans who also use services provided by the hospital, officials said.

About 200 employees remain at the downtown location, which is not opened to the public. Most of the employees work in the VA’s national call center.

So far, the government hasn’t said what’s planned for the VA’s former home at 1801 Assembly St., next to the Thurmond Federal Building and U.S. Courthouse. The VA still occupies a portion of the five-story, brick building, said Gary Mote, spokesman for the General Services Administration, which manages federal property.