Local & State | Midlands
Jodie W. McLean, president of Edens & Avant, has been elected president of USC’s University Associates, a group of business and community leaders who meet with USC president Harris Pastides and help promote the school. Also elected for 2010-11 were: Alan B. Kahn, chairman of M. B. Kahn Construction Co., president-elect; Pamela P. Lackey, president of AT&T-S.C., vice president; and J. Cantey Heath, special assistant to the USC president, secretary-treasurer.
Nation & World
Stores deepened discounts in June
Stores steepened discounts more than planned in June to help drive recession-scarred customers into the malls to buy summer merchandise. But shoppers spent cautiously amid escalating job worries, resulting in modest gains for many merchants. The lackluster performance, being compared with a weak June 2009, is raising concerns about the back-to-school shopping season. The International Council of Shopping Centers’ index of June retail sales rose 3 percent, the low end of its growth forecast that ranged from 3 percent to 4 percent. But that’s compared with a 5.1 percent decline in June 2009.
Tylenol, Motrin IB recalls expanded
Johnson & Johnson is expanding a recall of over-the-counter drugs including Tylenol and Motrin IB because of a musty or moldy smell. The McNeil Consumer Healthcare business says it is recalling 21 lots of over-the-counter drugs. The drugs that are being recalled include Benadryl, Children’s Tylenol, Motrin IB, Tylenol Extra Strength, Tylenol Day & Night, and Tylenol PM. The company made a large recall of those drugs and over-the-counter products, saying about 70 people were sickened by the smell. The odor was linked to a chemical in shipping pallets.
Chrysler offering 2 free car payments
Chrysler says it will make the first two months’ payments on most new vehicles bought this month in a bid to boost sales after a weak June. Chrysler will pay up to $500 per month for a total of $1,000 on most vehicles. Customers also get the option of taking $3,000 to $4,000 in cash or making a “regret-free” purchase, in which they could return any new vehicle within 60 days if they’re not satisfied. Most automakers have been trying to limit incentives. On average, incentive spending was down $169 per vehicle in June compared with the same month last year, according to Edmunds.com.
Consumer borrowing falls in May
Consumer borrowing fell again in May, more evidence that Americans remain jittery over their finances and the durability of the economic recovery. The Federal Reserve says borrowing dropped by $9.1 billion in May. It also says borrowing declined by $14.9 billion in April, revising an initial estimate that showed a gain for the month. Consumer borrowing has fallen in 15 of the past 16 months
Andrew Shain and The Associated Press contributed.