….AND NOW IT’S TIME FOR THE ‘BUSINESS MINUTE’ REPORT…BROUGHT YOU BY MINUTEMAN PRESS:
Safety Resource funding has been approved for 7 Beaver County schools. Beaver County Radio News Correspondent Sandy Giordano has details…
The Roman Catholic Diocese of Buffalo has filed for bankruptcy protection. Friday’s filing is another step in the western New York diocese’s efforts to recover from a clergy misconduct scandal that‘s been the basis for hundreds of lawsuits, Vatican intervention and the resignation of its bishop. The western New York diocese becomes the second in the state to file for Chapter 11 reorganization, and one of more than 20 dioceses to seek bankruptcy protection nationwide. The Roman Catholic Diocese of Harrisburg, Pennsylvania, filed Feb. 19. The Rochester Dicoese was the first of New York’s eight dioceses to seek bankruptcy protection when it filed in September.
General Motors is adding 1,200 jobs at two Michigan factories to build midsize SUVs and two new luxury sedans. GM says the Lansing Delta Township plant will get a third shift and 800 more workers to build the Chevrolet Traverse and Buick Enclave SUVs, which have three rows of seats. The Lansing Grand River plant will get a second shift and 400 more workers to build two new Cadillac sedans, the CT4 and CT5. Spokesman Dan Flores says employees laid off at other GM factories would fill the new jobs first, then workers would be added. He says the company has not determined yet how many new people would be needed. Lansing Delta Township now employs about 2,500 salaried and blue-collar workers, while the Grand River plant has 1,400.
Americans pulled back on their spending in January, even as their incomes surged, a sign the economy was growing modestly before the threat of coronavirus arose. The Commerce Department said Friday that consumer spending increased 0.2% last month, down from 0.4% in December and smallest gain since October. Incomes, however, rose 0.6%, the biggest gain in nearly a year, spurred by bigger paychecks and an increase in Social Security benefits stemming from a cost of living adjustment.
Concerns about the economic impact of the new coronavirus are intensifying, disrupting business events, production and travel. On Friday, stock markets were down again, heading for their worst week since the height of the global financial crisis in 2008. The Geneva auto show was canceled after Swiss authorities banned large public events. There is a run on face masks, with many businesses selling out. And companies continue to report an expected hit to earnings. British Airways’ parent companies was the latest to warn on a revenue drop, while Philippine Airlines said it was cutting 300 jobs.
Stocks fell sharply on Wall Street, shaving another 3.8% off major U.S. indexes, putting the market on track for its worst week since October 2008. Bond prices soared again as investors sought safety, pushing yields to more record lows. The weeklong global market rout is being driven by fears that the spreading coronavirus will derail the global economy. The outbreak has been shutting down industrial centers, emptying shops and crimping travel around the world. The benchmark S&P 500 index has now lost 15% since hitting a record high just 10 days ago. Crude oil prices fell again.
….AND THAT’S THE ‘BUSINESS MINUTE’ REPORT…BROUGHT YOU BY MINUTEMAN PRESS.
