News Synergy: Business News

Bill would require correct ID in debt-collections

Fri, 24 May 2013 16:14:45 -0500

SACRAMENTO, Calif. (AP) — Debt collectors would have to make sure they are going after the right person under a bill working its way through the Legislature.

Democratic Sen. Mark Leno of San Francisco says some unscrupulous debt-buyers don't care who they target.

They might lure innocent parties into court to obtain default judgments that let them seize property or garnish wages — including from consumers who never owed the debt to begin with.

Even a Southern California state lawmaker found himself a victim when a collection agency arranged to have his Senate paycheck garnished to pay off a debt that wasn't his.

The bill, SB233, was approved unanimously Friday by the Senate. It requires debt-buyers to have documents proving they are going after the right individual.

It now goes to the Assembly.

Dish and Ntelos reach broadband partnership pact

Fri, 24 May 2013 09:43:55 -0500

ENGLEWOOD, Colo. (AP) — Satellite TV provider Dish Network and regional cellphone company Ntelos said Friday that they have agreed to develop a fixed-mobile broadband service within Ntelos' coverage area.

Financial terms were not disclosed.

The area in question covers customers in Virginia, West Virginia and parts of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The service is expected to give Ntelos and Dish customers, many of whom are located in underserved rural communities, home and mobile access to reliable high-speed Internet, the companies said.

Dish said the partnership will combine its technical service infrastructure with Ntelos' mobile capabilities to develop broadband services.

In morning trading, shares of Englewood, Colo.-based Dish Network Corp. fell 26 cents to $39.13, while shares of Waynesboro., Va.-based Ntelos Holding Corp. rose 30 cents, or 1.9 percent, to $15.76.

Complaint accuses Exxon Mobil of anti-gay bias

Wed, 22 May 2013 11:02:18 -0500

NEW YORK (AP) — A gay-rights group has filed a legal complaint against the Exxon Mobil Corp., accusing it of anti-gay discrimination in handling job applications.

The complaint was filed Wednesday with the Illinois Department of Human Rights by Freedom to Work, one of several groups which accuse Exxon of flawed workplace policies for gays.

The complaint says Exxon was sent two nearly identical resumes for a job opening in Illinois. The only major differences: one applicant made clear she was a gay-rights activist, and had higher grades than the other applicant.

According to the complaint, Exxon made several efforts to contact the applicant with lower grades, and did not try to contact the applicant who indicated she was gay.

Exxon is reviewing the complaint; it said it bans all forms of discrimination.

More doctors, hospitals using electronic records

Wed, 22 May 2013 10:35:05 -0500

WASHINGTON (AP) — The Obama administration says more doctors and hospitals are embracing technology as adoption of computerized medical records reaches a "tipping point" in America.

A report Wednesday from Health and Human Services says more than 50 percent of doctors' offices and 4 in 5 hospitals have transitioned from paper to electronic records, thanks partly to more than $14 billion in government incentive payments.

The hope is that electronic records will make caring for patients safer and less costly, by helping avoid mistakes and cutting down on duplication.

But others say there's still a long way to go. An outside group's report last year found little progress in getting medical computers in different offices to talk to each other. Concerns have also surfaced about patient privacy and vulnerability to fraud.

Moniz sworn in as energy secretary

Tue, 21 May 2013 10:57:49 -0500

WASHINGTON (AP) — Physicist Ernest Moniz has been sworn in as the nation's new energy secretary.

The 68-year-old Massachusetts Institute of Technology professor took the oath of office Tuesday at the Energy Department. He replaces Steven Chu, who served as energy secretary in President Barack Obama's first term. Moniz served as an energy undersecretary in the Clinton administration.

Moniz said on Twitter that he is honored to be back at the Energy Department, adding that he is "looking forward to hitting the ground running."

He faces an array of challenges, including whether to approve a host of applications to export liquefied natural gas. Moniz has says he'll promote renewable sources of energy such as wind and solar power, along with traditional fuels such as oil and coal.

S&P cuts rating on JC Penney term loan

Tue, 21 May 2013 10:50:32 -0500

NEW YORK (AP) — Standard & Poor's Ratings Services is lowering the rating it gave J.C. Penney's term loan further into junk status because the struggling department store operator boosted the loan's size.

J.C. Penney Co. increased the size of the term loan to $2.25 billion from $1.75 billion.

S&P said Tuesday that it is cutting the rating for the term loan to "B-" from "B." It maintained all of the Plano, Texas company's other ratings. The outlook is negative.

J.C. Penney has been struggling with weak sales for some time and recent efforts to revitalize the retailer flopped. The company has since appointed a new CEO, but investors remain skeptical.

On Thursday the J.C. Penney reported that its first-quarter loss widened on a 16 percent drop in revenue. It marked the fifth-straight quarter that the chain has posted large declines.

The results show that J.C. Penney is still reeling from the turnaround plan orchestrated by former CEO Ron Johnson, who was ousted last month after less than a year and a half on the job.

The plan included getting rid of coupons and most sales in favor of everyday low prices, bringing in hip brands like Joe Fresh and remaking outdated stores. But the changes that were meant to attract younger, wealthier shoppers, wound up turning off its loyal middle-income, middle-age customers who favor sales and basic merchandise like loose-fitting khakis.

Last month J.C. Penney rehired Johnson's predecessor, Mike Ullman, who is resuming sales and bringing back basics. It also announced the term loan from Goldman Sachs in April, a move that helped to ease concerns that J.C. Penney could run out of cash this year.

The Plano, Texas-based company's stock added 14 cents to $18.95 in midday trading. They have ranged from $13.55 to $32.55 over the past year.

Lew: IRS actions "unacceptable and inexcusable"

Tue, 21 May 2013 10:48:55 -0500

WASHINGTON (AP) — Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people accountable.

Lew told the Senate Banking Committee that he has also asked acting director Daniel Werfel to fix any flaws in management of the IRS to make sure there is no recurrence of the problems.

An inspector general's report released May 15 found that IRS employees had inappropriately targeted conservative political groups.

Lew says he first learned about the inspector general's investigation in March but that he was unaware of the findings until they became public this month.

GM to invest $44.5M in Lansing Cadillac factory

Tue, 21 May 2013 10:44:40 -0500

DETROIT (AP) — General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs.

The automaker says it will build a 400,000-square-foot building next to the Lansing Grand River plant to assemble parts and put them in the right order for manufacturing.

The factory already employs more than 1,500 hourly and salaried workers who make the Cadillac ATS and CTS luxury sports sedans. It also will make the next generation Chevrolet Camaro in 2015.

GM says the new logistics center will make the factory more efficient and cut transportation costs. The building is expected to open by the end of next year.

The company says it's not sure yet how many new workers will be hired and how many would be recalled from layoffs.

US rate on 30-year mortgage rises to 3.51 pct.

Thu, 16 May 2013 09:19:32 -0500

WASHINGTON (AP) — Average U.S. rates on fixed mortgages rose this week but stayed near their historic lows. Cheaper mortgages have helped the economy by spurring more home-buying and refinancing.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan increased to 3.51 percent from 3.42 percent last week. That's still near the average of 3.31 percent reached in November, the lowest on records dating to 1971.

The average on the 15-year loan rose to 2.69 percent. That's up from 2.61 percent last week, which was the lowest on records going back to 1991.

Low mortgage rates have helped sustained the housing recovery that began last year. Home sales and construction are up from a year ago, and prices are rising in most U.S. markets.

FDA tobacco chief speaks at industry meeting

Thu, 16 May 2013 09:18:47 -0500

WILLIAMSBURG, Va. (AP) — The head of the Food and Drug Administration's tobacco control efforts says changes in the marketplace have forced the public health community to grapple with the idea that some products are less harmful than others.

Mitch Zeller spoke Thursday at the Tobacco Merchants Association meeting in Williamsburg. He became director of the FDA's Center for Tobacco Products in March.

Zeller said the agency is aware that certain products could reduce individual health risks. But he said the 2009 law giving the agency authority to regulate the industry requires that it measure health effects at a population level.

He also said the agency is making progress on its product application backlog, how it plans to address menthol cigarettes and its plans to regulate other tobacco products like cigars and electronic cigarettes.