Pension Underfunding Strains U.S. Auto Suppliers
Monday, August 06, 2012NEW YORK -- Ever since the historically large downturn in auto sales in 2009, auto suppliers have significantly reduced their cost structures by consolidating manufacturing facilities, streamlining business processes, cutting staff, and focusing on core businesses. From an operational point of view, many U.S. auto suppliers are much better situated to withstand future falloffs in demand.
Ohio Liquor Sales Top $825M in Fiscal 2012
Monday, August 06, 2012COLUMBUS, Ohio -- Dollar sales of spirituous liquor is Ohio reached a record level of $825 million in fiscal year 2012. This was an increase of $54 million (7%) over the previous year.
The Division of Liquor Control also realized an increase of $14 million (5.9%) in net profit, for a total of $251.4 million, for the fiscal year, according to Bruce D. Stevenson, superintendent.
Spirituous liquor is defined as intoxicating liquor that contains more than 21% alcohol by volume.
U.S. Industrial Manufacturers Largely Optimistic
Monday, August 06, 2012NEW YORK -- The majority of U.S. industrial manufacturers remain optimistic regarding prospects for the U.S. economy. But sentiment about the global economic outlook continues to weaken, finds a new study.
According to the second quarter 2012 manufacturing barometer by PwC US, overall revenue projections among U.S. industrial manufacturers remain positive, with 88% of respondents expecting revenue growth at their own companies and only 5% expecting negative results. In addition, 87% of respondents said they were planning increases in operational spending in the year ahead.
Engineering Worker Confidence Index Pulls Back
Monday, August 06, 2012ATLANTA -- Overall confidence among U.S. engineers was 59.0 in the second quarter, down 5.9 points since reaching a four-year high last quarter. The second quarter findings indicate high levels of apprehension when it comes to workers feelings about the strength of the economy and future of their employers.
Halcon Energy Pays Record Price for Drilling Leases
Friday, August 03, 2012YOUNGSTOWN, Ohio – A Texas company has closed a $194 million deal to lease mineral rights for a huge swath of land in Trumbull and Mahoning counties, paying what appears to be a record high price per acre. And while none of that money will go to the actual landowners, they could be in line to negotiate royalties.
Shale Drilling Puts Pressure on Region's Water Supplies
Friday, August 03, 2012YOUNGSTOWN, Ohio -- The Buckeye Water District in Wellsville was enjoying a seven-month windfall of sales to the tune of $24,000 per month by selling water to energy giant Chesapeake Energy Corp. at $15 per thousand gallons. Then in May, Chesapeake approached the Buckeye board of directors with an ultimatum: either lower the price to $5 per thousand gallons, or lose the business for good.
“The board told them ‘No,’ ” says Buckeye Water District manager Al DeAngelis. “We charge our residential customers $10.17 per thousand. It wouldn’t have been fair to them.”
Chamber's YOUNG 2012 Expo Set for Sept.6-7
Friday, August 03, 2012YOUNGSTOWN, Ohio -- The Regional Chamber’s Youngstown Ohio Utica & Natural Gas 2012 Conference & Expo will be a two-day event this year. The event, scheduled to begin Sept. 6, will feature prominent speakers from the shale industry.
'3 Minutes With' Steve Fazzini
Friday, August 03, 2012YOUNGSTOWN, Ohio -- Today's '3 Minutes With' video is a departure from our standard newsmaker interviews. Sing along as Greater Youngstown Italian Festival performer Steve Fazzini gets viewers in the mood for a weekend of summertime activities.
New Website Highlights Effects of Ohio Budget Cuts
Friday, August 03, 2012COLUMBUS, Ohio -- A new website, CutsHurtOhio.com, highlights the effects of historically deep budget cuts to Mahoning County and Ohio, state Rep. Robert Hagan, D-60 Youngstown, said Thursday.
The website, he said, illustrates how Gov. John Kasich's "backwards priorities are severely hurting our community.
“At a time when families are struggling to make ends meet, Gov. Kasich and Republican legislators cut $34 million from education and $18 million from local governments in Mahoning County,” Hagan stated.