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Timken Acquires Alcor Engine Co.
Tuesday, May 11, 2004CANTON, Ohio -- The Timken Co. has acquired the assets of Alcor Engine Co. Inc., and its affiliate, Advance Repair Technologies Inc., officials reported earlier today. Terms were not disclosed.Alcor is a producer of direct replacement parts for gas turbine engines and components used in the aviation industry. Located in Gilbert, Ariz., Alcor manufactures and repairs a broad range of components used in turbine engine power plants. Alcor also provides specialized repair and restoration services through its proprietary technologies.
Fired From Your Job? Blame the Corporate Culture
Tuesday, May 11, 2004This story is new this week in The Business Journal's small business how-to section. To see what else is new, click here or click on the "how-to" tab at the top of The Daily Business Journal Online home page.If you were fired from your management job, you can take heart in the news that your boss didn't reject you -- the corporate culture did. Steve Gravenkemper, an employee assessment expert, says employees higher up on the food chain frequently lose their job because the organization's culture rejects them, not because their skills are inadequate (read more)."
U.S. Broadband Market Reaches Critical Mass
Tuesday, May 11, 2004SCOTTSDALE, Ariz. -- With close to 27 million U.S. business and residential subscribers at the end of 2003, broadband is now clearly a mainstream service, reports In-Stat/MDR.
Percentage of Americans Planning to Refinance Their Mortgages Plummets
Tuesday, May 11, 2004ISLANDIA, N.Y -- Only 8% of Americans plan to refinance their mortgage in the next year, down 50% from the 16% who anticipated refinancing in October 2002, according to the Cambridge Consumer Credit Index. Of those surveyed, 35% have refinanced in the past two years, up from 24% who had done so in 2002. 57% of Americans have not refinanced and have no intentions to do so, down slightly from 60% in 2002.The survey also asked respondents what they planned on doing with the money saved from refinancing.
Battelle Panel Forecasts Top Innovations for the War on Terror
Tuesday, May 11, 2004COLUMBUS, Ohio -- Innovations in intelligence gathering and decision support, sensors, monitoring, and a greater emphasis on cross-cultural communication will lead to a more effective response to worldwide terrorism over the next decade, according to a forecast release today by Battelle.Battelle's forecast listed the top 10 innovations for the war on terror, as identified by a panel of experts, including Battelle technologists, faculty members from The Ohio State University, and retired generals from the U.S.
"Record Prices, Record Oil Industry Profits, Consumers Groups Report"
Monday, May 10, 2004"YOUNGSTOWN, Ohio -- As the price of gasoline nears $2 a gallon in the Mahoning Valley, and as much as $3 a gallon in parts of California, the Consumers Union and Consumer Federation of America today accused the domestic gasoline and natural gas industries with seizing as much as $80 billion in windfall profits.The consumers groups say Americans have been forced to pay more than $250 billion in price hikes since January 2000 for gasoline and natural gas, resulting in an increase in after-tax profits of $50 to $80 billion.
"National City, Bank of America Top Customer Experience Rankings"
Monday, May 10, 2004"SAN MATEO, Calif. -- National City Bank and Bank of America provide the best overall online experience to prospects, tying for first place in the latest Vividence Customer Experience Rankings for the online banking industry. Chase and Fleet prospects were the least satisfied with their online experience.Vividence conducts semi-annual studies of the banking and credit card industries, examining the online experiences of both current and prospective customers.
Strong Housing Market to Drive Consumer Spending This Summer
Monday, May 10, 2004NEW YORK -- Despite rising interest rates, surging home values will fuel consumer spending, triggering a chain reaction that leads to purchases of furniture, consumer electronics and home improvements, according to Deloitte Research's Leading Index of Consumer Spending. Substantial tax refunds and a leap in payroll employment provide the cash needed for down payments on new homes."Many consumers postponed buying new homes until interest rates reached the bottom.