Local Business
Pending home sales increase 12%
Home sales in the pipeline are up, and an expanded federal tax credit is expected to bolster activity, the Buffalo Niagara Association of Realtors said. (Updated: 11/21/09 7:04 AM )
AIDA to reduce support to BNE
The Amherst Industrial Development Agency plans to resume offering financial support to the Buffalo Niagara Enterprise business development and marketing group after belt-tightening caused it to skip its budgeted payment to the organization this year. (Updated: 11/21/09 6:44 AM )
Americans save more, earn less as rates fall
NEW YORK — The U. S. is finally becoming a nation of savers. Now if only we could get something for our money. (Updated: 11/21/09 6:44 AM )
Hershey sweet deal reported
NEW YORK (AP)— Hershey Co. may make a $17 billion bid forUKcandy company Cadbury PLC, topping the recent $16.5 billion hostile offer by Kraft Foods, the Wall Street Journal reported Friday. (Updated: 11/21/09 6:44 AM )
P&G still on shopping spree
CINCINNATI (AP)—Procter& Gamble Co. is still interested in buying, and says size doesn’t matter. (Updated: 11/21/09 6:44 AM )
Reports indicate continued weak recovery
WASHINGTON — A gauge of future economic activity and a report on unemployment benefits signaled Thursday that the recovery likely will remain weak in the coming months. (Updated: 11/20/09 6:50 AM )
On the Record / November 20, 2009
Hires/Promotions/ Honors (Updated: 11/20/09 6:50 AM )
Embezzlement of 401(k) alleged
A businessman whose Lockport company shut down in 2007 was indicted by a federal grand jury Thursday on charges that he stole money from an employee pension plan. (Updated: 11/20/09 6:50 AM )
Cutlery sales boost Servotronics
Servotronics’ third-quarter profits jumped by 38 percent as soaring sales, at its cutlery business more than offset a drop in revenues at its motion control equipment segment. (Updated: 11/20/09 6:50 AM )
CEO has J. C. Penney primed for holiday retail battle
NEW YORK — This holiday season, J. C. Penney CEO and Chairman Myron E. Ullman III is armed with a lineup of exclusive fashion brands he helped bring to the department store chain, and he’s ready to battle key rivals like Macy’s. (Updated: 11/20/09 6:50 AM )
Parent of Quality Markets files for bankruptcy
Penn Traffic, parent company of Quality Markets grocery stores, filed Chapter 11 bankruptcy protection Wednesday for the third time in a decade. (Updated: 11/20/09 8:05 AM )
Area loses 3% of jobs, fastest pace in 8 years
The Buffalo Niagara region continued to lose jobs during October at the fastest pace in nearly eight years, the state Labor Department reported Thursday. (Updated: 11/20/09 7:00 AM )
AES to air financial risks
AES Corp., which operates a coal-fired power plant in the Town of Somerset, has agreed to disclose information about the financial risks involved with the production of pollution that could cause global warming. (Updated: 11/20/09 6:50 AM )
Foreclosures to persist
WASHINGTON(AP)—The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery. (Updated: 11/20/09 6:50 AM )
30-year mortgage rate stays below 5% mark
McLEAN, Va. (AP)—Rates on 30- year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday. (Updated: 11/20/09 6:50 AM )