Quantcast
Channel: RSS Business
Viewing all 14206 articles
Browse latest View live

Huntington CEO to Akron Roundtable audience: bank is committed to Akron post-FirstMerit merger

0
0

Huntington Bank understands the former FirstMerit Bank’s long history and support of the Akron community — and the merged bank will have the same commitment, its leader said in an Akron Roundtable address Thursday.

“We’re very, very cognizant of the support FirstMerit has had in Akron for years. We embrace that,” Stephen Steinour, chairman, president and chief executive officer of Huntington Bank, said in his first large public appearance to the Akron community since the $3.4 billion acquisition of FirstMerit, which was finalized in August.

“I’m not sure what organizations hasn’t somehow been touched by FirstMerit over the years,” he said to the crowd of several hundred people. “The essence of the company remains the same. It’s community focused. We do business with consumers and small and medium businesses.”

Steinour said that while the bank’s business and scale has increased, it is still considers itself a “super community bank.”

Part of the commitment of Huntington, included in the merger agreement specifically for Akron, is the creation of the Huntington Akron Community Foundation, which will be funded with $2 million a year for 10 years — totaling $20 million.

Steinour said the first $2 million will be deposited within the month and some commitments have already been made to help the greater Akron community. That includes $250,000 toward the newly opened Battered Women’s Shelter and $60,000 toward the next phase in a downtown Akron redevelopment plan recently announced by Mayor Dan Horrigan, with a commitment to challenge other businesses to raise the other $60,000.

“We think we have an opportunity with the commitment to make a profound and sustaining difference, along with others,” Steinour said, highlighting opportunities in downtown development, health care, economic development and housing.

The foundation’s first meeting will be in January. Its president will be Nick Browning, FirstMerit’s Akron regional president for 13 years and now Huntington’s Akron regional president. Foundation board members will include two former FirstMerit board members now on the Huntington board, Gina France of Medina, J. Michael Hochschwender of Akron and Huntington board member Ann “Tanny” Crane of Columbus.

Browning said he thinks the foundation money will be a “game-changer” for Akron.

“To have these kind of resources to convene and align and the scale is great,” he said.

In a wide-ranging interview before his Roundtable appearance, Steinour said he’s committed to Akron. Since before the merger, “I’ve been in Akron more than I’ve been in any other [new] market. ... We’re invested in Akron’s future. We want to help Akron grow and we want to grow with it,” he said.

Steinour also said he’s been very impressed with the “collaborative spirit” of many of Akron’s leaders he has met.

Here are some other subjects addressed:

• Employment: Discussing prospects for new jobs and an undisclosed number of layoffs this fall, Steinour firmly said while there will be “a net layoff, we’re not trying to hide that. We’re growing.” While there have been layoff notices, many employees have been offered other jobs within Huntington.

Steinour reiterated that the bank will meet its commitment to have 1,200 employees by next year in the city of Akron. That’s the same number of First Merit employees at the time of merger, and the bank committed to meet that number within two years

He said Huntington continues to grow by several hundred jobs a year and he anticipates growth in Akron as well.

• Downtown operations: Steinour said it is still too early to discuss the future of the downtown FirstMerit buildings, including ones on Main Street. “We like the facility arrangements we have. Some will be figuring out not just a fill for 1,200, but we do intend to put more than 1,200 employees in Akron and we need surge space or flex space.”

The first building that will be full will be an operations center currently on Opportunity Parkway because it has free parking, a cafeteria, an indoor track and other established amenities, he said.

• Branch conversions: Remaining FirstMerit branches will switch over to Huntington around Feb. 19, or President’s Day weekend. Steinour said customers will be able to use their existing checks until they are finished — possibly for years — and account numbers will not be changed

“It will not be a cataclysmic event,” he said.

Consumers will be given further instructions before the conversion, but should not expect any disruption in automatic transactions or banking functions, he said.

Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Follow her @blinfisherABJ  on Twitter or www.facebook.com/BettyLinFisherABJ and see all her stories at www.ohio.com/betty


Coca-Cola CEO Muhtar Kent to step down next year

0
0

NEW YORK: Coca-Cola said Friday that CEO Muhtar Kent will step down as CEO next year and be replaced by Chief Operating Officer James Quincey.

The world’s largest beverage maker has been under pressure to grow as people around the world drink less soda, including its flagship Coke. In October, the Atlanta company reported that its third-quarter profit fell 28 percent.

Last year it rolled out a pricy milk drink called Fairlife that it says has more protein and less sugar than regular milk. The company also makes Sprite, Fanta and Dasani water.

Quincey, who was named president and chief operation officer last year, will take over as CEO on May 1. The 51-year-old has been with the beverage maker for about 20 years.

Kent, who is 64 years old, will continue as chairman of the board after he steps down as CEO. He has been CEO for more than eight years and first joined the company nearly 40 years ago.

Billionaire investor Warren Buffett, whose holding company Berkshire Hathaway Inc. is Coca-Cola’s largest shareholder, said he was pleased with the succession plans.

“I know James and like him,” Buffett said in a statement, “and believe the company has made a smart investment in its future with his selection.”

Shares of The Coca-Cola Co. rose 99 cents, or 2.4 percent, to $41.97 in morning trading Friday. Its stock is down about 1.6 percent since a year ago.

———

This story has been corrected to say that Kent has been CEO for more than eight years, not seven.

Business news briefs — Dec. 10

0
0

SOFT DRINKS

Coke designates next CEO

Coca-Cola CEO Muhtar Kent will step down next year and be succeeded by the company’s No. 2 executive, at a time when people are drinking less sugary soda.

Chief Operating Officer James Quincey, long expected to become the next CEO, will take over leadership of the world’s largest beverage maker on May 1. Kent will stay on as chairman of the board.

Quincey, who’s worked at Coca-Cola for about two decades, has led its drive to cut down the sugar in its drinks and said Friday that he’ll continue to do that as CEO. He also said he’ll keep pushing for more low-calorie beverages and for offering soda in smaller cans and bottles.

AUTOS

Michigan expands testing

Companies can now test self-driving cars on Michigan public roads without a driver or steering wheel under new laws that could push the state to the forefront of autonomous vehicle development.

The package of bills signed into law Friday comes with few specific state regulations and leaves many decisions up to automakers and companies like Google and Uber.

It also allows automakers and tech companies to run autonomous taxi services and permits test parades of self-driving tractor-trailers as long as humans are in each truck. And they allow the sale of self-driving vehicles to the public once they are tested and certified, according to the state.

Air bag recall still growing

The U.S. government says automakers will end up recalling 42 million vehicles with potentially deadly air bag inflators made by Takata Corp.

The National Highway Safety Administration released a schedule for further recalls on Friday as it tries to get automakers to move faster on the fixes.

Eventually, about 69 million inflators that can potentially explode with too much force and spew shrapnel into people will be recalled. As of last week, only 12.5 million, or about 18 percent, of the inflators had been replaced, and NHTSA said some automakers weren’t doing enough to contact owners.

Eleven people have been killed by Takata inflators in the U.S. and many more injured.

ECONOMY

Wholesale inventories fall

U.S. wholesale businesses cut back their stockpiles while sales rose in October. That’s a trend that could boost demand for factory goods in the months ahead.

The Commerce Department says that wholesale inventories fell 0.4 percent, the largest drop in eight months. Sales rose 1.4 percent.

Higher sales and a drop in inventories are good signs that consumers and businesses are spending more, and that wholesalers are clearing out a backlog of goods. That suggests they will have to order more goods to meet future demand.

ENVIRONMENT

Monsanto sued in Seattle

Washington has become the first U.S. state to sue the agrochemical giant Monsanto over pervasive pollution from polychlorinated biphenyls, the toxic industrial chemicals that have accumulated in plants, fish and people around the globe for decades.

Democratic Gov. Jay Inslee and Attorney General Bob Ferguson announced the lawsuit at a news conference in downtown Seattle Thursday, saying they expect to win hundreds of millions or even billions of dollars from the company. The company said the case “lacks merit.”

BROADCASTING

Fox reaches deal for Sky

Rupert Murdoch may get all of European broadcaster Sky after all after the U.K. phone-hacking scandal scotched a previous effort.

Sky said Friday that Murdoch’s entertainment conglomerate 21st Century Fox has reached a preliminary deal to buy the rest of Sky for $13.60 per share, or about $14.1 billion. Fox already owns just over 39 percent of Sky, and the deal price values the entire broadcaster at $23.3 billion.

Compiled from staff and wire reports.

MACtac in Stow sold for $375 million to Japanese company

0
0

Label maker MACtac Americas LLC in Stow has a new owner, Japan-based LINTEC Corp.

Global private equity firm Platinum Equity sold MACtac Dec. 2 to the Tokyo maker of adhesive products for $375 million. Platinum Equity, which is headquartered in California, paid $170 million for MACtac in November 2014 to Wisconsin-based Bemis Corp.

MACtac’s roots go back to the 1959 incorporation of Morgan Adhesive Co. by the late Hudson entrepreneur and multimillionaire Burton Morgan, who died in 2003. In 1967, he founded the Burton D. Morgan Foundation, which continues to give out grants and awards intended to promote entrepreneurship.

The sale follows Platinum Equity decision to divest MACtac’s European division to Avery Dennison in August.

MACtac’s new owner LINTEC has operations in 15 countries.

MACtac makes and distributes pressure sensitive labels used in label printing, graphic design, packaging, digital imaging and more. It has operations in the United States, Canada and Mexico.

“MACtac’s success during our ownership is a testament to a strong partnership with the management team and a commitment to sustainable operational improvements and new product innovation,” Platinum Equity Partner Louis Samson said in a news release. “As a result, the company’s financial performance has been superb and the business is well positioned for continued growth and success.”

MACtac achieved steady top-line growth, healthy margins and dramatically improved earnings over the past two years, he said.

Bemis Co. bought out Morgan’s final shares in MACtac in January 2000 for $57 million, turning the Stow company into a wholly owned subsidiary. Bemis had been an investor in MACtac since its founding.

MACtac in May 2014 closed its Stow factory, which was attached to the corporate headquarters on Darrow Road and where 115 people worked. The factory was no longer cost competitive, the company said.

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ  on Twitter or www.facebook.com/JimMackinnonABJ

Snapchat: How the vanishing-photo app managed not to fade away

0
0

NEW YORK: Snapchat has managed to build something lasting out of photos that vanished almost instantly.

The fast-growing social network for millennials has come a long way since its founder Evan Spiegel dropped out of Stanford University in 2012, three classes shy of graduation. His goal at the time was to create a snappy way for people to send photos, videos and messages — all of which would disappear just 10 seconds after viewing.

Snapchat cut a sharp contrast to Facebook and other social networks, which encouraged people to share and share often — even those spontaneous moments they might come to regret the next morning or at the next job interview. Snapchat, by contrast, let people “show and share things that they do not want to last on the internet as a permanent record,” said Ira Kalb, a marketing and branding professor at the University of Southern California.

That feature, however, quickly associated the company with “sexting,” the sharing of sexually explicit photos through cellphone messaging. Had Snapchat done nothing else, it might have faded quickly itself, as such fads often do.

Instead, Snapchat showed a knack for evolving as its users did. It’s now a full-featured messaging service popular with millennials and big brands alike. It even rebranded as Snap Inc. and now calls itself “a camera company.”

Now it’s hoping to make itself into a big winner on Wall Street as well. According to news reports, Snap is readying for a public stock offering that could value the company at $20 billion to $25 billion. Snap declined to comment.

The company has worked hard to roll out new features so users don’t get bored.

“Stories” allows individuals and brands to create a narrative from messages, videos and photos from the past 24 hours. It’s so popular that Facebook’s Instagram now has a version of it, and Instagram just rolled out disappearing photos, too. A “Discover” section serves as a wide-ranging news section, featuring material tailored for millennials by a select group of publishers. “Lenses” lets people add different animated overlays to photos and videos.

Snap has an unconventional distribution strategy for Spectacles, $130 sunglasses that take video for sharing on Snapchat. You can’t just order one online. Rather, they have to find a vending machine or temporary store popping up with just 24 hours’ notice. So far, vending machines have showed up near the company’s headquarters in the Venice Beach section of Los Angeles, as well as in Big Sur, Calif., and New York.

Lines in New York stretched for hours when the machines first appeared.

Buckets of customers fill lines and parking lot at new KFC restaurant in Cuyahoga Falls

0
0

So, when it comes to munching on KFC chicken, are you an Extra Crispy or Original Recipe fan?

The customers flocking to the new KFC restaurant that opened this month on State Road in Cuyahoga Falls like both — but so far lean one way.

“I’m going to say original,” said Meiko Ozanich, a 45-year-old Hudson resident who stood in line Friday waiting to order lunch. “I just don’t like the really crispy ones. ... It really doesn’t matter. I pick the skin, anyway. It’s good, though.”

Steve Wagner’s taste went in the other direction.

“I just like the Extra Crispy,” the 65-year-old Cuyahoga Falls resident said as he prepared to order.

This was Wagner’s first time at this particular restaurant — he noted the only other nearby KFC for him is a bit of a drive away in the Portage County city of Streetsboro.

“I’m really glad they opened this one,” he said. “It’s a good thing. You can tell by the lines.”

The lines, both for people inside and in the outdoor drive-thru, have consistently been long — and that puts a smile on the face of Tony Lambos, co-owner of Kendall House Inc. The Massillon-based family business owns and operates 20 KFC restaurants in the area, including two in Summit County. The Falls KFC officially opened on Dec. 1.

“It’s going really well,” Lambos said. “This one [in Cuyahoga Falls] exceeded all of our expectations. ... We just unlocked the doors and in an hour we were packed.”

So far, the restaurant is cooking the equivalent of 500 whole chickens a day, not counting chicken tenders. For now, it has about 80 employees, mostly part-time, to handle the large lines of customers; KFCs typically have 30 to 40 employees.

Lambos, 34, is the third generation family member running Kendall House.

The Lambos family business got started in 1960 in a meeting with Col. Harlan Sanders, who in 1952 founded Kentucky Fried Chicken, now KFC. Sanders died in 1980 at the age of 90; his likeness is still used by the restaurant chain.

KFC, based in Lousville, Ky., is part of publicly traded Yum! Brands Inc. and has about 20,000 locations worldwide.

“My father [George Lambos] met Col. Sanders. They had a handshake and a deal,” Lambos said. “We got our franchise directly from Col. Sanders.”

That first franchise is still at its original location off Lincoln Way in Massillon. (It’s been remodeled several times over the decades.)

Kendall House acquired the rights to put a KFC in Cuyahoga Falls following a fallout several years ago between KFC and a previous franchise owner.

Lambos Investment, the real estate arm of the family business, purchased the property at 1792 State Road that formerly held Molly Brown’s Cafe to put up the new restaurant.

The Falls KFC makes use of the latest architectural design work, nearly identical to a KFC that Kendall House built in Wadsworth last year, Lambos said.

Kendall House anticipates building more KFC restaurants in Northeast Ohio but Lambos declined to provide specifics. The Cuyahoga Falls location fills a geographic void for fans of KFC, whose nearest option for Greater Akron customers had been in Springfield Township.

“We are in an expansion mode. We definitely are planning on more growth,” Lambos said. “It turns out Col. Sanders was the right guy to work with.”

As for which type of fried chicken the customers of the new Falls KFC like, so far people are leaning toward Extra Crispy than Original Recipe, Lambos said. Typically the split is close to 50-50, he said.

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ  on Twitter or www.facebook.com/JimMackinnonABJ

Local business notes — Dec. 11

0
0

COMPANIES

Kastner Westman & Wilkins LLC

The following attorney were named among the 2017 Ohio Super Lawyers: James P Wilkins, Bruce H. Fahey and Julie A Trout. The Ohio Super Lawyer is an attorney rating service designation based on peer recognition and professional achievement.

PEOPLE

Nan McClenaghan

The president and CEO of Goodwill Industries of Ohio joined the board of directors of ACRT, a utility vegetation management consulting company.

Susan M. Kornatowski

The North Royalton attorney was named to the Alumni Association Board for Case Western Reserve University School of Law.

OPENINGS

Camellone Italian American Cuisine

Michael Cammel has opened Camellone Italian American Cuisine in the former Barbaro’s restaurant at 4630 Cleveland Ave. NW, Canton. The restaurant will serve a variety of pizzas, calzones, strombolis, pastas and side dishes. American fare will include hamburgers and subs.

Local business calendar — Week of Dec. 11

0
0

Tuesday

Toastmasters Akron 151 — 6:30 to 8 p.m., Summa St. Thomas Hospital, 444 N. Main St., Akron. Information: Nick Lach, 330-205-6117, email nicholas.d.lach@gmail.com or http://151.toastmastersclubs.org.

Bridgestone Toastmasters Club — 11:45 a.m. to 12:45 p.m., Bridge­stone Americas Technical Center, 10 E. Firestone Blvd., Akron. Information: http://3315.­toastmastersclubs.org.

Northeast Ohio Business Alliance — 7:30 to 9 a.m., Real Estate Capital Partners, 8821 Freeway Drive, Macedonia. Information: edhopson@rcpfunding.com.

AmSpirit Business Connections, Fairlawn Chapter — 7:45-9 a.m., Acme Fresh Market No. 1, 1835 W. Market St., Akron. For information, call 330-835-4005 or email akronamspirit@yahoo.com.

Medina Business Network — 7:45-8:45 a.m., Buffalo Wild Wings, 5050 Eastpointe Drive, Medina. Information: info@medinabn.com.

International Referral Network, Greater Akron Chapter — 7:45 a.m., 12 E. Exchange St., Akron. Information: Michael Brink, 330-221-8576.

Akron Chapter NTMA Holiday Social — 5:30-8:30 p.m., Pub Bricco, 1841 Merriman Road, Akron. Free. For reservations, contact Brittany Belko at bbelko@ntma.org.

Wednesday

International Referral Network, Akron West Chapter — 11:45 a.m., Akron Family Restaurant, 250 W. Market St., Akron. Reservations required: Dan Keenan, 330-334-0533.

A.M. Akron Toastmasters Club — 8 a.m., Fairlawn Country Club, 200 N. Wheaton Road, Akron. Breakfast $6. Information: www.­amakrontoastmasters.com.

Cuyahoga Falls Toastmasters — 6:30 p.m., ComDoc offices, 220 Ascot Parkway, Cuyahoga Falls. Information: http://2878837.­toastmastersclubs.org.

Fairlawn Business Exchange Networking Group — 8 to 9 a.m., Panera, 3895 Medina Road, Bath Township. Information: email irakirsch@gmail.com or www.­businessexchangeinc.com.

What Happens After the Paycheck Stops? Preparing for the Unexpected and Living in Retirement — 11 a.m., Akron-Summit County Public Library, Green branch, 4046 Massillon Road, Green. 330-896-9074.

Community Job Club — 3-5 p.m., Record Publishing Co., 1050 W Main St., Kent. Offering free outplacement services for the unemployed and career management assistance to help the employed stay marketable. Information: www.communityjobclub.com.

ATHENA Akron “Members Only” After-Hours Reception — 4:30-6:30 p.m., Fairlawn Country Club, 200 N. Wheaton Road, Akron. Cost is $25. For more information, call 330-865-5900 or go to www.ATHENAAkron.org.

Thursday

Toastmasters in Green — Noon to 1 p.m., Acme Fresh Market, 3875 Massillon Road, Green. Information: email toastmaster.kim.kraj@gmail.com.

Business Network International, Green Initiative Chapter — 7:30 a.m., Cornerstone Church, 578 Killian Road, Springfield Township. Information: Jeremy Mantel, 330-575-7289.

Stark Community Toastmasters — 7:30-8:30 a.m., the Glass Tower at Belden Village, First Floor Conference Room, 4450 Belden Village St. NW, Jackson Township. Information: http://3342.toastmastersclubs.org.

Toastmasters Beacon Journal — Noon, Beacon Journal, John S. Knight Room, 44 E. Exchange St., Akron. Information: Will Christie, 330-996-3415.

AmSpirit Business Connections, Summit Business Network Chapter — 7:45-9 a.m., Bob Evans, 175 Howe Ave., Cuyahoga Falls. Free. Information: 330-835-4005 or email akronamspirit@yahoo.com.

T.E.E.M. (Together Everyone Earns More) — 7 to 8:30 a.m., Silver Lake Country Club, 1325 Graham Road, Silver Lake. Information: Pam Prowten, 330-715-4327.

Bath-Richfield Kiwanis — 6:30 p.m., Fellowship Hall, Grant Street and Broadview Road, Richfield. $8. Information: 330-819-0175.

Akron Executives Association — 11:30 a.m. to 1 p.m., TLC Catering Inc., 3204 Ridgewood Road, Copley Township. Reservations required: Tina Thelin, 330-247-2200.

Business Network International - Akron Winning Edge Chapter — 7 a.m., Freedman Chiropractic, 3624 W. Market St., Fairlawn. Information: Joe Scarpino, 330-745-0053 or http://www.bni-ohio.com.

International Referral Network - Fairlawn/Montrose Chapter — 11:45 a.m., Fairlawn Kiwanis Community Center, 3486 Smith Road, Fairlawn. Information: Jim Koewler, 330-659-3579.

Sojourner Truth Toastmasters — 6 p.m., Akron-Summit County Public Library, Main Library, 60 S. High St., Akron. For information, email ostroskit@gmail.com.

Friday

Business Network International, Aurora Borealis Chapter — 7:30 a.m., Our Lady of Perpetual Help Catholic Church, 342 S. Chillicothe Road, Aurora. Details: Keith Smith, 216-595-7900 or www.bni-ohio.com.

Akron Downtown Toastmasters — Noon, University Park YMCA, 477 E. Market St., Akron. Information: Tom Serle, 330-678-8930.


On The Moves — Week of Dec. 11

0
0

Fairway Independent Mortgage Corp.

Brenda Kelly was hired at the

Stow office.

Skoda Minotti

Brian Rice, Cooper Kolke, Jaime Noland and Colette Hounshell joined the firm as staff accountants. Justin Slaby joined as a senior staff accountant. Desiree Gordon joined as a lead generation specialist. Trina Custer joined as an administrative assistant.

Klein’s Pharmacy

Kate McDougal

was hired as

a pharmacist.

CT Consultants Inc.

Mark Mann was hired as traffic division manager.

Ask Brianna: How can my partner and I meld our money habits?

0
0

Q: I’m pretty frugal, but my partner is a big spender. How can we get on the same page?

A: I hear you. I’m frugal, too, sometimes annoyingly so: Nothing gives me more satisfaction than getting a week’s worth of leftovers from an enormous slow-cooker meal. But my partner is more spontaneous, and I remember feeling a flutter of anxiety early in our relationship when we went out to dinner twice in a single week. Who was I becoming?

Young adults are partnering up later, and we bring to our long-term relationships finely sculpted attitudes and approaches to money that can be hard to reshape. In 1965, the median age at first marriage in the U.S. was 22.8 for men and 20.6 for women, according to the U.S. Census. Fifty years later, it was 29.2 for men and 27.1 for women. Many of us now spend nearly a decade living independently, taking out student loans, using credit cards — often without a partner or spouse weighing in.

That can make combining finances with that special someone you met at Bonnaroo or on Tinder difficult, especially if your money quirks don’t line up. Here’s how to talk about it, and how to help your partner move from spending to saving.

Start with empathy

First, work to understand where your partner is coming from. Does he focus on near-term happiness over long-term security? Did she grow up in a financially strapped household where there was no savings strategy? Recognize the motivators behind the behavior so you can start a hard conversation from a place of empathy.

In the process of understanding your partner, evaluate your own relationship with money, too. Extreme penny-pinching can be problematic if you’re unwilling to replace broken items around the house or you’re unable to live in the present. Your partner will appreciate that you bring that awareness to the conversation.

Next, make a plan to discuss the issue “in a spirit of teamwork and non-judgment,” says Katie Bossler, a Detroit-based financial wellness expert at nonprofit credit counseling agency GreenPath Financial Wellness.

Take a few deep breaths and open the discussion with something as simple as, “I’d like to have a conversation about our finances,” she says. Together, choose a place and time that will foster a sense of calm and security for both of you during the talk.

Common goals

Once you’ve started the conversation, explain how you see your current financial position and how you’d like it to change in the future. You can calmly express how you think your partner’s spending is affecting your goals, but avoid accusations or pointing out specific examples of overspending if they won’t be constructive.

Here’s a potential script: “We’ve talked about taking a trip together next summer. But without any emergency savings, I feel it wouldn’t be wise to make a big purchase like that. Can we talk about setting up a savings plan so we’re in a better position to go on a fun vacation?”

Redirecting your partner’s attention to savings might get a warmer reception than trying to place a moratorium on shopping. In addition to a vacation, money for holiday gifts can be another big motivator, Bossler says. So can a fund for a down payment on a house.

Accountability also can help build a savings habit. Consider opening a joint savings account you’ll each contribute to; you can add either a flat amount or a percentage of your paycheck. Your partner might relish watching the balance grow month after month.

Even if you’re unsure whether your partner is “The One,” you also should factor in retirement savings. According to a recent NerdWallet report, a third of survey respondents currently in a relationship weren’t saving for retirement at all. Talk about how you’d like to build a life you’ll enjoy when work is behind you. Then sign up for that 401(k) or set up an individual retirement account. After all, supporting each other in making healthy choices can only strengthen your relationship — for today, and if all goes well, for those far-off retirement years.

NerdWallet columnist Brianna McGurran offers advice on personal finance issues important to millennials and others who are starting out on their own. Send questions to bmcgurran@nerdwallet.com.

Time to set limits: Business owners suffer tech overload

0
0

NEW YORK: Three years into being a business owner, Becky Davis knew she needed to break the hold technology had on her.

Davis, a marketing and management consultant to other small business owners, was so immersed in emails, texts and social media that she was getting only four or five hours of sleep a night and her husband said he felt invisible. It also hurt her productivity — she’d get distracted reading people’s posts and realize she’d lost two hours of work time.

“If you don’t set some rules, guidelines and put some technology boundaries in place on using your phone, tablet or computer, they will run your life and can very well ruin your life,” said Davis, who’s based in Douglasville, Ga.

Many small business owners in tech overload are putting limits on how much time they spend on ever-growing modes of communication. For some, the antidote is more technology, such as apps or programs that filter emails. Others go low-tech, simply turning their devices off. Some tell clients they’re just not available to answer emails and texts at night and on weekends.

Davis now schedules time for social media posting and leaves her computer in another room at night. When she’s out to dinner with her husband, she doesn’t check email.

For small business owners passionate about their companies, their dedication makes it hard to say no to the email or text that arrives at 10 p.m. The tipping point for many has been the explosion of social media sites that have some owners reading hundreds of posts each day, says Patricia Greene, an entrepreneurship professor at Babson College in Wellesley, Mass.

“There are so many streams to manage,” she said.

Overload during work hours can also be a problem, Greene says. Owners who get bogged down answering emails and social media posts rather than spending time on strategy can see their work days lengthen.

Justine Pattantyus has turned off most notifications, including email and Facebook alerts. The constant interruptions prevented her from focusing on doing work for the clients of her management consulting business.

“How much time I was losing to responding constantly to those outside influences!” said Pattantyus, owner of Spark Life International.

Aaron Norris says he’s slowly gotten rid of his laptop at home for work after finding he was reading emails at 5:30 a.m. and spending time in the evening sorting through emails that he estimates were 80 percent spam. Norris, a vice president at his family’s Riverside, Calif.-based real estate business, The Norris Group, has also cut back on time spent on email at work and no longer tries to read every social media channel.

“There has to be some peace or I just feel frayed by the end of the day,” he says.

Six ways to keep phone charges low during international travel

0
0

It’s a surefire way to dampen the holiday cheer: Spend a week on a dream vacation abroad, then come back to find an additional several hundred dollars on your cellphone bill.

Although some U.S. phone plans cover international travel, especially to Canada and Mexico, many don’t. Leaving your phone off isn’t practical these days. But you don’t have to pay a fortune if you follow these tips. You might find some of these steps annoying, but they’re surely less painful than an unexpected data bill. Start planning well before you leave.

• Get a plan abroad: This is the most economical choice, but also the least practical for many people because your carrier may disallow you from temporarily using another carrier’s plan. But this route gives you a lot of data at competitive prices. Just visit a kiosk at the airport when you arrive, or stop by a cellphone or convenience store in town. You’ll be assigned a phone number for that country, though, so friends and family will need that to call or text. If you’re visiting multiple countries, you’ll need a separate local plan for each.

• Step up your U.S. plan: Check with your carrier on an international package. .

You might find this adequate for emergencies, such as when you need directions back to the hotel. Use your hotel’s Wi-Fi as much as possible; your Insta­gram pictures can wait, especially if your friends are asleep anyway.

This option is good for multicountry trips. You can still get a local plan for the country where you’ll spend the most time.

• Turn off cellular data: Turn off “Cellular Data” under the “Cellular” settings on iPhones, or “Mobile data” on Android (the location in the settings varies by device). Then, turn it back only when you need to use it.

• Limit data use: Even if you have cellular on just briefly, tons of data-hungry messages could still flood in while the gate is open. To prevent that, you can prevent apps from using cellular data at all.

On iPhones, go to “Cellular” in the settings, then turn off as many items as possible in the list of apps. Also turn off “Wi-Fi Assist.”

On most version of Android, turn on “Restrict background data” to blocks apps from using cellular data while running in the background.

• Download before trip: Get and set up apps for museums and other places you’re visiting before you leave home or the hotel. Using the apps will consume data, but not as much as starting from scratch.

Likewise, download map data for Google Maps ahead of time. You can get driving directions and basic information on businesses without a data connection. The offline mode isn’t meant for walking directions.

You can also download any video you’ve bought or rented through iTunes, Amazon or Google Play.

• Track your usage: Check the settings regularly to see how much data you’re using and adjust accordingly. On iPhones, check “Current Period Roaming” in the “Cellular” settings. Hit “Reset Statistics” at the start of your trip. On Android, check “Data usage.” Android also keeps track of which apps use how much data, so you can identify culprits more easily. These are estimates, though and your phone company might measure differently.

Affordable Care Act: Long-term future uncertain, but first round of open enrollment for 2017 insurance ends Thursday

0
0

Kris Riley is an Obamacare evangelist.

The 50-year-old Coventry Township woman spreads the word about how the president’s defining domestic achievement — Obamacare, officially known as the Affordable Care Act or the ACA — unexpectedly changed her life by providing health insurance. And now she worries she could lose it if President-elect Donald Trump makes good on a campaign promise to repeal the ACA.

More than 10 million Americans like Riley now buy insurance through the government exchanges, which are open for 2017 enrollment now. Health experts say those who depend on the insurance should sign up because it’s unlikely anything will immediately change.

Thursday marks the deadline to sign up if you need coverage to begin Jan. 1. Anyone without insurance who misses that deadline can enroll by Jan. 31 to avoid the federal penalties, but their health insurance won’t begin until later in the new year.

Trump has said he’d like to sign legislation repealing the ACA soon after his Jan. 20 inauguration. But that’s unlikely.

It probably will take months for Congress to act. Republicans, who will control Congress, also have discussed giving the law’s beneficiaries a transition period of a year or more as they phase out Obama’s law and introduce what they say will be a replacement.

Cutting off funding immediately would leave millions of people uninsured.

In Ohio, 212,000 bought health insurance this year through the ACA exchanges.

Riley is among 174,448 of those who received, on average, a $250 monthly tax credit to defray the cost. Anyone who earns too much to receive Medicaid but less than 400 percent of the poverty level set by the federal government is eligible for the help paying their premium.

Riley said she never guessed she would qualify. She, like many others, only found Obamacare when she ran out of health care options.

Cure for uninsured

Riley’s story starts about a decade ago when the internet shopping trend began eating into the profits of her husband Mark Riley’s longtime brick-and-mortar business, Wear to Go, a clothing store in Arlington Plaza.

At the same time their business profits were dropping, the price of the couple’s health insurance was going up, swelling from about $200 to $900 a month. Unable to afford it and in good health, they canceled their policy in 2012, Kris Riley said.

Months later, Kris Riley had emergency surgery to remove her gallbladder, which was filled with 184 stones.

While she was in the hospital, she developed C. difficile — a bacterial infection that causes life-threatening diarrhea — and spent most of the next year hospitalized. Riley said her bill was $980,000.

The hospital, which she blames for the infection, waived about $900,000. A group that helps those who can’t pay hospital bills took care of the rest. But Riley — who is 5 feet 11 inches tall and weighed 90 pounds after her infection — had ongoing health issues. Among other things, the C. difficile zapped so much of her bone density she needed part of the bone structure in her mouth rebuilt, her teeth extracted and dentures.

Riley’s husband was able to buy a policy for himself for about $400 a month. But no one wanted to insure her, Riley said, because C. difficile can impact your health for the rest of your life.

Desperate, she turned to AxessPointe Community Health Center for help. The nonprofit group in Akron, Barberton and Kent provides on-site health services to those who cannot afford them. It also helps people sign up for health insurance through the Affordable Care Act.

Riley filled out an application, hoping AxessPointe would provide free or reduced-cost dentistry. She was stunned, however, when a counselor told Riley she qualified for federally subsidized insurance and that she couldn’t be denied because of a pre-existing condition.

With a monthly government tax credit, insurance for both Riley and her husband was cheaper — $164 a month — than what Mark Riley was paying only for himself, she said. Plus the insurance plan covered co-pays for drugs and with less out-of-pocket expenses, Riley said.

“When I went home, I showed my husband the plan and said we were both insured,” Riley said. “We were amazed.”

What’s next?

While Trump has vowed to repeal and replace predecessor Barack Obama’s health care law, his plan for a replacement is entirely unclear.

Cynthia Cox, associate director of health reform and private insurance for the Kaiser Family Foundation, said last week that it’s likely a popular provision in the ACA will continue: Allowing those 26 and younger to remain on their parents’s health insurance.

But parts of the law — particularly those aimed at providing insurance to those with pre-existing conditions — could be upended.

“President-elect Trump wants those people covered, but I’m not sure how that will look because a lot of Republican lawmakers are opposed to the individual mandate,” Cox said, referring to a part of the law that requires every American buy health insurance or face an annual penalty of $695 or more.

The individual mandate forces the young and healthy — often those who forgo health insurance — to join the pool, offsetting the cost of insuring older people and those with health problems.

Cox said there are options beyond the individual mandate, like state-run high-risk pools where people who have had cancer or other pre-existing conditions could still buy insurance. But those pools are expensive and have a history of not being well-funded, she said.

Another big question is Medicaid.

Ohio and 30 other states expanded Medicaid under the ACA, allowing single, working-age adults without children to qualify for coverage. Under the ACA, the federal government pays 100 percent of Medicaid costs for newly eligible beneficiaries, but that number gradually drops to 90 percent in 2020.

Medicaid expansion has covered more than 1 million uninsured poor people in Ohio. More than half of those have received mental health or addiction services. About 10 percent of everyone covered had “severe mental illness,” state records show.

Trump, as part of his plan to replace the ACA, has suggested the federal government send lump sum grants to states to spend on Medicaid programs however they wish.

Critics immediately suggested the block grants likely wouldn’t equal the dollars spent on Medicaid expansion under the ACA.

But others suggested health care could improve if states had the ability to use the grants however they wanted, tailoring them to the unique needs of their populations.

Ohio health officials last week declined to speculate on what could happen after Trump takes office.

But some who work with people who have been helped by the ACA fear for their future.

ACA’s benefits

“I love my job,” Lori Jensen said Tuesday sitting behind a table at the Ohio Means Jobs office on East Tallmadge Avenue.

Jensen is one of the enrollment counselors at AxessPointe who help people sign up for health coverage under the ACA. She was at the Summit County jobs site in case anyone wanted information about ACA health plans during open enrollment.

“I can’t tell you how many people come back and tell us we’re angels,” she said.

Jensen told a story of a middle-aged woman she helped find insurance. The woman, Jensen said, had a small mark on her face where one of her eyes met her nose.

A few months later, the woman returned to thank Jensen. This time, an incision stretched from the tiny mark on the woman’s face, up through the center of her forehead and into her hairline.

“After the woman had insurance, she went to the doctor and was diagnosed with cancer,” Jensen said. “The woman said this saved her life.”

This is the fourth year Jensen has helped enroll people for insurance under the ACA and there are changes every year. Some of the people she first helped with insurance return to her year after year, she said.

Kris Riley is among them. Since having insurance, she’s had dental work to restore her smile and outpatient surgery on a painful knee.

She said her husband turns 65 next year and, after a lifetime of working seven days a week, he can retire and go onto Medicare.

“But I don’t know what’s going to happen to me in 2018,” she said. “I’m very worried. My biggest fear is going back to having no insurance.”

The Associated Press contributed to this report. Amanda Garrett can be reached at 330-996-3725 or agarrett@thebeaconjournal.com.

Chipotle founder Ells takes over as sole CEO

0
0

NEW YORK: Chipotle Mexican Grill named founder Steve Ells as its sole CEO on Monday as the burrito chain keeps trying to recover from a series of food scares that has driven customers away.

Ells had been co-CEO with Monty Moran, who is stepping down from that position and from his seat on the board of directors, and will retire from the company in 2017. Ells, who founded the company more than 23 years ago, will remain chairman of the board of directors.

“The board and Monty and I talked about the need to have one CEO, one voice, and a very focused approach,” Ells told The Associated Press on Monday.

Moving to one chief executive is “about stripping away” things that are getting in the way of the business and, in general, complicating what is a “very simple idea,” Ells said.

The changes at the top come as Chipotle’s sales and customer traffic still have not recovered, more than a year after an E. coli outbreak first surfaced in 2015. Since then, activist investor Bill Ackman’s Pershing Square Capital has taken a nearly 10 percent stake in the chain.

Chipotle shares rose more than 2 percent in afternoon trading, but have lost about 38 percent of their value since the E. coli outbreak surfaced.

The company has publicized changes to its food safety procedures, given away millions of free burritos, launched a temporary loyalty program and added chorizo to its menu, all to win back customers. But the worry is that customers may have simply gotten in the habit of going elsewhere.

At an analyst conference on Dec. 6, Ells noted that sales were still down 19 percent and have been recovering at a rate of about 1 percent per month over the past 10 months. Still, he noted sales were uneven and that it was difficult to predict.

Canaccord Genuity restaurant analyst Lynne Collier said after comments from Chipotle management at that conference, including “nervousness” about its 2017 guidance given in late October, the firm was being more conservative about the company’s stock.

“Consumers now have a plethora of fast casual brands to choose from and Chipotle (perhaps) is no longer in the rotation for some consumers,” Collier wrote in a note on Wednesday.

Chipotle has been working to improve its customer service, with better training for employees. In the last six months, Chipotle has said that it attracted 33 million new or one-time customers that had stopped coming to its restaurants.

Ells said he will work on tying employee incentives more closely with customer experience.

Chipotle Mexican Grill Inc. shares rose $6.49, or 1.8 percent, to $376.46.

Lockheed falls as Trump tweets that F-35 program is costly

0
0

Associated Press

NEW YORK: Shares of Lockheed Martin fell Monday, wiping out nearly $4 billion of the company’s market value, as President-elect Donald Trump tweeted that making F-35 fighter planes is too costly and that he will cut “billions” in costs for military purchases.

Trump didn’t mention any specific company in his tweet, but Bethesda, Maryland-based Lockheed makes the F-35 one-seat fighter aircraft and is a major U.S. defense contractor.

The F-35 program made up 20 percent of Lockheed’s total 2015 revenue of $46.1 billion. And U.S. government orders made up 78 percent of its revenue last year. The F-35 program directly or indirectly supports more than 146,000 U.S. jobs, according to the company’s website .

In a statement Monday, Lockheed said that it has worked to lower the price of the F-35 by more than 60 percent and said it expects the aircraft to cost $85 million in 2019 and 2020.

“We welcome the opportunity to address any questions the president-elect has about the program,” said Jeff Babione, general manager of the F-35 program. “It’s an amazing program.”

This is the second time in a week that Trump has blasted U.S. aircraft spending. Trump tweeted last week that costs to build new presidential planes by Boeing Corp. were “out of control” and ended the tweet with “Cancel order!”

Lockheed Martin Corp. shares fell $12.43, or 4.8 percent, to $247.10 in midday trading Monday.


National Interstate Insurance Company announces some senior personnel changes

0
0

National Interstate Insurance Company of Richfield has announced some senior personnel changes.

George Skuggen has been promoted to senior vice president and Steve Blankenship has been hired as vice president, passenger transportation.   

In his new role, Skuggen will oversee National Interstate’s Truck and Environmental, National Accounts and Passenger Transportation products. He previously served as National Interstate’s vice president of truck and environmental. Prior to joining National Interstate, he held key leadership positions at several insurance companies including Westfield, CNA and Progressive.

Skuggen earned a Bachelor of Science in Finance from Miami University. In addition, he holds a Chartered Property and Casualty Underwriter (CPCU) designation.

Blankenship will oversee all passenger transportation insurance products while utilizing his extensive underwriting background to uncover additional business opportunities. 

He has over 17 years of industry experience, most recently serving in a management role for AIG.

Blankenship graduated from The University of Akron with a Bachelor of Science in Marketing and Management and is also a Certified Insurance Counselor (CIC), Certified Risk Manager (CRM) and Certified Workers’ Compensation Advisor (CWCA)

Application window open for two PUCO vacancies, including Lynn Slaby's term

0
0

The Public Utilities Commission of Ohio is seeking applications for two commissioner vacancies, including one currently held by a former Copley Township politician.

The two vacancies include one for the remaining three years of a term, which will end on April 10, 2020, and the other is for a five-year term beginning April 11 of next year currently held by Commissioner Lynn Slaby.

It is unknown if Slaby, a former Summit County prosecutor, 9th District Court of Appeals judge and state representative, will be applying for re-appointment. Messages were left with Slaby at his home in Copley Township and at his PUCO office in Columbus. PUCO spokesman Matt Schilling said Slaby has not indicated if he will be re-applying.

Slaby was first appointed to a five-year term in 2012..  

The other opening will fill the vacancy of Commissioner Howard Petricoff, effective Dec. 31. Petricoff submitted his resignation a day after an Ohio Senate panel rejected his appointment, saying he had represented so many energy companies that he needed to recuse himself from many cases. 
    Petricoff, a Columbus Democrat, was the only member of his party on the PUCO. 
Applications for the vacancies must be delivered to the PUCO Nominating Council no later than 5 p.m. on Jan. 12. The committee will then choose four people to submit to Gov. John Kasich for appointment.

 

Business news briefs — Dec. 13

0
0

HEATING/COOLING

Jennings marks 85 years

Jennings Heating & Cooling will commemorate its 85th anniversary with an open house from 9 a.m. to 6 p.m. Friday at 1671 E. Market St. in Akron.

The celebration will include light refreshments and a gallery of 1930s photos of Akron landmarks. Door prizes will be given to all attendees, with a chance to win up to $500 in gift cards or giveaways.

INSURANCE

New National Interstate roles

National Interstate Insurance Company of Richfield has promoted George Skuggen to senior vice president and hired Steve Blankenship as vice president, passenger transportation.

In his new role, Skuggen will oversee National Interstate’s Truck and Environmental, National Accounts and Passenger Transportation products. He previously served as National Interstate’s vice president of truck and environmental.

Blankenship will oversee all passenger transportation insurance products

He has over 17 years of industry experience, most recently serving in a management role for AIG.

SMALL BUSINESS

Canton SCORE awards

The Canton Regional Chapter of SCORE recognized four small businesses of the year Dec. 6 at its annual recognition lunch at Kent State University at Stark.

Honorees included Independent Elevator Company of Canton; Kawaii Klips, a mobile pet grooming service; Warrior Beat, a nonprofit operated by veterans who assist other veterans; and ReZist, a personal fitness training outfit.

State seeks hosts for interns

The Ohio Development Services Agency is seeking companies interested in exporting their products into international markets to work with the Ohio Export Internship Program.

The program matches companies with highly-motivated college students who have taken export-focused coursework. This year, 50 students from 12 different Ohio universities have been selected to participate in the program.

Participating small to medium-sized businesses receive a 50 percent reimbursement for the wages of the intern.

The deadline for companies to apply is March 1. The summer internship runs from May 16 through Aug. 11. Companies can apply at eip.development.ohio.gov.

LAWN CARE

Scotts acquires tech interests

The Scotts Miracle-Gro Company on Monday announced it has acquired two technology companies.

The Marysville company’s acquisitions include Blossom, a maker of smart water controllers based in Irvine, Calif, and PlantLink, a line of soil sensors and smart water valve systems based in Urbana, Ill. Terms were not disclosed.

RESTAURANTS

Chipotle founder to go solo

Chipotle Mexican Grill on Monday named founder Steve Ells as the sole CEO of the burrito chain as it fights to recover from a series of food scares.

Ells had been co-CEO with Monty Moran, who is stepping down from that position and from his seat on the board of directors. Moran will retire from the company in 2017.

The change at the top comes as Chipotle’s sales and customer traffic continue to suffer more than a year after an E. coli outbreak first surfaced in 2015.

ENERGY

$1 billion venture forming

Some big names with big money have jumped into the alternative energy race.

The Breakthrough Energy Coalition, which counts among its members Bill Gates, Mark Zuckerberg, George Soros, Saudi Arabia’s Prince Alwaleed bin Talal, Alibaba’s Jack Ma and Richard Branson, on Monday announced a $1 billion investment fund to support new energy ventures.

Compiled from staff and wire reports.

With Fed expected to announce rate increase, attention turns to what it says

0
0

WASHINGTON: There isn’t much doubt about what the Federal Reserve will do when its latest policy meeting ends Wednesday: It’s all but certain to raise its benchmark interest rate — its first increase in a year.

The real anticipation surrounds what Fed officials may or may not say about the pace of future rate increases against the backdrop of Donald Trump’s election.

Will they signal that they expect to raise rates very gradually in the coming year? Or will they say the risk of high inflation resulting from Trump’s tax and spending plans may require accelerated rate increases?

On this, economists and investors agree: The Fed will raise its key rate by a modest quarter-point to a range of 0.5 percent to 0.75 percent — a move that will likely lead to slightly higher rates on some consumer and business loans. The Fed last increased rates last December, when it raised its benchmark rate from a record low set at the depths of the 2008 financial crisis.

“Never has the Fed telegraphed a rate hike as thoroughly as this one,” said David Jones, chief economist at DMJ Advisors.

Yet how the Fed will devise its rate policies in light of Trump’s policies isn’t clear and might not be clear even after it issues a statement and Chair Janet Yellen holds a news conference Wednesday.

Wall Street, for its part, has already signaled its response to Trump’s election: Investors have sent stock prices surging to record highs and driven up longer-term rates in anticipation that Republican control of the White House and Congress will allow Trump to cut taxes, ease regulations and accelerate infrastructure spending. Many appear to think those actions, in turn, will increase economic growth, inflation and corporate profits.

Some Fed watchers expect faster growth to cause the central bank to shift its focus from trying to energize the economy to considering ways to counter the risk of too-high inflation. On that assumption, some are revising their forecasts for Fed rate increases in 2017.

Before Trump’s victory, the consensus view was for two Fed rate increases next year. Now, some say they foresee three or possibly up to four hikes. The expectation for higher rates in part reflects a job market that has vastly improved, with the unemployment rate at a nine-year low of 4.6 percent.

“I think the rate hike this week will be the start of a series of rate hikes,” said Mark Zandi, chief economist at Moody’s Analytics. “Financial markets are buoyant after the election, the economy is very close to full employment and inflation is moving toward the Fed’s 2 percent target. All the conditions are in place for higher interest rates.”

Other analysts suggest that the ever-cautious Fed will be slow to announce any major policy shifts. For one thing, Trump’s economic program still must win congressional approval and could undergo significant change along the way.

In her only public remarks since Trump’s election, Yellen told a congressional committee last month that Fed officials will be monitoring Congress’ actions and “updating our economic outlook as the policy landscape becomes clearer.”

Other Fed officials have endorsed that wait-and-see approach. As a result, when the Fed updates its quarterly forecasts Wednesday, it may indicate little change from its most recent projections in September. Three months ago, the collective forecast of Fed officials was for two rate increases in 2017.

Redstone firm calls off CBS, Viacom merger proposal

0
0

ATLANTA: Media mogul Sumner Redstone’s National Amusements is abandoning a proposal that CBS and Viacom reunite after a 10 year split.

National Amusements, which owns most of the voting shares of the two companies, had urged the companies to combine in September, saying that a tie-up would help them compete better as technology and the entertainment industry rapidly evolve.

Now, the company, run by Redstone and his daughter Shari, says that following management changes at Viacom and strength at CBS, which operates CBS, Showtime and other entities, it makes more sense for the companies to continue as separate entities.

Viacom, which owns the Paramount Pictures movie studio and pay TV channels such as Comedy Central, MTV, BET and others, has been struggling to improve its profit as Paramount has struggled to produce hits and cable viewership declines.

Viewing all 14206 articles
Browse latest View live


Latest Images