LOCAL BUSINESS
Canton online firm is sued
The Ohio Attorney General’s office is suing a Canton-based online business, saying it failed to deliver products that consumers had purchased.
The lawsuit filed against Pro Audio Video Inc. and its owner, Michael E. White, charges the business and owner with two violations of the Consumer Sales Practices Act: failure to deliver and failure to disclose material terms and conditions in advertisements.
Pro Audio Video, based at 1620 30th St. NE, sold sound systems, band equipment and Halloween costumes, using multiple websites and names, the AG’s office said.
Hundreds of consumers nationwide may have been affected, according to the attorney general’s office. People complained that they had not received goods weeks after placing orders and were unable to get refunds, the state said.
$1 million federal grant
The Ohio Department of Family Services has received more than $1 million in a federal grant to expand database work to help with workforce development.
The money from the U.S. Department of Labor will be used to link workforce data with education data to improve employment and training programs.
The grant provides funding for three years. Five other states also received similar grants.
Worker safety project
A division of the U.S. Department of Labor is renewing an agreement with two Ohio entities to provide assistance and information to companies on worker safety and health.
The Occupational Safety and Health Administration’s agreement is with the Ohio Bureau of Workers’ Compensation and the Council of Smaller Enterprises.
The agreement involves what is called the Alliance Program involving member companies of the Council of Smaller Enterprises and is aimed at developing effective safety programs.
Ohio fuel use studied
Electric vehicles in Ohio travel as far on $1.12 in electricity as a similar vehicle drives using a gallon of gasoline, according to a new federal calculator.
The Energy Department has launched “eGallon” that allows people to compare the cost of recharging electric vehicles to refueling with gasoline in their state. The website, energy.gov/eGallon gives the latest prices for each state. The price varies from state to state based on the cost of electricity in each state.
ACQUISITIONS
Tire financing questioned
Apollo Tyres Ltd., which lost a quarter of its market value yesterday after announcing the biggest takeover by an Indian company in the U.S., will sell junk bonds to fund the $2.5 billion purchase, prompting analysts to warn the debt will strain the tiremaker’s finances.
The tiremaker opted to finance its purchase of Cooper Tire & Rubber Co. of Findlay using bonds “because it gives us great flexibility,” Sarkar said.
The borrowing will more than double Apollo Tyres’ debt to equity.
REAL ESTATE
Mortgage rates rise again
Fixed U.S. mortgage rates rose for the sixth straight week, putting the average rate on the 30-year loan just shy of 4 percent.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan increased to 3.98 percent. That’s up from 3.91 percent last week and the highest since April 2012. The average rate was last at 4 percent or higher in March 2012.
The rate on the 15-year loan advanced to 3.10 percent from 3.03 percent. That’s also the highest since April 2012.
Compiled from staff and wire reports