LOCAL BUSINESS
Walsh aids entrepreneurs
Walsh University said it partnered with the Stark Entrepreneurship Alliance (SEA) to provide resources for entrepreneurs.
The alliance brings together a group of organizations including the Canton Regional Chamber of Commerce, JumpStart Inc., the Small Business Development Center at Kent State University Stark, Stark Development Board, Stark State College, Technology Accelerator Alliance, University of Mount Union and a group called ystark! The SEA is supported by the Stark Community Foundation and an AEP Local Economic Assistance Program grant.
Its website is www.starkentalliance.com/.
Hotel planned for Carrollton
A New York-based firm announced plans to build a $5.2 million, 83-room hotel in Carroll County in the heart of Ohio’s Utica shale boom. The announcement came from Drill Capital LLC, an alternative asset manager focused on investments in the North American energy sector.
The three-story hotel, to be built in Carrollton, is scheduled to open in second quarter 2014. It will be built under the Wyndham Hotel Group portfolio brand.
The company said the deal capitalizes on the rising demand for lodging accommodations in the Utica shale, a key energy production hub, for oil and gas workers, engineers and travelers.
It also marks the growth of Drill Capital, founded by former Ospraie Management energy analyst Farid Guindo.
The company is eyeing a second hotel at Caldwell in Ohio’s Noble County, another Utica shale county.
Leader joins local initiative
The Youngstown Business Incubator’s chief operating officer, Barb Ewing, has been elected as a co-chairwoman of what is called the TechBelt Initiative, a tri-state effort to revitalize and modernize the regional economy. Ewing will stay in her current position at the incubator. Her new role at the initiative is voluntary, she said in an email.
Ewing replaces Eric Planey, formerly of the Youngstown/Warren Regional Chamber, who left earlier this year for a job in New York. The TechBelt region is identified as Ohio, Pennsylvania and West Virginia.
It aims at regional collaboration among private industry, nonprofit organizations and universities, aimed at building a technology and knowledge-based economy.
REAL ESTATE
Interest rates continue to rise
Average interest rates on fixed mortgages rose for the second straight week amid some signs of economic strength. Still, rates remain near historically low levels.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 4.35 percent from 4.16 percent last week. That’s the highest level since Sept. 19, when it was 4.50 percent. The average on the 15-year fixed mortgage rose to 3.35 percent from 3.27 percent. The rates, though, are at their lowest levels in four months.
WALL STREET
Dow sets another record
The Dow Jones industrial average gained 54.59 points, or 0.4 percent, to 15,876.22, while the Standard & Poor’s 500 index added 8.62 points, or 0.5 percent, to 1,790.62. Both were record highs.
The Nasdaq composite edged up 7.16 points, or 0.2 percent, to 3,972.74.
Network equipment maker Cisco Systems plunged after predicting a slump in sales, pulling other large technology companies down. Cisco sank $2.63, or 11 percent, to $21.36.
Compiled from staff and wire reports