LOCAL BUSINESS
Print shop moving to Akron
The Akron City Council approved plans this week for a new print shop that will go into the vacant former post office on Copley Road.
Repros Inc. plans to move its headquarters, and 12 jobs now based there, from North Canton to 1518 Copley Road. The company has a large color division that provides graphics and signs and an engineering division that supplies documents like blueprints.
Lou LaGuardia, the owner of Repros, said the company plans to move to the new location by the end of 2014.
The company had hoped to install a high-rise sign visible to the interstate, but backed off the idea when city planners recommended against it.
Councilwoman Marilyn Keith thanked Repros for moving to Akron and said this area of Copley Road “needs attention.”
“Anything you do here will be a bonus,” she said.
ECONOMY
Job advertisements increase
Employers advertised the most job openings in more than five years in October, and the number of people quitting also reached a five-year high. The figures are an encouraging sign for the unemployed.
The Labor Department says job openings rose 1 percent to a seasonally adjusted 3.93 million. That is the highest figure since March 2008, three months after the Great Recession began.
And the number of workers who quit rose 2.5 percent to 2.39 million, the most since October 2008. A rising number of workers quitting can signal a healthy job market, because it means most of these people likely either have a new job or are confident they can find one.
Total hiring, though, slipped 2.6 percent to 4.5 million after reaching a five-year high in September.
Dow Jones falls 52 points
The S&P 500 dropped 0.3 percent to 1,802.62 in Tuesday trading. The gauge had closed at a record 1,808.37 on Monday.
The Dow Jones industrial average fell 52.40 points, or 0.3 percent, to 15,973.13.
End to stimulus predicted
The vast majority of business economists believe the Federal Reserve will begin to pull back on its massive economic stimulus program in the first three months of 2014, according to a November survey done by the National Association of Business Economists.
The survey also showed a majority of economists believe the United States’ economic recovery will accelerate next year.
The association surveyed 51 economists between Nov. 8 and Nov. 19 and found that 62 percent of respondents believe the Fed will pull back on its bond-buying program in the first quarter of 2014. Another 30 percent believe the Fed will begin to reduce its bond buying in the second quarter of 2014.
EXECUTIVE SUITE
Walmart promotes CEO
Wal-Mart Stores Inc. is promoting David Cheesewright to president and CEO of its international business.
Cheesewright, 51, succeeds Doug McMillon, who last month was named the next president and CEO of the world’s biggest retailer. McMillon succeeds Mike Duke.
Cheesewright serves as president and CEO of Walmart’s Europe, Middle East and Africa and Canada region. Other posts he’s held at the retailer include serving as COO of Walmart Canada and Asda, its U.K. operations.
Walmart said Tuesday that it will name Cheesewright’s successor at a future date. Cheesewright will report to McMillon. Both start Feb. 1, 2014.
ADVERTISING
Chobani has Super Bowl ads
Chobani says it will air its first Super Bowl ad this February, a move intended to make the Greek yogurt company more of a household name.
The debut on advertising’s biggest stage comes as Greek yogurt continues to surge in popularity. Known for its thick texture and tart taste, Greek yogurt now accounts for more than a third of the U.S. yogurt market, up from just 1 percent in 2007, according to a report by Bernstein Research.
And the figure is expected to top more than 50 percent in coming years. Chobani is the market leader, but says only about a third of Americans are familiar with its brand.
Compiled from staff and wire reports