TheSunNews.com: Business

Myrtle Beach's sales tax hits mark

Tue, 10 Nov 2009 23:15 EST

Myrtle Beach received its first collections from the 1 percent sales tax for tourism promotion this week and got a pleasant surprise.

Budget Director Michael Shelton had estimated the tax would generate $1.98 million in August, and the check from the S.C. Department of Revenue totaled $1,987,891.84 -- which includes $400 interest and is $4,119 more than Shelton estimated.

"You're scary-accurate," Councilman Wayne Gray told Shelton when he announced the check at Tuesday morning's council workshop.

Coastal Business | New leader named at New South

Tue, 10 Nov 2009 21:11 EST

Coastal Business

CONWAY

New leader named at New South

Workers wrestle with flu sick days

Tue, 10 Nov 2009 23:15 EST

For under-the-weather workers, the decision to stay home or push through a day at the office always has been a hand-wringing one. Now, concerns over H1N1 flu, coupled with a lean economy, are putting workers' sick-leave dilemmas under the microscope.

"Since the recession started ... it's been a more heated issue of workers really having to protect their jobs and needing to make sure they're in the office," said Tom Gimbel, chief executive of The LaSalle Network, a recruiting and staffing firm. H1N1 means that "more than ever, employers are saying now, 'If you're sick, don't come in, because it's so contagious.'"

While many businesses might not be changing their official sick-leave policies, they are taking steps to deal with H1N1, also known as the swine flu, and potential absenteeism.

Dodd urges powers to ward off crash

Tue, 10 Nov 2009 23:15 EST

Senate Banking Committee Chairman Christopher Dodd on Tuesday called for sweeping new government powers to prevent another economic collapse, protect consumers and dismantle failing institutions.

Dodd's 1,100-page draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency. The bill also would take away the Fed's ability to monitor credit cards and mortgages and establish a new "Consumer Financial Protection Agency."

The bill, inspired by last year's financial meltdown, will minimize "economic turmoil and protect the interest of taxpayers," the Connecticut Democrat wrote.

Foreclosure aid reaches 1 in 5 who can use it

Tue, 10 Nov 2009 23:15 EST

The Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says, but most of those borrowers are on temporary trial plans that have yet to be made final.

As of the end of October, more than 650,000 borrowers, or 20 percent of those eligible, had signed up for trials lasting up to five months, the Treasury Department said Tuesday.

The modifications reduce monthly payments to more affordable levels.

Lewis: Upturn won't be fast

Tue, 10 Nov 2009 21:11 EST

Bank of America Corp.'s outgoing Chief Executive Ken Lewis said Tuesday that the economy may be improving but the recovery in the financial industry remains slow.

In what may be his last address to analysts, Lewis said at a conference in New York that Bank of America and other banks continue to be under great pressure.

"If we are seeing the beginnings of a real, sustainable recovery, it is still in its very early stages and is still very fragile," he said.

Club Kryptonite in Myrtle Beach shuts doors

Tue, 10 Nov 2009 13:41 EST

The party's over at Club Kryptonite.

The business's owner, Maximus Entertainment LLC, was sued by Burroughs & Chapin Co. Inc. on Nov. 4 for a breach of contract and served an eviction notice the day before for unpaid rent, according to court documents. The club rented the building from B&C.

Club Kryptonite, at 2925 Hollywood Drive in Myrtle Beach, has until Nov. 17 to vacate the building or respond to the notice. The decision was made to vacate, said co-owner Andrew Manios.

Coastal Business | PGBA contract may get second review

Tue, 10 Nov 2009 06:09 EST

Coastal Business

SURFSIDE BEACH

PGBA contract may get second review

Dow hits high mark as stocks, confidence rise

Tue, 10 Nov 2009 06:09 EST

The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident that governments around the world will keep interest rates low to help the global economy.

Energy and materials stocks led the market higher. Major indexes rose 2 percent, including the Dow, which jumped 200 points for the second time in three days, to its highest level in 13 months.

News that the Group of 20 countries will keep their economic stimulus measures in place signaled to investors that rates will remain low. With U.S. rates near zero, the G-20 news lessened demand for the dollar.

Kraft's $16.4 billion Cadbury bid starts takeover struggle

Tue, 10 Nov 2009 06:09 EST

Kraft Foods has gone hostile in its bid to buy Cadbury but didn't sweeten its first bid, drawing an immediate rejection from the British candy maker in what is likely to be a lengthy takeover struggle.

Taking the same offer directly to Cadbury shareholders likely means that Kraft is betting no competing bids will emerge for the maker of Dairy Milk and Creme Eggs. The early gambit also leaves the company room to take the bid higher.

Kraft made the $16.4 billion offer just hours before a Monday deadline imposed by Britain's takeover law that required the company to make a formal offer or back off for six months. Kraft now has 28 days to file a prospectus, which will then trigger more deadlines that could last months.