NewburyportNews.com, Newburyport, MA--Business

Massachusetts property deeds, May 10

Sat, 10 May 2008 08:15:00 EDT

AMESBURY
52 Cedar St.: John J. McPartland and Mark E. Wojcicki to Jason and Jason Shane Brissey, $412,500
52 Cedar St.: Cynthia and Mark E. Wojcicki to Mark E. Wojcicki, $125,000
30 Congress St.: John J. McNulty and Newburyport Five Cents Savings Bank to Vincent W. Burke, $245,000

Housing aid bill faces presidential veto

Sat, 10 May 2008 08:14:00 EDT

WASHINGTON — Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the opposition of many congressional Republicans.

AIG problems help send Wall Street tumbling

Sat, 10 May 2008 08:11:00 EDT

NEW YORK (AP) — Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week.

Oil prices top $126 a barrel, gas hits $3.67 a gallon

Sat, 10 May 2008 08:10:00 EDT

NEW YORK (AP) — Oil rose above $126 a barrel for the first time yesterday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member.

How to save on hot water costs

Tue, 06 May 2008 03:13:00 EDT

Hot water, like heat, is a necessity. Over the course of one year, the average household — a home with two adults and two children — uses about 230 therms of natural gas or 3,500 kilowatt-hours of electricity to heat water. At current rates of $1.80 per therm and $.018 per kilowatt hour, this energy use converts to $414 and $630 per year, respectively. And there are other fuels available, such as propane and oil.

Business briefcase: May 16

Tue, 06 May 2008 03:13:00 EDT

Flippin' Out offers tropical bash May 15
NEWBURYPORT — Flippin' Out, 97 Water St., will hold a tropical bash Thursday, May 15, from 5 to 8 p.m., to help launch their new products and new location. Join them for an exclusive evening of festive hors d'oeuvres and mango bellini's. Respond by May 8 to Heather at heather@innapinch.com, or call 617-669-7983. Be the lucky winner of an exclusive summer essentials bag filled with all your beach/boating necessities.

Consumer spending up but much of gain reflects higher prices

Thu, 01 May 2008 12:02:00 EDT

WASHINGTON (AP) — Soaring prices for food, gas and other everyday needs pushed consumer spending to a faster pace than expected in March.
The Commerce Department reported today that consumer spending was up 0.4 percent, double the increase that economists had forecast.

GM forms another partnership with an ethanol startup company

Thu, 01 May 2008 12:00:00 EDT

WASHINGTON (AP) — General Motors Corp. said today it had taken an ownership stake and formed a partnership with Mascoma Corp., a renewable energy company that is working to develop cellulosic ethanol from wood chips, waste paper sludge and switch grass.

State's housing slump deepens

Tue, 29 Apr 2008 02:51:00 EDT

The housing slump in Massachusetts has deepened, heading into what typically is a busy spring real estate market.
Reports from two organizations show declines of greater than 25 percent in single-family home sales statewide in this year's first three months, compared with last year's first quarter.

Money Matters: Conversations with Erik

Tue, 29 Apr 2008 02:21:00 EDT

Erik recently turned 60 and still works. Erik is responsible with money: He pays his credit cards off in full each month; he carries no other consumer debt; he holds a small mortgage, and he and his wife, who also works outside the home, take one significant trip a year. They have children and grandchildren who live nearby.

Business briefcase

Tue, 29 Apr 2008 02:21:00 EDT

Tudor Construction Co. awarded contract
Tudor Construction Co. Inc. was awarded the contract for the construction of the Newburyport Community Media Center. The center is a nonprofit organization formed in 2006. Comcast channels 9 and 10 will broadcast from the center. It will also provide programming for the Newburyport schools and the city.

Bush says rebates going out Monday will boost economy

Fri, 25 Apr 2008 22:48:00 EDT

WASHINGTON (AP) — President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.

Microsoft in quandary over Yahoo bid as key deadline looms

Fri, 25 Apr 2008 22:45:00 EDT

SAN FRANCISCO (AP) — Microsoft Corp. is no closer to buying Yahoo Inc. than when it made its $44.6 billion bid nearly three months ago, leaving the software maker in a quandary over whether the deal is still worth pursuing.

Bush says rebates going out Monday should help economy

Fri, 25 Apr 2008 10:28:00 EDT

WASHINGTON (AP) — President Bush says the economic-stimulus tax rebates will begin going out Monday and will help people cope with lofty energy and food prices, as well as giving the economy a jolt.

Hannaford details upgrades prompted by security breach

Tue, 22 Apr 2008 12:00:00 EDT

PORTLAND, Maine (AP) — Hannaford Bros. Co. said it is spending millions of dollars to enhance the security of its data network following a massive breach that compromised up to 4.2 million credit and debit card numbers.

Gas prices reach new highs

Tue, 22 Apr 2008 08:38:00 EDT

Gasoline prices in Massachusetts have made a major jump, reaching a record high.
A statewide survey on Monday by AAA Southern New England found an average price of $3.38 per gallon for self-serve regular unleaded.

Business briefcase: April 15

Tue, 15 Apr 2008 06:10:00 EDT

Holly Pouliot named vice president and information technology manager
HAVERHILL — Pentucket Bank announces Holly Pouliot of Amesbury has been named the bank's new vice president and information technology manager. She will oversee the bank's technology needs and infrastructure including planning, development and operations. Pouliot has more than 28 years of experience in banking and has held similar positions in other financial institutions.

Wall Street shares rise on drop in jobless claims, discount retailer sales

Thu, 10 Apr 2008 16:44:00 EDT

NEW YORK (AP) — Wall Street rose yesterday as investors bought back into stocks after two days of losses, encouraged by a drop in unemployment claims and a better-than-expected sales performance by discount retailers.

Most retailers post weak sales in March; consumers focus on basics

Thu, 10 Apr 2008 12:12:00 EDT

NEW YORK (AP) — The nation's retailers reported the weakest March sales in 13 years yesterday as consumers — fretting about mounting economic problems and enduring a frigid Easter — limited their shopping to food and other essentials.

Study: Downeaster train an economic engine for Maine, NH

Thu, 10 Apr 2008 12:11:00 EDT

PORTLAND, Maine (AP) — The Amtrak Downeaster passenger train will generate billions of dollars in economic benefits in Maine and New Hampshire over the coming decades, according to a new study.
The study, "Amtrak Downeaster: Overview of Projected Economic Impacts," was commissioned by the Northern New England Passenger Rail Authority to identify long-term economic benefits in Maine and New Hampshire associated with development along the train's Portland-to-Boston corridor. It also examined potential economic impacts of expanded service to Brunswick and Rockland.

Cabot makes voluntary recall of deck cleaner

Tue, 08 Apr 2008 06:32:00 EDT

Cabot Stain Inc., of Newburyport, last week had to recall about 24,000 cans of the deck cleaner because of a report of one container partially melting and emitting chlorine gas.
The voluntary recall of the Cabot Composite Deck Cleaner was made in cooperation with the U.S. Consumer Product Safety Commission.

Business briefcase

Tue, 08 Apr 2008 06:31:00 EDT

Dolan announces formation of Dolan Financial Services
AMESBURY — Charlene Dolan recently announced the establishment of Dolan Financial Services, a firm offering personalized financial consulting and estate planning to individuals, families and business owners. Dolan is a certified financial planner. The firm serves clients on the North Shore, and Greater Newburyport and Seacoast areas.

Is the sky still falling? Real estate, mortgage experts say your situation is most important

Tue, 01 Apr 2008 06:53:00 EDT

NEWBURYPORT — Single-family home prices in 10 major metropolitan areas nationwide in February were down 11.4 percent from a year earlier. Clearly, the real estate market is still reeling.
But then there's the news that existing home sales are now going up and 30-year fixed interest rates are coming down. It's a sign the tide is turning, the market has hit bottom and is ready to bounce back, right?

Foreclosures still up, especially for multi-family homes

Tue, 01 Apr 2008 06:44:00 EDT

The number of homeowners facing foreclosure in Massachusetts continues to rise, with owners of multi-family homes especially vulnerable.
The Warren Group, a Boston-based publisher of real estate data, said yesterday that foreclosure petitions totaled more than 2,200 statewide in February. That's up 27 percent from the same month a year earlier. Foreclosure petitions are a first step that often leads to owners losing their homes.

Body artist touts 'different kind of vibe' at new Amesbury studio

Tue, 25 Mar 2008 06:33:00 EDT

AMESBURY — You won't find flash displayed in this tattoo shop.
Instead, it's paintings, photographs and a few plants.
The Inkwell Body Art Studio is not your average tattoo parlor. Owner Todd Close insists upon that. In fact, the word "tattoo" doesn't even appear on the outdoor sign.

Should you reapply to Social Security?

Tue, 25 Mar 2008 06:33:00 EDT

"What do you know about reapplying to Social Security?" my 67-year-old friend asked me. I honestly admitted I'd never run into the question before and would have to give some thought to the question.
I learned that a fellow named Scott Burns, a journalist who writes on personal financial questions in newspapers and online, has recently published his opinions on the subject of reapplication, especially for those in their late 60s and early 70s, who started receiving their Social Security benefits at age 62.

Business briefcase: March 25

Tue, 25 Mar 2008 06:32:00 EDT

ReloTrans LLC names Marcie Gallagher operations manager
DANVERS — ReloTrans LLC, a leading auto and boat logistics company, has named Byfield native Marcie Gallagher as the company's operations manager. Gallagher brings more than 15 years of logistics experience. As operations manager, she will oversee the company's customer service teams, manage its supplier network and supervise the ReloTrans' accounting functions.

Stocks rebound from sharp sell-off

Thu, 20 Mar 2008 17:14:00 EDT

NEW YORK (AP) — Wall Street capped a volatile week with a big advance Thursday, rebounding from a steep sell-off as investors sought bargains and cheered a milder-than-expected drop in a regional manufacturing report.

Feds slash funds rate to contain credit crisis

Tue, 18 Mar 2008 14:34:00 EDT

WASHINGTON (AP) — The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.

Data breach exposes 4.2 million Hannaford customers

Tue, 18 Mar 2008 06:49:00 EDT

Hannaford Bros. supermarket chain has announced a security breach that has led to the thefts of customer credit and debit card numbers.
Hannaford said yesterday that the security breach affects all of its 165 stores in the Northeast, 106 Sweetbay stores in Florida and a smaller number of independent groceries that sell Hannaford products. The company puts the number of unique credit and debit card numbers that were potentially exposed to fraud at 4.2 million.

Free financial seminar for women whose 'someday is here'

Tue, 18 Mar 2008 06:48:00 EDT

Jeanette Isabella, Newburyport author, speaker, and life coach and Felicia Leighton-Ibbotson, Financial Advisor with Waddell & Reed, are co-presenting "You and Your Money: Someday Is Here," a com

Mass. bankers say retailer hit by big data breach

Tue, 18 Mar 2008 06:48:00 EDT

The Massachusetts Bankers Association is warning consumers about another data breach involving a major retailer.
The association said Monday about a third of its 200 member banks have been contacted by Visa and MasterCard. The alerts advised that some of the credit and debit cards the banks issued could be at risk.

Business briefcase

Tue, 18 Mar 2008 06:47:00 EDT

Sue McGrath re-elected president of Essex County Ornithological Club
Sue McGrath, Newburyport resident and founder of Newburyport Birders, was re-elected for a third term as president of the Essex County Ornithological Club. Founded in 1916, women gained membership in 1974 and in 2006 the club elected its first female president. McGrath was first elected president in January 2006.

Fed endorses rescue effort for Bear Stearns and pledges to supply cash to financial system

Sat, 15 Mar 2008 06:19:00 EDT

WASHINGTON (AP) — The Federal Reserve invoked a rarely used Depression-era procedure yesterday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.

Fed announces further steps to ease credit crunch

Tue, 11 Mar 2008 12:05:00 EDT

WASHINGTON (AP) — The Federal Reserve on Tuesday ramped up efforts to provide more relief to squeezed financial institutions, a coordinated action with other central banks aimed at easing a global credit crises that threatens to push the U.S. economy into its first recession since 2001.

Business briefcase

Tue, 11 Mar 2008 06:57:00 EDT

Edward Jones hosts broadcast presentation March 11
NEWBURYPORT — Rosemarie Kountz, an Edward Jones financial adviser, will host a free satellite broadcast, "Plan, Protect, Prevent: Don't be a Victim of Financial Fraud," at 6:30 p.m. on today at Edward Jones, The Tannery, 50 Water St., Suite 322, Newburyport, MA 01950.

Wall Street pulls back as oil soars and investors sift through shaky corporate news

Mon, 10 Mar 2008 16:57:00 EDT

NEW YORK (AP) — Stocks sank Monday as oil's surge above $108 a barrel and more worrisome signs for the financial sector led investors to extend last week's losses. The Dow Jones industrial average fell more than 150 points, bringing its three-day loss to nearly 515, while broader indexes showed steeper percentage losses.

Stocks fall sharply after weaker-than-expected jobs report

Sat, 08 Mar 2008 06:27:00 EST

NEW YORK (AP) — Stocks tumbled for a second consecutive session Friday after the government's February jobs report revealed employers slashed payrolls last month, compounding fears that the U.S. economy is succumbing to recession. The Dow Jones industrial average fell 146 points, bringing its two-day slide to 370.

Jobless claims drop but don't change overall picture of slower employment market

Thu, 06 Mar 2008 10:03:00 EST

WASHINGTON (AP) — The number of people signing up for unemployment benefits fell sharply last week, a spot of welcome news that nonetheless failed to change the overall picture of a softer employment climate.

Heating oil prices climbing

Tue, 04 Mar 2008 07:03:00 EST

Yesterday morning the price of a barrel of crude oil rose to a new record of nearly $104 a barrel, as the dollar continues to weaken against other world currencies. According to the Massachusetts Division of Energy Resources, the average price of heating oil in Massachusetts on Feb. 26 was $3.41, almost $1 more than last year's average price. Here's a look at what local oil companies were charging per gallon yesterday:

Protect your credit rating from identity theft

Tue, 04 Mar 2008 07:02:00 EST

According to the Federal Trade Commission, about 9 million people a year are victims of identity theft, resulting in $50 billion of lost business — and the problem is expected to get worse.
Experts believe that about half of such theft is committed by organized crime, and the other half by "dumpster divers," or friends and family.

Business briefcase

Tue, 04 Mar 2008 07:02:00 EST

Newburyport author speaking at fundraiser March 8
NEWBURYPORT — Jeanette Isabella, Newburyport author, speaker and life coach, will be a guest speaker at the North Shore Women's Expo 2008 on Saturday, March 8, at the Salem Waterfront Hotel, 57 Wharf St., Salem. The expo benefits the Art for Life Foundation, North Shore Chapter. Registration begins at 8:30 a.m. Cost: $25 in advance, $35 at the door. Includes continental breakfast, light lunch. In addition to Isabella, other speakers include attorneys Jay Rudolph and Kathleen O'Connell of Beverly.

As foreclosures rise, so do opportunities

Mon, 03 Mar 2008 23:42:00 EST

NEWBURYPORT — Data released last week showed the foreclosure crisis isn't slowing down, and this area is not immune.
In Massachusetts, foreclosures rose 128 percent in January, the largest increase since August, and statistics for 2007 show that cities and towns in Greater Newburyport were not immune. In the region, there were 83 foreclosures last year, including 11 in Newburyport and 28 in Amesbury. In those two towns, five more homeowners lost their homes in January.

Key home price index shows record decline in 2007

Tue, 26 Feb 2008 13:56:00 EST

NEW YORK (AP) — U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, Standard & Poor's said Tuesday, the steepest decline in the 20-year history of its housing index.

Higher costs for food, energy and medicine push wholesale prices up sharply

Tue, 26 Feb 2008 13:55:00 EST

WASHINGTON (AP) — Battered by bad economic news, consumer confidence plunged while wholesale food, energy and medicine costs soared, pushing inflation up at the fastest pace in a quarter century.

Fed auctions another $30 billion to combat credit crisis in 6th such move

Tue, 26 Feb 2008 13:48:00 EST

WASHINGTON (AP) — The Federal Reserve, seeking to combat effects of the credit crisis, said Tuesday it had auctioned another $30 billion in funds to commercial banks, at an interest rate of 3.080 percent. It was the sixth in a series of auctions that so far have pumped $160 billion into the nation's banking system in an effort to provide cash-strapped banks with extra reserves.

Gas prices back over $3 per gallon

Tue, 26 Feb 2008 06:43:00 EST

Drivers in Massachusetts will be digging deeper into their wallets as the price of gasoline continues to rise this week.
Gas prices have spiked in Massachusetts and nationwide as the price of crude oil continues to rise up over $100 per a barrel.

Strategy for uncertain market?

Tue, 26 Feb 2008 06:42:00 EST

What is a good strategy for this uncertain market? The best strategy for an uncertain market, this one and others to come, is a defensive one in which risk is effectively managed.
In fact, the best strategy for this market is also the best strategy for a strong bull market: Maintain the diversification discipline with as many uncorrelated asset classes as practical.

'Kidzsack' catches growing attention

Tue, 26 Feb 2008 06:42:00 EST

WEST NEWBURY — For Tina Hill, the "Aha!" moment that launched her business came at the bus stop.
The former clothing designer had been thinking about "Doodle Bears," a popular toy that lets kids ink their own design on teddy bears. A mother of four, she was walking to the bus stop when an idea struck her — creating a backpack for kids that they can draw on.

Visa expects to raise up to $18.76 billion in public offering

Mon, 25 Feb 2008 09:59:00 EST

NEW YORK (AP) — Visa said Monday it could raise almost $19 billion from an initial public offering, which would easily become the largest IPO in U.S. history.
San Francisco-based Visa Inc. said in a Securities and Exchange Commission filing it will offer 406 million shares at $37 to $42 per share. There will be an option for its underwriters to buy an extra 40.6 million shares to cover any excess demand.