Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

In Business Top News U.S News

City’s oldest active fire station back in business

Lynchburg Fire Department’s Station 6 at Miller Park is up and running again after about 11 months and $815,000 worth of renovations.
Battalion Chief of Training Jonathan Wright said the station’s fire pole — the last one in Lynchburg — will be getting some use again when firefighters respond to calls starting Wednesday. A total of 18 personnel working different shifts will be working from Station 6.
The station was built in 1912, and firefighters said the last major renovation to the building was done in the late ’80s. Compared to the other seven Lynchburg stations, Wright said Station 6 is the oldest but now has the most contemporary equipment and furnishings.  “Preserving this history, I think, is really important. And it’s an icon in the community,” he said.

As they hauled furniture up to the second floor — which has an entirely new layout from before — firefighters who once worked out of Station 6 recalled when there was no central air system or when they’d haul their own furniture to and from the station.
The newly finished third floor once was a dusty storage area with a number of old firefighting artifacts from the station’s earlier days. Many of those pieces will be part of a future exhibit at the Lynchburg Museum.
Rod Smith worked with the Lynchburg Fire Department for more than 32 years and fought his first fire out of Station 6 years ago. He and Wright took out the antiques, including old nozzles, old rubber coats and gear, a 16-foot wooden roof ladder and other equipment from old fire engines dating back to 1913.
“Why they stored and kept that stuff I don’t know, but I’m glad they did,” he said.
Smith took on his own renovation project with the station’s benches, which have been the dining seats and resting spots for firefighters throughout the years.

“I’ve had a lot a guys say that they’ve caught many a nap on those benches,” he said.
Now the third floor is easily accessible by a new, sturdier flight of concrete steps. Firefighters now have an additional 2,500 square feet of training space and an improved exercise room under the building’s original wooden ceiling.
Scott Glass, Lynchburg’s facilities manager, said upgrades to the building’s mechanical, electric and plumbing systems made up a significant portion of the project. A historical architect by trade, he said renovations of such old buildings usually try to keep as many original elements of the building as possible.
“If you don’t have to mess with it, it’s good not to,” he said.
Firefighters from Station 6 began leaving the station to work from Station 1 on Clay Street and Station 2 on Grace Street in November 2015, and work on the building began in January of this year. Renovation work was estimated to end by September, but the building’s age meant there were a few stumbling blocks along the way, according to Glass. 
“We’re a couple of months behind where we would’ve liked to have been, but I’m not surprised,” he said.
Change orders added to the project’s price tag, bringing it from $795,384 to about $815,000.

Lynchburg Fire Chief Steven Ferguson said Station 6 has been iconic within the department and is unique with its three floors.
“It was important for us to maintain the look of the old station. That station happened to be at one time … one of our busiest stations,” he said, adding it may take back that title.
Other Lynchburg fire stations in league with Station 6 in age no longer are in use. Ferguson said building a new facility would’ve been expensive, and the existing station has been an anchor in the community in an ideal, central location.
“I think with a lot of downtown renovations … we’ve become much more aware of maintaining our historic buildings,” he said. “I think it’s been kind of a pretty neat project.”

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In Business World News

Data Dive: Hey millennials, need credit? Big data may have an answer

The Catch-22 of the credit world is that you can't get credit unless you have a credit score, but you can't get a credit score unless you have credit in the first place.

Since 1989, the FICO score is the prevailing metric that measures the probability that you'll repay a loan, whether it is a mortgage, an auto loan or a credit card bill. The score ranges from 300 to 850. These days, employers, landlords and even prospective dates use credit scores as a proxy for a "deadbeat" metric.

After nearly 30 years, FICO thinks it has a way to use big data to solve the problem of getting people started on the road to a credit history. Instead of just looking at past credit card payment history, FICO XD looks deep into a database that has payment data on a person's utility, cable, telephone bills and, to a lesser extent, rental payment data.
"We're able to score an additional 50 million people," said William Lansing, FICO's chief executive.
Millennials who are just getting started in the workforce would be beneficiaries of the new system, as would immigrants and anyone who has previously eschewed a credit card for whatever reason. "There are a lot of people like that, trying to break into the financial system and get connected," says Lansing.
If you are applying for some kind of credit, the bank will run your information through the traditional FICO database. If you come up blank, they will have the option of running you through the FICO XD system (if the lender subscribes). If you have enough data in the new system, you would be assigned a score on the same number scale as the regular FICO score. The bank would then use that score to determine whether to approve your application.

FICO has been running tests with 12 banks, Lansing said. About a third of those previously not scored rated 620 or more on the XD scale, which is the common dividing line where banks are comfortable extending credit.
"Then very quickly, the person builds up enough history, and then they really are in the system," he said.
A person's XD score should be roughly the same as their regular FICO score once they get going, Lansing added, because if you pay your cable and electric bill on time regularly, you're likely to pay your new credit card on time too.
The XD program does nothing for those already in the regular FICO system who have bad credit. To find out your credit score, it may be available from your bank, or you can get a free annual copy of your credit report (but not the three-digit score). For those with scores below 620, the only way to raise scores is the traditional route: Start paying your bills on time.

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In Business

Major indexes hit records as post-election rally goes on


All three major U.S. stock indexes set record closing highs on Monday, extending their post-election rally as energy and other commodity-related shares gained and Facebook led a jump in technology.
Small caps added to recent gains as well, pushing the Russell 2000 index to a record high close. The session marked the first time all four indexes hit closing records on the same day since Dec. 31, 1999.
Stocks have mostly rallied since the Nov. 8 U.S. election, with investors snapping up shares of banks, health care and other companies expected to benefit from President-elect Donald Trump's policies.

The energy index .SPNY jumped 2.2 percent, leading gains among major S&P sectors, as U.S. oil prices climbed 3.9 percent. Hopes that OPEC would agree to an output cut next week lifted oil prices. The S&P materials index .SPLRCM was up 1.3 percent.
"The post-election rally is continuing," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. Optimism that Trump will ease regulations and reduce taxes "keeps pulling money into the market," he said.
"A lot of money came out of bond funds last week into stocks, and I think that can continue given the potential spread between what stocks can do versus bonds."
Data from TrimTabs Investment Research showed investors moved $45.7 billion into U.S.-listed equity exchange-traded funds in the eight trading days ended Thursday, the biggest eight-session inflow on record.

The Dow Jones industrial average .DJI ended up 88.76 points, or 0.47 percent, at 18,956.69, while the S&P 500 .SPX gained 16.28 points, or 0.75 percent, to 2,198.18 and the Nasdaq Composite .IXIC added 47.35 points, or 0.89 percent, to 5,368.86.
The S&P 500 had last set a closing record on Aug. 15. All three major indexes hit record intraday highs as well.
Expectations may be building that the new administration will bring tax breaks that will help corporations and consumers, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. But, he said, "you're betting an awful lot on something that hasn't even been introduced before Congress yet."
After the close, the safe-haven yen JPY= rose and U.S.-dollar denominated Nikkei futures NKc1 hit a session low after reports that a powerful earthquake hit Japan.

"Unless we're missing something here and there's some significant damage," markets should calm down, said Stephen Massocca, chief investment officer of Wedbush Equity Management LLC in San Francisco.
During the regular session, the technology index .SPLRCT, which had underperformed other sectors following the election, was up 1.1 percent. Facebook (FB.O) shot up 4.1 percent, giving the Nasdaq its biggest boost, after the company announced a $6-billion share buyback program late Friday.
Tech deals also boosted sentiment in the sector and the broader market.
LifeLock (LOCK.N) surged 14.7 percent after Symantec (SYMC.O) said it would buy the identity theft protection company for $2.3 billion. Symantec rose 3.2 percent. Applied Micro Circuits (AMCC.O) jumped 11.7 percent after Macom Tech (MTSI.O) said it would buy its fellow chipmaker for $770 million. Macom was off 4.1 percent.
Among the bigger decliners, Tyson Foods (TSN.N) shares fell 14.5 percent after the meat processor forecast a lower-than-expected 2017 profit and said its CEO would step down.
About 6.7 billion shares changed hands on U.S. exchanges, below the 8.1 billion daily average for the past 20 trading days, according to Thomson Reuters data.
NYSE advancing issues outnumbered decliners 2.99-to-1; on Nasdaq, a 1.45-to-1 ratio favored advancers.
The S&P 500 posted 42 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 249 new highs and 24 new lows.
(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza, Nick Zieminski and Chris Reese)

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Asian shares gain, lifted by oil price rally on Wall Street

TOKYO (AP) — Asian shares rose Tuesday, tracking the rally on Wall Street, as oil prices pushed higher amid hopes of an upcoming production-cut deal from the Organization of the Petroleum Exporting Countries.
KEEPING SCORE: Japan's Nikkei 225 stock index was almost unchanged at 18,117.17 after dipping briefly following a powerful earthquake in northern Japan that triggered small tsunami but caused minor damage and injuries. South Korea's Kospi rose 0.8 percent to 1,981.56 and the Hang Seng in Hong Kong gained 1.3 percent to 22,642.72. Australia's S&P ASX/200 added 1.2 percent to 5,417.80 and the Shanghai Composite Index climbed 0.3 percent to 3,228.92. Shares in Southeast Asia and Taiwan also gained.

FOCUS SHIFTING: For the past couple of weeks, the main driver in markets has been the election of Donald Trump as the next U.S. president. In general, his victory has helped stocks and the dollar but weighed on bonds. But slowly attention is shifting onto other matters, including next month's widely anticipated interest rate hike from the Federal Reserve.
OPEC LOOMING: Expectations are growing that oil ministers will agree at a production cut at a meeting of the OPEC oil cartel on Nov. 30 in Vienna, Austria. That's helped buoy oil prices in markets. Benchmark U.S. crude rose 47 cents to $48.71 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.88 to $48.24 a barrel on Monday. Brent crude, the international standard, rose 51 cents to $49.41.

ANALYST TAKE: "This is still not a done deal and although many of the countries involved are making the right noises we must not forget how challenging it will be to try to push a production cut deal through, with differing ambitions from the different parties involved. If no deal is reached we could expect oil to test $40 per barrel," said Fiona Cincotta, market analyst at City Index.

RENMINBI RETREAT: Chinese authorities set the yuan's official "parity rate," known as the fix, for the country's tightly controlled currency at 6.8779 on Tuesday, breaking a 12-day losing streak. The yuan, also known as the renminbi, has been weakening as the dollar has surged in value against other currencies.
CURRENCIES: The dollar rose to 110.71 yen from 110.43 yen on Monday. The euro slipped to $1.0631 from $1.0638.

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