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Oil industry renews call for exports
U.S. House Speaker John Boehner on Wednesday called for Congress to end the 40-year-old oil export ban. "Lifting the ban would create an estimated one million jobs here at home — jobs that would frankly get created in every state," Boehner said at his weekly press briefing. "It would help bring down prices at the pump for consumers. And it would be good for our allies. If the administration wants to lift the ban for Iran, certainly the United States should not be the only country left in the world with such a ban in place." NewsOK.com
Submitted 7 hours ago

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Exxon, Chevron Brace for Darker Times as Earnings Slump
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses. Chevron recorded its lowest profit in more than 12 years after the market rout forced $2.6 billion in asset writedowns and related charges. The companies’ shares fell to the lowest in more than three years. Bloomberg
Submitted 7 hours ago

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Exxon Mobil Earnings Cut in Half
Exxon Mobil Corp., the biggest and richest U.S. oil company, reported its lowest earnings in six years on Friday as bigger profits from refining couldn’t offset plunging earnings in its exploration and production business. Shares of Exxon Mobil tumbled as much as 5% on Friday to their lowest level since mid-2012. Recently, shares were down 4.7% to $79.11. Exxon also said it would again scale back its share buybacks during the current quarter to a level of $500 million. Exxon bought back $1 billion in shares in the second quarter, which was down from its previous level of about $3 billion in buybacks each quarter. The Wall Street Journal
Submitted 7 hours ago

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Birmingham banking legend dies
Harry B. Brock, Jr., one of the titans of Birmingham banking and business education, died on Wednesday, July 29 at the age of 89. Brock's career in banking covered more than 50 years, founding Central Bancshares of the South, Inc., which would later become Compass Bancshares and Compass Bank of the South. He served as chairman and CEO of both firms until his retirement in 1991. Birmingham Business Journal
Submitted 8 hours ago

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Alabama's top trading partners driven by one key industry: automotive
Alabama's three auto assembly plants cranked out nearly 1 million vehicles last year, so it's no surprise that the industry dominates the state's trade statistics. That's true for both exports and imports. Business Insider recently compiled maps showing the most important trading partners for each state. On the import side, Alabama's top trading partner, South Korea, stands out in a sea of Canada and China, which fill that role in most other states. Last year, Alabama recorded more than $4.7 billion in imports from South Korea, and much of it was transportation equipment and parts, according to trade data supplied by the Alabama Department of Commerce. AL.com
Submitted 8 hours ago

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GSK to hire 130 workers in Zebulon, N.C., to make next-gen asthma drugs
As drug giant GlaxoSmithKline (NYSE: GSK) prepares to make its next-generation asthma drugs in Zebulon, the company plans to hire 100 workers this year and another 30 to 40 next year. When it completes that many hires, it would bring the company close to 1,000 employees in the manufacturing facility responsible for making the asthma drug Advair, a major driver of GSK revenue. Triangle Business Journal
Submitted 8 hours ago

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EXCLUSIVE: Volvo’s first phase to employ 2,500; interchange won’t be completed until 2019
Columbia, S.C. -- Volvo’s S.C. plant initially will employ 500 more workers than the company has promised publicly. Traffic at the Berkeley County location also could be tougher than anticipated. Volvo publicly has announced plans to invest $500 million and create 2,000 jobs at the plant over the next decade. However, the company’s investment and jobs could be larger. In April letters endorsing the Volvo deal, House and Senate leaders said the company had pledged to spend $600 million and create 2,500 jobs, a number expected to grow to 4,000 over time. The State
Submitted 8 hours ago

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Milliken & Co.’s secret to 150 years in textile business: innovation
Spartanburg, S.C. -- At least nine textile companies, each with annual sales of more than $1 billion, called the United States home a decade ago. Today, there is only one – Spartanburg-based Milliken & Co., now celebrating its 150th anniversary. As trade policies of the 1990s allowed for an influx of cheap imports, American textile giants either closed up shop or shifted production to places like Mexico, China and India. The State
Submitted 8 hours ago

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Boeing may move 'key pieces' overseas if Ex-Im isn't restored
With the Export-Import Bank renewal now tabled until Congress returns from recess in September, The Boeing Co. (NYSE:BA) is rattling its sabre harder. Chairman Jim McNerney said Boeing is looking at moving “key pieces” of the company outside the U.S., according to a Reuters story. “We are now forced to think about this differently,” McNerney said in an interview hosted by the Economic Club of Washington. Charlotte Business Journal
Submitted 8 hours ago

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Duke Energy seeks OK for Crystal River, Fla., nuclear-plant financing
Moving forward under a new law that it says will help save customers hundreds of millions of dollars, Duke Energy Florida has requested state approval of a financing plan for costs associated with the shuttered Crystal River nuclear-power plant. The Legislature and Gov. Rick Scott approved a law this year aimed at allowing Duke to use a bonding process known as "securitization" to finance an estimated $1.3 billion in costs. Duke on Monday filed more than 500 pages of documents with the state Public Service Commission seeking to move forward with the process. Orlando Sentinel
Submitted 8 hours ago

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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

Urban areas have all kinds of assets that are easy to spot. They have the population, so the labor shed is not usually an issue. Urban areas are also connected by better roads, rail and air service and many have river and deep water ports. Usually Internet access and other forms of communication are more efficient in urban areas. And you have a larger array of quality of life options to choose from, such as the cultural assets found in metropolitan areas.
 

 Randle Report - Business News in the South

 FEATURE  
By Stacy Randle
Demographer Wendell Cox recently analyzed the largest gains in holders of bachelor's and post-graduate degrees between 2007 and 2012 in the 51 metro regions in the U.S. of 1 million residents or more. The results were published in Forbes magazine and the South dominated the ranking.
 

 Business News in the South - Randle Report

FEATURE     
After I finished the cover story for this issue, I read an interesting article by economist Paul Krugman, the op-ed columnist for the New York Times, titled, "Partying like it’s 1995." Generally I side with Krugman, even though I am a journalist, not an economist. Occasionally, though, I read some of his stuff and ask myself, "What planet did Krugman come from?" Like when he predicted a shift of automotive assembly to Canada after Toyota announced a new plant in Woodstock, Ontario in 2005 because of "free healthcare," among other benefits. That Toyota deal was the last major automotive assembly plant announced in Canada and I predict it will be the very last one for the Canadians.
 
 Nashville Mayour Karl Dean
If you have ever seen one of my presentations, then you know about the word "reshoring" and how that phenomenon has lifted the spirits of even the most skeptical Southerners regarding the future of the region's economy. After all, in the last four decades, manufacturing has suffered a bloodletting never before seen in U.S. history. The biggest factor behind the slow and long meltdown that began in the 1990s was the herd mentality to offshore manufacturing capacity to cheaper locales, primarily by U.S.-owned companies.
 


 

 

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