Confidence rises as jobless rate dips
U.S. consumers became more confident in June -with more Americans pleased by current conditions but slightly less hopeful about what the next six months hold.
The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 118.9 this month from 117.6 in May. The gains suggest that many Americans expect the economy to keep expanding, although the pace of growth is unlikely to accelerate much.
More consumers described current business conditions as "good" and jobs as "plentiful." The upbeat results may reflect the robust 4.3 percent unemployment rate. But fewer of them expect business conditions to improve over the next six months relative to the survey results in May.
Oak Ridge firm adds 200 jobs in Loudon
An Oak Ridge-based engineering and manufacturing supplier for the automotive, marine and energy industries will spend nearly $30 million to renovate an abandoned factory in Loudon County and add 200 jobs over the next five years.
Protomet Corp, announced plans for the expansion today to meet the company's growing sales.
Founded in 1997, Protomet is growing its business by more than 20 percent a year and doubled its Oak Ridge operations four years ago when the company opened a $10 million plant expansion.
"Over the past year, we evaluated properties both inside and outside of Tennessee," Jeff Bohanan, founder and CEO, said.
United Community buys bank for $124 million
North Georgia's biggest bank will expand into the Raleigh, N.C., market through a $124 million stock and cash purchase of Four Oaks Bank, a century-old institution with 14 branches in and around Raleigh.
United Community Bank, the Blairsville, Ga.-based banking firm with $10.7 billion in assets and 134 branches in Georgia, the Carolinas and Tennessee, announced Tuesday it expects to gain shareholder and regulatory approval for the Four Oaks Bank purchase to close the deal in the fourth quarter.
The transaction is expected to boost earnings for United in 2018 by 2 percent, or 4 cents per share.
"This transaction is yet another example of our growth strategy into new, fast-growing markets," said Jimmy Tallent, chairman and chief executive officer of United Community Banks.
United Community Bank acquired First National Bank in Cleveland, Tenn., two years ago - one of nearly two dozen bank purchases by United through its history. Four Oaks Bank had $737 million in assets, including $513 million in loans, and $560 million in deposits, of which nearly two-thirds are considered core deposits, as of March 31.
Merck says drug cuts cholesterol problems
Merck & Co. said Tuesday that a new type of cholesterol drug reduced heart attacks, deaths and other complications of heart disease in a huge, late-stage study.
The positive result was a welcome surprise because three previous experimental drugs of the same type had failed.
Merck's pill, anacetrapib, might eventually give high-risk heart patients a new option to add to cholesterol treatments that have helped prevent millions of heart attacks, strokes and deaths from heart disease. Cheap generics don't cut those risks enough for many people, while two new cholesterol drugs cost $14,000 a year or more, so insurers have been restricting coverage.
The Merck drug works by blocking a protein called CETP. That's a different way to control cholesterol than that of widely used, now-generic statins such as Lipitor and Crestor, and the newer injected drugs, Repatha and Praluent.
Westergren quits as Pandora CEO
Pandora Media said Tuesday that Tim Westergren has stepped down from his position as chief executive of the pioneering internet radio company, a move that only adds to the speculation about where Pandora's business is headed.
Westergren said he was resigning in a statement the company released prior to the opening of the stock market. Westergren, one of Pandora's co-founders, began this stint as CEO in March 2016 and shepherded the company through 15 months in which it finally launched its own on-demand, subscription-based music-streaming service, Pandora Premium, in March. Westergren had also served as Pandora CEO from 2002 to 2004.
A Pandora spokesperson confirmed that Westergren won't remain at Pandora in any capacity.
"We invented a whole new way of enjoying and discovering music and in doing so, forever changed the listening experience for millions," Westergren said. "I believe Pandora is perfectly poised for its next chapter."