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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 09, 2008
Page
10
The Federal Reserve plans new rules aimed at protecting future homebuyers from risky lending as part of its response to the housing crisis. Bernanke outlined measures to curb deceptive practices, ensure tax and insurance reserves, verify income, and assess repayment ability beyond home value.
Giant Eagle spokesman Howard Landau said the Sheffield Lake store on Lake Road is underperforming in a shopping center with Avon Lake and Sheffield Village locations nearby. About 60 employees will be affected but offered transfers to other Giant Eagle sites. The store is among the largest tenants in the 170000 square foot center. Levin Trust owner and Sheffield Mayor were unavailable for comment.
Comair plans to cut about 500 jobs this fall as part of Delta Air Lines cost reductions driven by high fuel costs. The cuts target roughly 300 pilot and 220 flight attendant positions, with 14 planes grounded by year end and schedule changes in September. Chief executive John Selvaggio has begun talks with pilots and flight attendants unions.
Mark Lay, investment adviser, is sentenced to 12 years in prison for leading a $216 million Bermuda hedge fund loss as part of a three year probe into the Ohio Bureau of Workers’ Compensation. He must also pay about $213 million restitution and a $590,000 forfeiture. Lay faced 27 years and was taken into custody after sentencing.
May consumer credit rises 3.6 percent annual rate, boosting total debt to 2.57 trillion led by revolving credit mainly credit cards. Tax rebates aided spending while nonrevolving credit growth slowed to 1.6 percent, signaling tighter lending on other loans.
Cardinal Health plans a 600 job reduction and consolidates into two segments, one for distribution and nuclear pharmacies and another for medical products. A $63 million restructuring charge will cover costs and severance offered to eliminated workers.
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