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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 01, 2008
Page
4
The Fed trims the federal funds rate to 2 percent in a quarter point move as growth remains muted. Markets swung, with the Dow briefly higher before closing lower, while the Commerce Department reports 0.6 percent quarterly growth. Bernanke now faces weeks of assessment.
General Motors reports a $3.3 billion loss for January to March, or $5.74 per share with $2.9 billion in one time charges. Excluding charges GM would show a $350 million loss, while revenue rose 20 percent outside North America led by China Russia Brazil and India.
Lorain LNB Bancorp reports Q1 net income of 1.4 million or 20 cents per diluted share versus 1.5 million or 24 cents a year earlier. Nonrecurring items include 460,000 from VISA partial stock redemption and 491,000 related to a March 18 shareholders meeting. CEO Klimas cites solid results amid rate pressure and plans to grow income. Acquisition of Morgan Bancorp not yet reflected.
Mayor Dave Gillock envisions a 400000 square foot retail center on the former Ridgeview Shopping Center site along Center Ridge Road. DiBenedetto & Cos. seeks tenants after tearing down the building earlier this year, with talks for banks, pet stores, a supermarket, and restaurants. Michael Baker contact provided.
In the past year units and fees are noted to be covert under the Securities and Exchange Commission filings. The document outlines how footnotes relate to corporate securities and investor disclosures, emphasizing regulatory context and potential implications for investors.
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