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Archive for the ‘General Business News’ Category

Shareholder Meeting Set for Local Bank Merger

August 24, 2011 Leave a comment

Shareholders of Customers Bank and Berkshire Bancorp will vote on the merger of the banks at a joint meeting Sept. 6 at Crowne Plaza Reading, Wyomissing.

via Reading Eagle – Shareholder meeting set for local bank merger.

Sale Pending, Morgantown Outlet to Close

August 20, 2011 Leave a comment

Home Furnishings Factory Outlet Mall of Morgantown is closing due to a pending sale of the property.

Store owners at the outlet, which opened in 1985 and was constructed at a cost of up to $16 million, said they have received notification to vacate the mall.

via Reading Eagle – Sale pending, Morgantown outlet to close.

Categories: General Business News

Does it benefit companies to give stock options to every employee or just executives? – Barking up the wrong tree

August 19, 2011 Leave a comment
Categories: General Business News

John Deere to End Pikeville Equipment Inc. Contracts

August 17, 2011 Leave a comment

John Deere, the iconic manufacturer of agricultural, industrial and lawn and garden equipment, told the owners of Pikeville Equipment at 521 Oysterdale Road, Pike Township, that it would be dropping the Berks County company as of Aug. 26 because it didn’t have enough market share.

John Deere also stated that it didn’t see the need for a dealer presence in Berks County, according to Pikeville Equipment’s website.

via Reading Eagle – John Deere to end Pikeville Equipment Inc. contracts.

Categories: General Business News

Berks Youths Face Bleak Job Prospects

August 16, 2011 Leave a comment

In the season in which people ages 16 to 24 traditionally rake in cash for the school year, the struggling economy has presented a tough obstacle.

Young Pennsylvania workers in that age group account for 25 percent of the unemployed, but only 13 percent of the employed, according to a profile of Pennsylvania’s unemployed by the state Department of Labor and Industry.

And those young people lucky enough to find jobs can expect to start at a lower salary, according to the department.

via Reading Eagle – Berks youths singing summertime blues over bleak job prospects.

Foreclosures Fall in Berks County

August 12, 2011 Leave a comment

The number of foreclosure filings in Berks County plummeted to 57 for July, a 55 percent decline from the 128 reported in July 2010 and an 8 percent dip from June’s number of 62.

In fact, July’s number was the lowest in newspaper records of foreclosure filings dating to 2007 – the beginning of the mortgage meltdown.

The data released by the Berks prothonotary’s office show an improvement in this local economic statistic, but some wonder whether the trend is permanent.

via Reading Eagle – Foreclosures fall in Berks County.

EnerSys 1st-quarter Net Income Jumps 46 Percent

August 12, 2011 Leave a comment

Industrial battery maker EnerSys said Wednesday its first-quarter net income rose 46 percent as sales improved across all regions including Europe, the Americas and Asia, outpacing commodity costs.

But the company offered a weak second-quarter forecast and its shares tumbled in extended trading.

EnerSys posted net incomefor the quarter ended July 3 of $33.5 million, or 66 cents per share, up from $23 million, or 47 cents, per share last year.

via EnerSys 1st-quarter net income jumps 46 percent – Business – Personal finance – Earnings – msnbc.com.

Reading Eagle Co. Names Barbey New President, CEO

August 6, 2011 Leave a comment

The Reading Eagle Co. says Peter D. Barbey has been named its new president and CEO. He replaces William S. Flippin, who was named chairman of the board for the media company.

via Reading Eagle Co. names Barbey new president, CEO | CanadianBusiness.com.

Categories: General Business News

Businesses Breathe New Life Into Old Outlet Center

August 6, 2011 Leave a comment

It has been more than a decade since the Reading Outlet Center was a financial gold mine for the city. Although outlet stores no longer occupy the center’s buildings, developer Alan Shuman said changes have been taking place to resurrect the area. “It is really starting to turn around the whole neighborhood,” said Shuman.

In 2009, the Berks County commissioners gave $7 million of stimulus funding to the Shuman Development Group to revitalize the buildings.

After months of renovations and construction, three new businesses — Super Dollar, Metro PCS and Save-A-Lot — opened their doors on one of the Outlet Center lots Thursday.

via Businesses Breathe New Life Into Old Outlet Center – Money News Story – WFMZ Allentown.

Categories: General Business News

More Trust = Better Contract Performance

August 5, 2011 Leave a comment

In a paper titled More Order with Less Law: On Contract Enforcement, Trust, and Crowding, researchers Iris Bohnet, Bruno S. Frey and Steffen Huck describe simulates contractual environments in which subjects formed agreements under two conditions: strong enforcement and weaker enforcement. Surprisingly, stronger enforcement didn’t always result in higher levels of successful performance per the agreement. According to the authors, weaker performance “crowds in” trust. In other words, when an agreement is made in an environment of limited contract enforcement, the parties depend on trust to a greater degree and performance can actually increase.

via Stronger Contracts, Less Trust | Neuromarketing.