By Lorie Hailey
Associated Editor
Ford Motor Co. is examining “very closely” whether to form an indigenous brand in China, said Joe Hinrichs, president of Ford’s Asia Pacific and Africa region, at the auto show Monday in Beijing, reports Bloomberg News.
Creating a China-only nameplate would allow Ford to compete with cheaper local marques for sales in the country’s interior, where incomes are lower, without diminishing the value of the main brand, the news agency says.
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A Stanford man is a “blooming success,” raising violets that are sold all over the world, reports the Danville Advocate-Messenger.
A retired researcher, David Rollins and his wife Nancy grow African violets in the basement of their home for their business, Cedar Creek Violets. The hybrids he has created are sold online, and orders have come from China, Australia, Russia and Japan, the Advocate-Messenger reports.
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The small city of Berea has $4.7 million in certificates of deposit — its “rainy day fund” — but two of its council members are concerned those funds do not protect the city enough, reports the Richmond Register.
Council member Ronnie Terrill is concerned Berea could end up like its neighbor, the city of Richmond, and end up in a financial crisis.
Terrill said that city management and department administrators should stop placing so much emphasis on overestimating expenditures and underestimating revenue, and “concentrate more on finding numbers that are closer to reality,” the Register reported.
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Growth in AT&T’s wireless customers has slowed almost to a halt, according to first quarter earnings reports.
Today, AT&T revealed that it essentially gained no phone subscribers on contract-based plans in the first quarter. That’s only happened once before: A year ago, when Verizon Wireless launched its version of the iPhone.
AT&T gained a net 187,000 customers on contract-based plans in the January to March period, but these were almost all tablet users, brought in by the launch of the new iPad in March, according to the AP.
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The Federal Reserve will have plenty to say about the economy Wednesday, but it is not likely to change short-term interest rates, reports USA Today.
The Fed may also signal that it won’t likely launch any new program to lower longer-term rates unless the economy weakens.
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Fifth Third Bancorp said on Monday that it plans to repurchase $75 million worth of shares as part of a program authorized by its board more than four years ago, reports the Cincinnati Enquirer.
The move comes a month after regulators gave Fifth Third a passing grade in the latest stress tests of the 19 largest U.S. banks but blocked its plans to boost its dividend and conduct a broader stock repurchase, the paper reports.
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