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Business News


Federal Reserve Chairman Janet Yellen will answer economic questions in front of the US Senate today.  Let’s hope they listen more than talk.

Terms of the big tobacco merger between Reynolds American (makers of Camels) and Lorillard (makers of Newports) are now known.  Reynolds will pay $27.4 billion in cash and stock for Lorillard equaling $68.88 a share.  In order to make the deal palatable to regulators, as we go from three to two major US tobacco companies, Reynolds will sell its Kool, Salem, Winston and blu eCigs brands to the British Imperial Tobacco Group. (CNBC)

JPMorgan Chase saw profits fall 8% to $5.99 billion as their bond trading desks saw less business and they do less securities trading.  The bank says it continues to see an improving business climate that will help it improve results in coming quarters. (Reuters)

Goldman Sachs saw profits climb 5% to$1.95 billion as sales also increased 6%. Their trading desk income increased 20% over last year.  Compensation was the banks largest cost during the last year at $3.9 billion up 6% from last year.   (Wall Street Journal)

Drug and consumer product company Johnson & Johnson made a second quarter profit of $4.33 billion up over 13% from last year.  Helping boost their bottom-line was strong sales of their new hepatitis C drug. (Reuters)

 

Traffic & Weather

 

 

 

 

Jones Road, full road closure between Bennington Lane and NE Butler Market Road. May 18 – August 18, local access only.
 

 

Orion Drive closed in two locations for sewer work; at the intersection with Avery Lane and between Desert Woods Drive and King Hezekiah Way.  From July 11 to Sept. 6. Detours marked.

 

Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July 11 – November.

 
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