This will be followed by dry and much cooler weather through midweek. Daily highs near 80 and morning lows in the 50s. Fall officially ... More...
Babcock & Wilcox Intech Inc. Adds 50 Jobs
Babcock & Wilcox Intech Inc. has announced plans to invest $4.85 million to establish a new facility that expands its footprint in Chattanooga while adding 50 new jobs.
Intech, which was established in Chattanooga in 1995, was acquired by The Babcock & Wilcox Company in 2008. The company provides expertise in non-destructive examination (NDE) inspection for the nuclear industry along with maintenance and repair, robotic tooling and process development for the fossil and nuclear markets.
According to Allen Steagall, Operations Manager for Babcock & Wilcox Intech, the company prides itself on long-standing and continuing operations in Chattanooga.
“We’re expressing our commitment to this community and our customers by more than tripling the square footage of our current operations while adding fifty technical positions,” Steagall said. “This expansion increases our capacity for solving customer challenges through new and innovative approaches while shortening the length of the inspection and repair process at operating nuclear plants.”
Steagall pointed out that Chattanooga’s location and revitalization have helped boost the company’s local growth.
“Chattanooga is located near many of our customers,” he said. “And, this community offers an outstanding quality of life that makes it easy to attract and retain qualified talent. We’re looking forward to the new facility’s location adjacent to the Tennessee River and the Riverwalk which will contribute to the wellness options for our employees.”
In addition to adding capacity for Babcock & Wilcox Intech’s current operations, the new facility will offer additional room for expansion and a state-of-the-art training area. It will also include proof of process and machining/fabrication areas. Among the company’s offerings are custom-designed and manufactured robots that reduce human interaction with hazardous, radioactive environments.
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Last Update on September 19, 2014 17:24 GMT
NEW YORK (AP) -- Alibaba's stock is surging as the Chinese e-commerce powerhouse begins its first day trading as a public company.
The stock opened at $92.70 on the New York Stock Exchange this morning, up 36 percent from the initial $68 per share price set Thursday evening.
At that price the company would be worth $228.5 billion, more than companies such as Amazon, Ebay and even Facebook.
On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings.
But after a two-hour trading delay due to strong demand, it opened much higher than that price. If the stock closes at $92.70, the IPO will have raised close to $30 billion.
WASHINGTON (AP) -- A gauge designed to predict the economy's future health rose in August but at a much slower pace than in July.
The Conference Board says its index of leading indicators rose 0.2 percent in August, the seventh straight increase. But that was much slower than the revised 1.1 percent gain in July.
Conference Board economist Ken Goldstein says even with the slowdown in August, the index shows the economy is still gaining traction.
WASHINGTON (AP) -- Unemployment rates rose in nearly half of U.S. states in August, even as employers in two-thirds of the states added jobs.
The Labor Department says unemployment increased in 24 states, fell in 15 and was unchanged in 11. Hiring picked up in 35 states, while it fell in 15.
Unemployment rates can rise even when hiring increases if more people start looking for work and don't immediately find jobs. The figures suggest hiring was broad-based across most regions of the country last month, even as nationwide job gains in August were the weakest this year.
Georgia reported the nation's highest unemployment rate, at 8.1 percent, followed by Mississippi at 7.9 percent. That's the first time Georgia has had the highest rate since the Great Recession ended.
LONDON (AP) -- Businesses and investors have reacted with relief to Scotland's decision to reject independence from the United Kingdom.
The No campaign won 55 percent of the votes cast in Thursday's referendum. The 10-point victory margin was wider than expected -- most opinion polls on the eve of the vote showed a narrower 4-point victory.
British stocks responded positively to the news Friday, with the FTSE 100 index up 0.3 percent. Royal Bank of Scotland shares were up, and the bank, which is majority-owned by the U.K. government, said it was "business as usual" for its customers.
Some had warned that if Scotland left, uncertainty over the future value of the British pound and government debt would have rattled the U.K economy.
In the currency markets, the pound was solid too, rising to a two-year high against the euro.
IRVING, Texas (AP) -- Exxon Mobil says it will stop drilling an exploratory well in Russia's Kara Sea in compliance with U.S. sanctions against Russia over Russia's involvement in the Ukraine.
Exxon planned to drill the well between August and October. The latest round of sanctions called for the removal of U.S. workers on projects in the Russian Arctic by Sept. 26.
Exxon says it has received a license from the U.S. Treasury Department to wind down operations, but it is unclear whether the license will allow Exxon to stop drilling on the schedule it had already laid out. Exxon could not be immediately reached for comment.
NEW YORK (AP) -- The maker of Pabst Blue Ribbon beer is being sold to Russian company Oasis Beverages for an undisclosed sum.
In addition to its namesake beer, Pabst Brewing Co. makes Colt 45, Old Milwaukee and Schlitz. Pabst was acquired in 2010 by C. Dean Metropoulos & Co., which is known for investing in food brands.
Pabst Brewing, now based in Los Angeles, traces its roots back to 1844 in Milwaukee. Since purchasing it in 2010, Metropoulos has enlisted comedian Will Ferrell to market the company's beers. Pabst Blue Ribbon has also grown in popularity in part for its blue-collar appeal and cheap price.
Oasis is buying Pabst with TSG, an investment firm known for its work with consumer products companies. TSG Consumer Partners will take a minority stake in Pabst.
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