Today: Mostly cloudy and becoming windy. Showers at times. An afternoon high in the upper 50s to low 60s. An increasing North wind at 10-20mph.
Tonight: Still some passing showers during the evening. Windy and much ... More...
Big Hopes For Tourism $$$
by John Madewell
This Memorial Day weekend is considered the first weekend of the summer tourism season for the Scenic City. Those in the industry believe the ingredients are right to bring in those coveted tourism dollars.
During the lunch hour, Chattanooga DUCKS launched one after another of its boats, filled with tourists.
Over at the Tennessee Aquarium, business is teeming. School tours, families and retired couples take it all in.
Sally Schindel and her husband Greg came here after stopping in Little Rock, Arkansas. "Never been to Chattanooga before, someplace new."
The Schindel's arrived on somewhat of a whim. They're on a six month excursion across the country from Arizona.
They've found a way to curb expenses. Greg Schindel said, "You know what, we're in a motor home which gets about 7 1/2 miles to the gallon of diesel fuel and we don't eat out a lot, so the cost is not a huge issue for us."
Just down the riverfront stands a new hotel. Marriott's Spring Hill Suites just opened this week. Economic leaders say that's a good sign of business and tourism to come. Charles Wood of the Chattanooga Area Chamber of Commerce likes the future, "Based on the last few years, Chattanooga's done phenomenally well."
Wood is the Chamber's new Vice President of Economic Development. He came here from Pensacola, Florida and saw the damage bp's oil spill did there. Wood sees Chattanooga's location and reputation as selling cards. "The national economy has been pretty sour, I think less people are getting on planes so you've got a strong drive-to market that we benefit from. I think more and more word has spread."
On the North Shore, Brewhaus just opened last September. This will be the authentic German pub's first draught pour for spring tourists. Owner Michael Robinson has high hopes pegged to tourism, "I think it's going to be great. The CVB has posted that we're going to have strong numbers this year. And last year's numbers were good."
Big Hopes For Tourism $$$
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Last Update on October 31, 2014 07:28 GMT
SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.
Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.
The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.
The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.
Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.
The Labor Department will also release the third-quarter employment cost index.
Before the market opens, Exxon Mobil will report its quarterly financial results.
NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The bank's operating expenses rose from $12.36 billion to about $13 billion.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.
Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.
SURGICAL GOWNS LAWSUIT
LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.
Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.
The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.
The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.
The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.
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