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WTVC NewsChannel 9 :: News - Local News

TAWC Buys Marion County Water System

Tennessee American Water announced Monday it has closed the deal on the company's acquisition of the water system assets from the city of Whitwell in Marion County. The purchase price of the newly acquired water system, which serves nearly 2,800 customers in Marion and Sequatchie Counties, is approximately $1.5 million.

The Tennessee Regulatory Authority (TRA) approved the deal in February 2013.

"Tennessee American Water has been delivering high-quality, reliable water service to customers in Tennessee and North Georgia for 126 years," said Deron Allen, President of Tennessee American Water. "With this acquisition, we will expand our existing footprint of operations in Marion County and help ensure local residents have access to a longterm, reliable water supply for years to come. We look forward to working with the Whitwell community and building a long-lasting partnership."

Allen added Tennessee American Water will announce plans to hold a community meeting in Whitwell so customers can meet representatives from the water company and ask questions about water service. The company also plans to send new customer information by mail to ensure a smooth transition.

Over the next few years, Tennessee American Water plans to make needed investments to renew and replace the aging water infrastructure in the communities and areas currently served by the Whitwell water system. According to company officials, these investments will help address the ongoing water losses in the system, increase the water supply for local residents, improve service reliability for outlying residents and upgrade the water treatment plant to meet new state and federal water quality standards.TAWC Buys Marion County Water System

Monday, December 16 2013, 01:33 PM EST

More Business News

Last Update on November 25, 2014 18:10 GMT

ECONOMY-GDP

WASHINGTON (AP) -- The U.S. economy grew at a solid 3.9 percent annual rate in the July-September period, even faster than first reported, giving the country its strongest back-to-back quarters of growth in more than a decade.

The Commerce Department says the third quarter growth rate climbed from an initial estimate of 3.5 percent because of greater spending by consumers and businesses. The figure followed a 4.6 percent surge in the spring, which resulted in the biggest consecutive quarters of growth since 2003.

Analysts believe growth could slow to around 2.5 percent in the current quarter but then accelerate again in 2015. They expect growth of around 3 percent, representing a sustained acceleration in activity six years after the Great Recession.

EUROPE-ECONOMY

PARIS (AP) -- A major international organization is calling on Europe to relax its fiscal rules and for governments to spend more money, saying Europe's sluggishness is dragging down the global economy.

Tuesday's report by the Organization for Economic Cooperation and Development, a gathering of the world's richest countries, says Europe has consistently underperformed economically and risks remaining economically stagnant unless demand picks up. The report also calls for major reforms in Japan, saying its debt is unsustainable.

EU requirements that members keep budget deficits below 3 percent of GDP are coming under increasing pressure as the bloc's economy fails to pick up.

Germany, a fierce defender of the budget rules, was taken to task in the report, which called on the government to invest more in childcare and infrastructure.

CONSUMER CONFIDENCE

WASHINGTON (AP) -- A fresh survey finds U.S. consumer confidence down in November following a big gain in the previous month.

The Conference Board says its consumer confidence index fell to 88.7 in November, down from a seven-year high of 94.5 in October.

Conference Board economist Lynn Franco says that the decline primarily reflects reduced optimism in the short-term outlook, as consumers expressed less confidence in current business conditions and the present state of the job market.

But she adds that expectations about future income remain virtually unchanged. With gas prices falling, this should help boost holiday sales.

NEW YORK FED-HOUSEHOLD DEBT

WASHINGTON (AP) -- Americans are slowly but steadily borrowing more money, bringing to an end a five-year effort to cut household debt that has slowed consumer spending and the economy.

The Federal Reserve Bank of New York says total household debt increased $78 billion in the July-September quarter to $11.7 trillion, led by rising mortgage and auto loans. That is the fourth increase in household debt in the past five quarters.

Total debt is still below the peak of nearly $12.7 trillion reached in the third quarter of 2008. But it has risen 5 percent since bottoming out in the second quarter of last year.

The sustained increase is a sign that Americans are more confident and willing to spend more, trends that could fuel faster economic growth.

HOME PRICES

WASHINGTON (AP) -- U.S. home prices rose in September at the slowest pace in more than two years, reflecting modest sales gains and a rising number of available homes.

The Standard & Poor's/Case-Shiller 20-city home price index rose 4.9 percent in September from 12 months earlier. But that's down from 5.6 percent in August and the smallest gain since October 2012.

Home price gains have slowed this year after rapid, double-digit increases in the previous two years. Investors helped drive the strong gains by bidding up prices but have started to cut back on their purchases.

The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The September figures are the latest available.

BANK EARNINGS

NEW YORK (AP) -- U.S. bank earnings rose 7.3 percent in the July-September quarter from a year earlier, as banks reduced their expenses and continued to lend out more money, which help drive up revenue.

The data issued Thursday by the Federal Deposit Insurance Corp. showed a robust picture as the banking industry continues to recover from the financial crisis that struck six years ago.

Banks and other financial institutions insured by the FDIC earned $38.7 billion in the third quarter, up from $36.1 billion a year ago. The percentage of unprofitable banks fell to 6.4 percent of institutions, versus 8.7 percent a year ago.

The agency said the number of "problem banks" fell to 329 during the quarter, the lowest since the first quarter of 2009. Only two insured banks failed last quarter.

HOLIDAY SHOPPING-THANKSGIVING

NEW YORK (AP) -- Thanksgiving could be the best day to shop all year.

An analysis of sales data and store circulars contradicts conventional wisdom that Black Friday is when shoppers can get the most and biggest sales of the year.

Turns out, shoppers will find more discounted items in stores that are open on Thanksgiving. An analysis of promotions for The Associated Press by researcher MarketTrack, for example, shows a total of 86 laptops and tablets deeply discounted as door buster deals at Best Buy, Wal-Mart and others on the holiday compared with just nine on Black Friday.

And on the Web, discounts will be deeper on the holiday. Adobe, which tracks data on 4,500 retail web sites, finds online prices on Thanksgiving are expected to be about 24 percent cheaper compared with 23 percent on Black Friday and 20 percent on Cyber Monday.

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WTVC NewsChannel9 Stories of Honor

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Uber Arrives in Chattanooga

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Volkswagen Sets Policy to Interact with Labor Groups

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You Could Benefit from Red Bull Class Action Suit

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Family-Owned Hixson Business Closes for Good on Tuesday

Ford Recalls 850K Cars on Short Circuit Concerns

Chattanooga Candy Company Closing at the End of the Year

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Startup Week Chattanooga to Feature National Figures in Innovation and Entrepreneurship

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Federal Reserve Signals It Plans to Keep Key Interest Rate at Record Low

FedEx Hiring 50,000 for Seasonal Work

Speculation Swirls Over Fed Language on Rate Hike

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Small Plane from Chattanooga Crashes in Walton County, GA

Chattanooga's Mashburn Outdoor LLC Garners Prestigious Honor

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Paper Mill Expansion Means 50 New Jobs in McMinn County

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GM Issues Third Recall on SUVs That Can Catch Fire

PF Chang Customer Security Breach Includes Chattanooga Restaurant

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Chattanooga Choo Choo Announces Major Expansion

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A Tip of the Hat to a Bull Market, VW and Derek Jeter

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Report: UAW to Announce Agreement with Volkswagen Thursday

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ALERT: Toyota, Mazda, Honda

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House Passes Bill Designed to Unlock Chickamauga Lock Funding Logjam

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TN Receives $140,000 for Mine Safety Training & Accident Response

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New Holiday Inn Creating New Chattanooga Jobs

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Don Welch Announces Retirement

TVA to Update Progress on Long-range Plan

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Volkswagen Recalls 160,000 Passats for Light Issue

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Volkswagen Workers File Federal Suit to Block Company and UAW Collusion

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Average Area Gas Price back Above $3

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Tenn. Governor Signs Grocery Tax Reduction into Law

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TVA Veteran James R. Dalrymple Named VP of Coal and Gas Operations

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Rhea County Company Adding 50 Jobs

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River City Company Received TAPA Award

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BlueCross Laying Off 100 Employees

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BellSouth Lawsuits for 911 Fees Can Go Forward

Chattanooga Chamber - Selling to Global Markets Seminar

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