Economists had expected consumers to pull back on spending in the final 3 months of the year under the weight of credit card debt and delinquencies and lower savings.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Maine
Could passenger rail service be coming to central Maine? State lawmakers are pushing for it.
Proposal calls to connect Waterville, Lewiston, Auburn and Bangor to Portland
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Posted inBusiness
Overdraft fees could drop to as low as $3 under new Biden proposal
Under the proposed rule, banks could only charge customers what it would cost them to break even on providing overdraft services.
Posted inBusiness, Maine, News
Hundreds of waterfront businesses to seek storm-related disaster relief
Fishing infrastructure, such as docks and roads, was damaged or wiped out up and down the coast by the 2 powerful storms that slammed Maine last week, and damages are likely to reach millions of dollars.
Posted inBusiness, Nation & World, News
Banks prepare to fight proposed curbs on overdraft fees
While banks have drastically cut back on overdraft fees in the past decade, the nation’s biggest banks still take in roughly $8 billion in overdraft fees every year.
Posted inBusiness, Nation & World, News
Provider of faulty software apologizes to hundreds of UK postal managers wrongly prosecuted
Fujitsu said it was long aware that its software had bugs. The flaws led to the wrongful conviction of hundreds of Post Office branch managers across the UK.
Posted inBusiness, Uncategorized
Banks prepare to take on the Biden administration over billions of dollars in overdraft fees
The Consumer Financial Protection Bureau is expected to propose rules this week that further rein in banks’ ability to charge customers a fee when they overdraw their bank account.
Posted inBusiness, Maine, News
Hampden mail processing facility will stay open after Postal Service review
The federal agency told a major employees union in a letter last week that the facility in Hampden ‘will remain open and will be modernized.’
Posted inBusiness, Uncategorized
Lawsuits against Florida’s top property insurers decline. Is it a sign reforms are beginning to work?
Lawsuits against top Florida property insurers declined overall between 2022 and 2023 and insurers say they would have declined even more if Hurricane Ian had not struck the state in September 2022. Insurers say it’s a clear sign that the legislative reforms enacted in 2022 are starting to work even if premiums have not yet […]
Posted inBusiness, Uncategorized
Africa’s biggest oil refinery begins production in Nigeria with the aim of reducing need for imports
It’s been years in the making, with the aim to to reduce the need for imports.