Jerome Powell says further interest rate increases are in order to beat back the high inflation sweeping the country.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Community
Skowhegan Savings promotes Amanda Bell to community banker
Skowhegan Savings recently announced the promotion of Amanda Bell to community banker in the bank’s eastern, central and northern Maine markets. Based out of the Dexter branch, Bell will assist the bank’s customers with their home buying needs. “We’re excited to have Amanda join our community banking team, as she has extensive experience in helping […]
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Posted inBusiness, Community
Northern Light Inland Hospital to move some practices to Waterville
Northern Light Inland Hospital plans to move some of its specialty care practices into the Medical Arts Building. Northern Light Orthopedics, Northern Light Podiatry and Northern Light Wound Care will move from its First Park location in Oakland to the Medical Arts Building at 180 Kennedy Memorial Drive, which is attached to the hospital. The […]
Posted inBusiness, Nation & World, News
Stocks fall as Fed chair says rates to remain high a while
Stocks fell at first, then erased nearly all their losses, and then turned decisively lower as investors initially struggled to make out the meaning of Jerome Powell’s highly anticipated speech.
Posted inBusiness, Nation & World, News
Secret Service recovers $286 million in stolen pandemic loans
The Secret Service said an investigation found that alleged conspirators submitted pandemic loan applications by using fake or stolen employment and personal information and used an online bank to conceal and move their criminal proceeds.
Posted inBusiness, Nation & World, News
Inflation eases as consumer prices rise 6.3% in July
Inflation started rising sharply in the spring of 2021 as the economy rebounded with surprising speed from the short but devastating coronavirus recession a year earlier.
Posted inBusiness, Nation & World, News
Chairman Powell says Fed could keep lifting rates sharply ‘for some time’
Stocks tumbled after Jerome Powell’s remarks, and bond yields rose, a sign that investors foresee more large interest rate hikes ahead.
Posted inBusiness, Community
River Arts announce the appointment of a new gallery manager
DAMARISCOTTA — River Arts recently announced the appointment of a new gallery manager Amy Appell. With a varied background in her employment primarily in education, Appell brings skills that will be valuable in her new management roll. In addition to teaching, she has managed her own business and blog where she has developed her office […]
Posted inBusiness
Inflation is driving Americans to bargain chain stores
Dollar Tree and Dollar General report higher second-quarter sales.
Posted inBusiness
Labor board accuses Starbucks of pay disparity
The NLRB says the company is violating U.S. labor law by withholding pay hikes and other benefits from stores that have voted to unionize.