Business news briefs: Consumer borrowing rises for sixth month, Fed says
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Americans took out more loans in February but used their credit cards less frequently for the second straight month. The Federal Reserve says consumer borrowing increased by $8.7 billion, the sixth straight monthly increase. The jump was driven by $11 billion increase in the category that mostly measures demand for auto and student loans. Borrowing on credit cards fell $2 billion after a $3 billion decline in January. In February, total consumer borrowing rose to seasonally adjusted $2.52 trillion.
Nine of the state's small businesses, including one in Allegheny County, have been awarded more than $57,000 in grants from The Pennsylvania Department of Environmental Protection. Oakland-based Quick Car Wash has been awarded $6,062 through the Small Business Advantage Grant program, which provides 50 percent reimbursement up to $7,500 for projects that will save a business at least $1,000 and 25 percent in pollution prevention or energy costs per year.
Eastman Kodak Co. is seeking permission to pay about 300 executives and other employees a total of $13.5 million in bonuses to persuade them to stay with the company as it reorganizes under bankruptcy protection. The Rochester, N.Y.-based company also told 16,000 Medicare-eligible retirees it has withdrawn for now its motion to end supplemental health care benefits.
Facebook will list its shares with Nasdaq, according to media reports. That would be a big win for the Nasdaq, which competes fiercely with NYSE Euronext Inc., especially for an initial public offering as large as Facebook's, pegged at $5 billion. The New York Times and CNBC cited anonymous sources on the potential listing.
First Published April 7, 2012 12:01 am