Archive for October, 2011

Chinese manufacturer to add 300 jobs in Peachtree City

SANY Heavy Industry of China will add a research and development center at its SANY North America facility in Peachtree City, Gov. Nathan Deal announced from China where he and a group of officials from Georgia are on a week-long economic development mission.

The company will create about 300 jobs and invest $25 million in the expansion.

SANY will hire 300 mechanical and hydraulic engineers within the the next three to five years, with hiring to begin in about a year. Hiring will be handled by the Georgia Department of Labor.

The research and development center will design and develop products from many of the company’s product lines.

SANY has had its Peachtree City manufacturing facility since 2007. The $60 million, 420,000-square-foot complex makes specialized cranes and lifting equipment for the construction industry. The operation also houses sales, procurement and engineering offices. About 100 workers are currently employed at the plant.

SANY Group Ltd., the …

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Ted Turner slips: now No. 2 American landowner

Ted Turner is out as the nation’s top landowner.

According to Forbes, he’s been bypassed by cable TV billionaire John Malone who’s the new No. 1 on this top 5 list of land barons.

Don’t feel too bad for Ted, though. He’s still got 2 million acres in the fold, good enough for the No. 2 spot.

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Miserable? You’ve got company. Misery index highest since 1983.

Miserable?

You’ve got lots of company.

As Reuters reports, the misery index hit a 28-year high in September.

Blame it on the economy.

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Best investment? A New York City taxi medallion

Turns out that the best place to park your money over the last 30 years wasn’t stocks, gold, oil or (no kidding) your home.

It was a taxi medallion in New York. Those are the precious plates that allow someone to operate a cab in the city.

As The New York Times reports, the Dow Jones industrial average has risen 1,100 percent in the last 30 years. In the same period, the value of a taxi medallion is up 1,900 percent.

If you’re thinking of moving your money into medallions now, go ahead. They’re available. But the price has gone up, way up. A couple just sold: for $1 million each.

Now you know why a cab costs so much in New York.

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Georgia’s jobless rate rises to 10.3 percent in September

Georgia’s unemployment rate rose to 10.3 percent in September — its highest level since January, the state labor department said Thursday.

The September rate was up from 10.2 percent in August and 10.2 percent a year ago, the labor department said.

September is the 50th consecutive month Georgia has exceeded the national unemployment rate, which is currently 9.1 percent.

The rate increased because Georgia lost jobs in September. Also, many new job seekers were unable to find work.

The number of jobs in September fell four-tenths of a percentage point from August to 3,793,200, the labor department said. Most of the loss was among seasonal workers in leisure and hospitality.

The number of long-term unemployed workers — those jobless for at least 27 weeks — increased 8.6 percent from a year ago to 256,900. The long-term unemployed account for 52.7 percent of Georgia’s 487,471 jobless workers.

Although the rate increased, state Labor Commissioner Mark Butler pointed to a …

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Student loan debt now exceeds credit card debt

Americans are increasingly going into deep debt to retrain themselves in hopes of landing a job in this tough economy.

USA Today cites a Federal Reserve report that shows student loan debt has now exceeds credit card debt, mainly because students and workers are taking advantage of federal loan programs to build new careers.

Outstanding student loans will exceed $1 trillion this year, while more than $100 billion was taken out in loans last year. The average loan was $4,963 last year, up 63 percent, adjusting for inflation, from a decade ago.

Defaults on loans also are on the rise. With big “payment due” notices on the horizon, one student told USA Today that all the borrowing is “going to create a generation of wage slavery.”

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Obama campaign stirs up birth certificate controversy, for a price

The controversy over President Obama’s birth certificate seemed to have subsided. But people inside his campaign  sense it’s still festering. They’ve decided to combat the issue by attacking it head-on, while making a little money in the process, the Washington Examiner reports. They’re selling coffee mugs for $20 that display a picture of the President, an image of the certificate, and the line, “Made in the USA.”

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Murdoch empire’s new show: family feud

There’s nothing like a good old-fashioned feud between billionaires, unless it’s a battle between a billionaire father and son over the future of the family empire. So who can resist the pure entertainment value of the spat between Rupert Murdoch and his son, James, as reported in The New York Times.

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Homeowners falling further behind in payments

More ominous news regarding consumers’ household balance sheets. Reports from three big banks show homeowners and credit card borrowers are falling behind on their payments, according to the Financial Times.  Record low mortgage rates aren’t helping.

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10 restaurant chains that could close their doors

Now this is sort of sad news.

Some well-known restaurant chains are facing tough times and possibly a bleak future, according to this article in 24/7 Wall St.

Eateries like Bennigan’s, Big Boy and Country Kitchen are all in peril, it says, troubled by changing tastes and the economy.

Of course, some foodies might cheer their demise.

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