Billionaire among 6 nabbed in inside trading case

NEW YORK (AP) — One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.

Raj Rajaratnam, a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to use insider information to trade securities in several publicly traded companies, including Google Inc.

Franklin Chamber sets breakfast program date

FARMINGTON — The Franklin County Chamber of Commerce Business Breakfast will be held at 7 a.m. on Oct. 28 at the University of Maine at Farmington's Olsen Student Center, 111 South St., Farmington. This month's keynote speaker, Robert J. Thompson, is the executive director of the Androscoggin Valley Council of Governments. Thompson will address "Mobilize Maine and other Regional Initiatives."

Lewiston native elected president of automotive group

PORTLAND — Susan Davis, a native of Lewiston and a graduate of Bates College, was elected president of the international Society of Automotive Historians, which held its annual meeting recently in Hershey, Pa. Davis, a member of the SAH board since 2004, will serve as president for two years.

Dow closes above 10,000 for 1st time in a year

 

 

NEW YORK (AP) — When the Dow Jones industrial average first passed 10,000, traders tossed commemorative caps and uncorked champagne. This time around, the feeling was more like relief.

The best-known barometer of the stock market entered five-figure territory again Wednesday, the most visible sign yet that investors believe the economy is clawing its way back from the worst downturn since the Depression.

Consumers want credit card rules to kick in soon

 

 

NEW YORK (AP) — Fed up with rising fees, interest rate hikes, limit cuts and other harsh changes to their credit cards, most consumers want the date for major reforms moved up.

But some observers say those impending reforms have prompted banks to issue even more of the changes at a time when credit card holders are down.

The latest proof that consumers are having trouble paying their credit card bills came early Wednesday, in JPMorgan Chase's third-quarter results.

Worries persist despite some retail sales strength

 

 

WASHINGTON (AP) — U.S. retail sales outside of autos showed surprising strength in September, but economists worry the rebound in all-important consumer spending will be short-lived as American families contend with rising unemployment and tight credit.

Removing autos, sales rose a better-than-expected 0.5 percent, led by gains at furniture stores, general merchandise stores and specialty clothing stores.

FairPoint announces 45 new hires in Maine

PORTLAND (AP) — FairPoint Communications says it has hired 45 new employees at its customer service center in Portland.

Executive Vice President Jeff Allen says the workers were hired to support the growth in orders by business and wholesale customers. The employees are undergoing training and will be on the job later this month and early next month.

Heating oil prices up slightly in Maine

AUGUSTA (AP) — Heating oil prices have gone up 3 cents over the past week in Maine.

The state Office of Energy Independence and Security says the price in its weekly survey is $2.38 a gallon. That compares to $2.35 last week. Kerosene prices are up a penny, to $2.77 per gallon.

Prices varied by region.

The lowest actual heating oil price of $2.07 per gallon was in southwestern Maine; the highest price was $2.65 per gallon in eastern Maine.

Small business forum planned

DALLAS PLANTATION — The office of U.S. Sen. Olympia J. Snowe is presenting a Franklin County Small Business Forum on Oct. 21 at Saddleback Maine Ski Resort. Featured speaker will be Jeanne A. Hulit, regional administrator for New England, U.S. Small Business Administration.

Business After Hours date set

LEWISTON — The October Androscoggin County Chamber of Commerce Business After Hours will be held from 5-7 p.m. on Oct. 15 at Hi-Style Caterers and Carriage House Plus banquet facility located at 1119 Lisbon St., Lewiston.

The Chamber's Business After Hours is held once a month at a Chamber member's place of business.Food and prizes are available throughout the event, as well as sharing fellowship with friends and colleagues. Business After Hours is offered by The Chamber for members and non-members alike.

Two join Cloud 9 Day Spa

LEWISTON — Cloud 9 Day Spa and Wellness Center, 465 Main St., welcomes two new employees, Joanne Caron and Allison Whalen.

Caron is a graduate of Capillo's Institute in Augusta and is a licensed aesthetician and cosmetologist. She is also a licensed instructor at Capillo's in the school of aesthetics. She has been working in the industry for more than 15 years. She is currently accepting new clients for hair cutting and styling, coloring, waxing and facials.

Chamber welcomes Professional Vehicle Corp.

RUMFORD — The River Valley Chamber of Commerce will celebrate the opening of Professional Vehicle Corp.'s new location at 12 Industrial Road, Rumford, with a ribbon cutting ceremony Oct. 23 from 5-7 p.m. A Business After Hours meeting will follow. Refreshments will be served. Those interested in attending should send an e-mail to: donna@provc.net or call 364-2400.

State Chamber offering seminar in Auburn

AUBURN — The Maine State Chamber of Commerce, together with the Maine Department of Environmental Protection and the U.S. Chamber of Commerce will present "Federal Cap and Trade Legislation: Challenges and Opportunities for Maine's Business Community."

Amtrak ridership down, but still near record high

WASHINGTON (AP) - Amtrak said Monday its ridership dropped by more than 1 million passengers during the past year, but was still the second-highest year in the railroad's history.

Figures released by the nation's intercity rail operator show Amtrak carried 27.2 million passengers during the 12 months ending Sept. 30. Amtrak's record was 28.7 million passengers during the previous year, a period coinciding with record high gas prices.

Still, ridership was up over two years ago by 5.1 percent.

Quebec circus founder lands safely after trip to space

MOSCOW (AP)  —  The Russian Soyuz capsule carrying Cirque du Soleil founder Guy Laliberte and two other space travelers landed safely in Kazakhstan on Sunday, ending the entertainment tycoon's mirthful space odyssey.

Laliberte, who wore a bulbous clown nose during his stay aboard the International Space Station, was extracted from the cramped Soyuz capsule Sunday morning following its landing in the steppes of northern Kazakhstan.

After the landing, he was carried from the capsule wearing the round red nose.

MANP offering business seminar

LEWISTON — The Maine Association of Nonprofits is offering a business seminar, Project Management Toolbox — The Basics, from 9 a.m. to noon Oct. 20 at SeniorsPlus in Lewiston. Cost is $50 for members, $100 for nonmembers.

A successful project requires good planning. This SkillBuilder defines the key components of pragmatic project plans that result in objectives being met on time and on budget. Project plan components include: tools, timelines, tasks, dependencies, milestones, roles, tracking and reporting, measuring success, issues/risks management and governance.

Groundbreaking held for Poland bank

POLAND — Ground was recently broken for a new Northeast Bank branch, scheduled to open in about five months.

The bank will not only be the first in Poland, but bank officials say it will offer a number of technological advancements, including an "intelligent" ATM that can read checks and recognize currency, simplifying the deposit process. The bank will also stay open beyond traditional hours, including Saturday and evening hours.

Minigell completes program

NORWAY — Dawn Minigell of Norway, a Modern Woodmen of America representative, has completed a five-day educational program at Modern Woodmen's home office in Rock Island, Ill.

The program focused on comprehensive financial services for families and small businesses. Using a computer software program, Minigell also studied the impact of social security benefits and inflation on a client's financial plan. In addition, she learned about the products and processes to incorporate mutual funds and variable products, where appropriate, when evaluating financial needs.

Angus King to speak at chamber workshop

LEWISTON — Former Gov. Angus King will be the featured speaker at a workshop titled Surviving the Energy Crisis: How to Save Money, sponsored by the Androscoggin Valley Chamber of Commerce. It will be held Oct. 22 from 7:30 a.m. to 2:30 p.m. at the Bates College Dining Commons, Central Avenue.

Maine wind power project gets boost

AUGUSTA (AP) — Maine utility regulators have approved a long-term energy supply contract for the Rollins wind-power project in Penobscot County.

The 20-year contract approved Wednesday by the Public Utilities Commission is between Rollins' owner, First Wind, and utilities that buy and distribute its power, Central Maine Power and Bangor Hydro-Electric companies.

It is the first long-term contract to be approved since electric restructuring in 2000.

Retailers see sales begin to recover in September

NEW YORK (AP) — Americans are finally spending a little more, but they're playing hard to get.

A tally of sales at top stores managed a gain in September for the first time in more than a year. It was a pleasant surprise for retailers, but analysts say shoppers still aren't coming in the door unless they see deep discounts.

Mattel introduces black Barbies, to mixed reviews

 

 

NEW YORK (AP) — Mattel has launched a new line of black Barbie dolls with fuller lips, a wider nose and more pronounced cheek bones — a far cry from Christie, Barbie's black friend who debuted in the 1960s and was essentially a white doll painted brown.

Northeast Bank to close two branches next year

LEWISTON — Lewiston-based Northeast Bank will close two branches early next year, in Lewiston and Mechanic Falls, the bank announced Thursday afternoon. The branches are at 882 Lisbon St., Lewiston, and 26 Pleasant St., Mechanic Falls.

Seasoned worker forum date set

LEWISTON — Seasoned Workforce^TM LLC, in conjunction with the Lewiston CareerCenter, the Western/Central Workforce Investment Board and several local businesses, will sponsor a free Seasoned Worker Forum on Oct. 15 from 12:30 to 3 p.m. It will be held at the CareerCenter, 5 Mollison Way, Lewiston.

For information and reservations call 753-9000.

The Seasoned Workforce^TM Web site, http://www.seasonedworkforce.com, provides important information, news and helpful links for seasoned workers and to age-neutral employers.

River Valley chamber meeting topic is flu virus

RUMFORD —The River Valley Chamber of Commerce, along with the River Valley Growth Council, has invited Patty Duguay of River Valley Healthy Community Coalition, and Kevin Saisi and Dave Saphire of the Oxford County Medical Reserve Corps to present information about the H1N1 flu virus at the monthly "Eggs and Issues" seminar.