REgion

REgion

Franchise of the Year

YOUNGSTOWN — Youngstown-based franchisee Rob Palmer recently received J.D. Byrider’s Franchise of the Year honor at the company’s annual awards program at the November convention in Hollywood, Fla. Palmer owns J.D. Byrider locations in Warren and Boardman in Ohio, and Hermitage and Pittsburgh in Pennsylvania. This is Palmer’s second consecutive, and sixth overall, Franchise of the Year award.

At the convention, Palmer’s J.D. Byrider locations in Boardman, Warren and Hermitage, also received President’s Awards, which are presented to individual J.D. Byrider locations based on portfolio quality, customer service rankings and store earnings.

Palmer, who received his master’s of business administration degree from The Wharton School of the University of Pennsylvania, is planning to open his sixth J.D. Byrider location in Monroeville, Pa., in spring 2009.

Kroger backs campaign

CINCINNATI — The Kroger Co. and its family of stores are once again supporting The Salvation Army’s annual Red Kettle campaign this holiday season. Kroger customers and associates contributing $9.4 million to The Salvation Army in 2007.

The Red Kettle campaign enables The Salvation Army to assist more than 35 million Americans in more than 5,000 communities across the country. Donations provide holiday dinners, clothing, and toys for needy families, as well as a broad range of social services. All funds collected stay in the community where the donations are made. For more information, please visit http://www.salvationarmyusa.org.

Beginning Dec. 1, Kroger customers and associates can donate to The Salvation Army online through http://www.kroger.com/holiday.

Voting on National City

CLEVELAND — Shareholders of National City Corp. and PNC Financial Services Group Inc. will vote on the fate of National City at separate meetings scheduled for next month.

Cleveland-based National City disclosed plans for the Dec. 23 meetings in a filing last week with the Securities and Exchange Commission. PNC’s session will be in Pittsburgh, where the company is based.

At its special meeting in Cleveland, National City stockholders will be asked to approve PNC’s $5.6 billion acquisition that was announced last month. The sale would culminate National City’s two-year decline amid the nation’s credit crunch and troubled mortgage market. National City is Ohio’s largest bank.

Both companies hope to complete the deal by Dec. 31. National City warned in the filing that the company’s stock price might further decline if the deal is voted down. The company also said PNC’s offering price is likely the most favorable National City will be able to get.

PUCO denies application

COLUMBUS — The Public Utilities Commission of Ohio (PUCO) has denied FirstEnergy’s application to establish a market rate offer (MRO). Senate Bill 221, Ohio’s new electricity law, requires electric utilities to provide consumers with a standard service offer, consisting of either an MRO or electric security plan (ESP).

“As we reviewed FirstEnergy’s application, we took into consideration the requirements set forth in Senate Bill 221,” PUCO Chairman Alan R. Schriber said. He said FirstEnergy’s MRO application was not approved, in part, because the company did not demonstrate that its competitive selection process would result in an open, fair and transparent process.

Bonds sink to new low

NEW YORK (AP) — Yields on long-term government debt sank to new record lows Friday, the last trading day of the month, as investors continued to bet on an extremely weak economy. The 30-year yield dropped to 3.44 percent, the lowest level since the government started issuing the bond. The 10-year yield also fell to the lowest level since it’s been issued, sinking to 2.93 percent.

The 2-year Treasury note rose 7/32 to 100 15/32, and yielded 1.01 percent, down from 1.12 percent. The 10-year note rose 16/32 to 107 1/32 and yielded 2.93 percent, down from 2.99 percent. The 30-year bond rose 1 19/32 to 119 13/32 and yielded 3.44 percent, down from 3.52 percent. The rate on the three-month Treasury bill barely budged to 0.03 percent from 0.02 percent — indicating that investors were willing to earn virtually nothing for the safety of short-term government debt.

Vindicator staff/wire reports