Group rallies, urges Ohio to update

Group rallies, urges Ohio to update

BOARDMAN

Ohio has about a month to modernize its unemployment compensation or risk forfeiting $176 million, according to a recent report from Policy Matters Ohio.

But state officials say the modernization will be a future financial burden.

That has some groups, such as Fight For a Fair Economy, up in arms. It called for state officials to update the system and take the money at a rally in Boardman on Thursday.

The American Recovery and Reinvestment Act of 2009 allotted $7 billion in aid for states to reform unemployment compensation systems. Ohio has received $88 million so far and must approve additional steps to qualify for the remaining $176 million.

Those steps include benefits for those seeking work, undergoing job training, those who leave work for compelling family reasons such as domestic violence, and an allowance for dependents.

No details given of foreclosure reports

washington

Banking regulators refused to commit to releasing details of their investigations into illegal foreclosure practices by the nation’s largest banks.

Appearing before a Senate panel Thursday, Federal Reserve Chairman Ben Bernanke and Acting Comptroller of the Currency John Walsh said they had not decided whether to release reports on illegal practices by individual banks.

Sen. Robert Menendez, D-N.J, had pressed them to release information. Menendez cited a report by the Associated Press this week that said banks are continuing to foreclose without doing the necessary paperwork, eight months after they had promised to stop.

Oil prices increase

new york

Oil topped $100 per barrel Thursday for the first time since early June in an improving outlook for the U.S. economy.

The Conference Board said its index of leading economic indicators rose 0.3 percent in June.

The increase suggested the economy won’t fall back into a recession over the next few months, even with high unemployment and a weak housing market.

In deal, Greece will get a new bailout

brussels

Eurozone leaders Thursday agreed to a sweeping deal that will grant Greece a massive new bailout — but likely make it the first euro country to default — and radically reshape the currency union’s rescue fund, allowing it to act pre-emptively when crises build up.

The deal resolves a political deadlock between Europe’s top economic authorities over how to save Greece that had investors worried the debt crisis would spin out of control.

The eurozone countries and the International Monetary Fund will give Greece a second bailout worth $155 billion, on top of the (euro) 110 billion granted a year ago.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 22.40 .24

Avalon Holdings,2.81.16

Clear Channel, .63 59.42 .75

Cortland Bancorp, 7.15.00

Farmers Nat., .12, 4.85 .00

First Energy, 2.20, 44.531.10

FirstMerit Corp., .64,16.86 .34

First Niles Financial, .32,7.50.00

First Place Fin., .70—.07

FNB Corp., .48,10.39.15

General Motors,29.96.72

General Electric, .60,19.16.37

Motors Liquidation, .0422.00

Huntington Bank, .04, 6.09—.22

JP Morgan Chase, 1.00,42.291.33

Key Corp, .12,8.40.13

LaFarge, 14.32 .57

Macy’s, .40, 29.94.34

Parker Hannifin, 1.48, 88.491.25

PNC, 1.40,56.771.18

RTI Intl. Metals,34.55.42

Simon Prop. Grp.,3.20,121.27.77

Stoneridge 14.36 —.25

United Community Fin. 1.22.00

Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.