BUSINESS DIGEST || Groups mull merger into one chamber

Groups mull merge into one chamber

east liverpool

Representatives from the East Liverpool and St. Clair chambers of commerce have met in an attempt to combine both organizations to create a Southern Columbiana County Regional Chamber of Commerce.

Representative from both chambers believe merging the organizations will lead to a stronger entity to advocate for the business community in southern Columbiana County and offer additional benefits to members.

During the process of evaluation, the group has proposed a common set of bylaws, which were created from organizations’ bylaws; a new dues structure; and a new executive director job description. The two chambers still need to vote before a merger takes place.

The board of a proposed merged chamber would be made up of 20 directors — nine from each chamber, a St. Clair Township trustee, or designee, and the mayor of East Liverpool, or designee.

Pandit steps down as Citigroup CEO

Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank Tuesday, stepping down as CEO and as a director.

The move shocked Wall Street, and Citigroup offered no explanation. There had been no hint of the departure Monday, when the bank discussed its strong third-quarter earnings in lengthy calls with analysts and reporters.

Pandit was replaced immediately by Michael Corbat, 52, a Citigroup lifer who had been CEO of its Europe, Middle East and Africa division.

Diebold cuts net income for 2012

north canton

Diebold Inc. on Tuesday cut its full-year net income and revenue predictions and issued a lower-than-expected guidance for the third quarter, sending its shares tumbling.

The maker of bank-teller machines, security systems and equipment attributed the lower-than-expected outlooks to a shift in its North American business and customer delays related to its sell-serve business in Brazil.

The company said it expects to post adjusted 2012 earnings of $2.25 to $2.30 per share on revenue growth of 6 percent. Based on the company’s 2011 revenue, the new guidance implies 2012 revenue of about $3.01 billion.

Battery maker A123 files for protection

detroit

After years of struggling in the nascent market for electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection Tuesday.

The filing drew criticism from Republicans who claim the Obama administration has wasted millions of taxpayer dollars on alternative- energy companies such as A123.

The company received a $249 million Department of Energy grant three years ago with high hopes that it would help foster a U.S. battery industry.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 25.30 .26

Avalon Holdings,3.81.12

Clear Channel, .73 69.90 —.11

Cortland Bancorp, 9.60.00

Farmers Nat., .126.77 .06

First Energy, 2.20, 45.46.35

FirstMerit Corp., .64,13.95 —.29

First Niles Financial, .32,6.85.00

First Place Fin., .7611.00

FNB Corp., .48,10.60—.10

General Motors,24.79.31

General Electric, .68,22.64.00

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.90—.09

JP Morgan Chase, 1.20,42.83.45

Key Corp, .20,8.26—.09

LaFarge, 14.61 .45

Macy’s, .80, 40.47.56

Parker Hannifin, 1.64, 81.971.30

PNC, 1.60,60.40—2.53

RTI Intl. Metals,23.20.30

Simon Prop. Grp.,4.20,153.98.86

Stoneridge 5.00 .02

United Community Fin. 3.75.00

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