Business Incubator to have learning lab


August 15, 2014 at 12:00a.m.

Business Incubator to have learning lab

YOUNGSTOWN

The Youngstown Business Incubator, 241 W. Federal St., will have a learning lab from 11 a.m. to 1 p.m. Tuesday for entrepreneurs, small-business owners, educators and other interested parties.

The host will be Phil O’Hara from the accounting and consulting firm Hill, Barth & King LLC on the topic “Defining Roles: 1099 Contractor vs. Employee.”

The discussion will include factors related to determining whether you have an employee or independent contractor relationship with a service provider.

The cost is $10 per person and includes a light lunch.

For information, email bhousel@ybi.org.

NY Fed: US auto loans soar to highest in 8 years

WASHINGTON

U.S. auto loans jumped to the highest level in eight years this spring, fueled by a big increase in lending to risky borrowers, according to a report Thursday by the Federal Reserve Bank of New York.

Yet the New York Fed also said that loans to borrowers with shoddy credit, also known as subprime lending, still make up a smaller proportion of total auto loans than before the Great Recession.

Federal banking regulators have raised concerns in recent months over the rapid increase in subprime auto loans. Such loans could lead to more defaults, harming banks and consumers. Auto loans also are packaged into securities and sold to investors, like mortgage loans. That could amplify the impact of any rise in auto-loan defaults.

US mortgage rates decline

WASHINGTON

Average long-term U.S. mortgage rates declined this week, approaching their lows for the year.

Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year loan slipped to 4.12 percent from 4.14 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.24 percent from 3.27 percent last week.

Mortgage rates are below the levels of a year ago. They have fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term borrowing rates low.

Mortgage rates often follow the yield on the 10-year Treasury note.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 24.25 .34

Avalon Holdings,4.15—.21

Clear Channel, .61 21.99 —.05

Cortland Bancorp, 12.36—.18

Farmers Nat., .127.70 .01

First Energy, 2.20, 32.72.31

FirstMerit Corp., .64,17.72 —.08

First Niles Financial, .32,9.000.00

FNB Corp., .48,12.04—.04

General Motors,33.950.00

General Electric, .76,25.88.05

Huntington Bank, .20, 9.67.02

JP Morgan Chase, 1.52,56.98.26

Key Corp, .22,13.13—.03

LaFarge, 19.07 .40

Macy’s, 1.00, 57.841.37

Parker Hannifin, 1.80, 113.55.35

PNC, 1.76,82.250.00

RTI Intl. Metals,28.72.06

Simon Prop. Grp.,4.60,168.25—.27

Stoneridge 11.31 .28

Talmer Bank, 13.750.00

United Community Fin. 4.47.01

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