Sales-tax holiday

Sales-tax holiday

YOUNGSTOWN

There will be a one-time sales-tax holiday in August. The holiday starts Friday, Aug. 7 and ends Sunday, Aug. 9. During the holiday, the following items are exempt from sales and use tax: an item of clothing priced at $75 or less; an item of school supplies priced at $20 or less; and an item of school instructional material priced at $20 or less.

Items used in a trade or business are not exempt under the sales-tax holiday. State Senate Bill 243 enacted the holiday.

Security cameras

CORTLAND

Howland Alarm Co., 2489 Niles-Cortland Road, recently announced it is providing the newest technology for residential and commercial security cameras.

Customers can record 24/7, view video footage in playback mode and customize surveillance features based on personal or business locations.

Trade deficit widens

WASHINGTON

The U.S. trade deficit widened slightly in May, reflecting declines in sales of American-made aircraft and machinery as exports continued to suffer from a strong dollar.

The deficit increased 2.9 percent to $41.9 billion in May, up from an April imbalance of $40.7 billion, the Commerce Department reported Tuesday.

IMF: Financial risks growing in US

WASHINGTON

The International Monetary Fund warned Tuesday that American stock prices are high and U.S. insurers and mutual funds are vulnerable to financial shocks. It also urged Congress not to weaken financial regulations passed in 2010.

The IMF says that American banks are stronger but that risk has risen elsewhere.

Overall, banks and insurance companies have increased their capital defenses against losses.

But the IMF expressed concern about risks outside the banking sector.

It warned the U.S. stock prices “are approaching levels that may be hard to sustain given profit forecasts” and the likelihood that the Federal Reserve will raise short-term interest rates later this year.

Vindicator staff/wire services