BUSINESS DIGEST || Senate approves credit legislation

Parents could block attempts to open credit accounts

COLUMBUS

The Ohio Senate approved legislation Tuesday that would allow parents to block attempts to open credit accounts in the names of their minor children.

House Bill 317 was approved on a vote of 31-0 and will head to Gov. John Kasich desk for his signature, pending concurrence from the Ohio House on Senate amendments.

The bill was offered after lawmakers heard from parents about credit cards and loans secured in the names of their children, whose identities were stolen. Under current law, parents and guardians can’t block those activities until after the fact.

HB 317 would allow parents or guardians to place security freezes on the credit reports of minors. Requests for freezes would have to be made in writing, with proof that applicants have authority to act on minors’ behalf.

US production posts increase

WASHINGTON

U.S. industrial production in April posted the biggest increase since November 2014 as utility output surged, the Federal Reserve said Tuesday.

Industrial output – which includes factories, mines and utilities – rose 0.7 percent from March. It had dropped the previous two months.

Fueling the improvement was utility production, which surged 5.8 percent in April. It was the biggest jump since February 2007. Demand for electricity and natural gas returned to more normal levels after unusually mild March weather.

Factory output rebounded 0.3 percent, the most since January, helped by a solid increase in auto and machinery production.

Home Depot profits up in first quarter

ATLANTA

Home Depot topped expectations for the first quarter thanks in part to mild weather and the company, riding a strong rebound in housing, lifted its outlook for the year.

For the three months ended May 1, The Home Depot Inc. earned $1.8 billion, or $1.44 per share, easily surpassing per-share projections for $1.33, according to a survey of analysts by Zacks Investment Research. It also topped last year’s quarterly profit of $1.58 billion, or $1.21 per share. Revenue increased to $22.76 billion, from $20.89 billion, better than the $22.32 billion that Wall Street expected.

Drug maker to build factory after evaluating law

RALEIGH, N.C.

A drug maker that spent six weeks deciding whether to scrap plans for a new North Carolina factory after the state passed a law limiting LBGT protections says it’s going ahead.

New Jersey-based Braeburn Pharmaceuticals said Tuesday it will build a $20 million manufacturing and research center in Durham County. The 50 new jobs paying an average of nearly $76,000 a year were announced just before state officials passed House Bill 2 in March. Braeburn said the law caused it to re-evaluate. The company said in a news release it expects legal challenges will overturn the law

Staff/wire reports