The Edmond Sun
October 17, 2008 11:32 pm
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Flowers joins Farmer and Merchants Bank
Mary Flowers will be the branch manager for Farmers and Merchants Bank, which is based out of Crescent. A new full service location will open at Waterloo and Broadway in north Edmond.
Flowers has been in banking for six years and was previously a manager at MidFirst Bank at 15th and Santa Fe.
“I joined F&M because of their positive attitudes toward customer service and their community style of banking,” Flowers said. “We welcome our new neighbors to come by and discuss our competitive savings and CD rates as well as our quick response to loan requests.”
Edmond Medical Center is hosting “Depression and Older Adults,” a community education event to be presented by Dr. Shantharam Darbe at 6:30 p.m. Oct. 21. For more information, call 844-5700.
The Edmond Area Chamber of Commerce will host a second political candidates forum in the Bartlesville Room of the Oklahoma Christian University campus. On Oct. 30, the public is invited to hear the views of District 41 State Sen. Clark Jolley, who will face Democrat David Taylor, D-Edmond; and House District 96 candidate Lewis Moore, R-Edmond who will face Dianne Hunter, D-Edmond in the general election. The forum runs from 8-9:30 a.m. and is free of charge.
Study examines pay disparities
A recent study has found a new way to examine pay disparities between men and women: Comparing the salaries of transgender employees before and after their gender changes.
The study in The B.E. Journal of Economic Analysis & Policy, an academic journal published by The Berkeley Electronic Press, found that while the average earnings for women who changed their gender slightly increased after the transition, it fell by nearly a third for workers who went from male to female.
The research was based on interviews with 64 individuals employed before and after a gender transition with hormone therapy or surgery.
“I think the gap that we’ve found has to do with ideas about gender and how masculinity is valued in the workplace,” said Kristen Schilt, a sociology professor at University of Chicago who conducted the study with New York University professor Matthew Wiswall.
Schilt, who is currently expanding the research into a book slated for release in 2010, also did an analysis of U.S. legal cases involving transgender discrimination. Nine out of 10 cases involved men who changed their appearance to look like a woman, she said.
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Fallout from financial crisis hammers housing
WASHINGTON (AP) — The nation is on track to build fewer homes this year than at any time since the end of World War II, adding to the woes of an economy that analysts said Friday has almost certainly entered a recession.
While the economic outlook darkened even further with bad reports on layoffs and consumer confidence, it was one of the quietest days since the financial meltdown began a month ago. Wall Street’s tumultuous week turned out to be its best in five years.
The Dow Jones industrial average lost 127 points Friday but turned in the strong week because of two huge days of gains — a record 936-point jump on Monday and an increase of 401 points Thursday.
Friday was still marked by the huge swings that have become typical lately. At various points the Dow was up nearly 300 points and down nearly 250, and it finished with a triple-digit move for the 22nd time in 25 trading sessions.
A monthly survey by the National Association of Home Builders showed sentiment among home builders hit a record low in early October.
UPS raising rates by 5.9 percent on average
NEW YORK (AP) — United Parcel Service Inc. on Friday announced a general rate increase of 5.9 percent for 2009.
UPS, the world’s largest package delivery company will raise ground shipment rates by an average of 5.9 percent and increase rates on air express and international shipments bound from the U.S. by an average of 4.9 percent.
The rate hikes take effect Jan. 5.
Last month FedEx said it will raise rates for its Express unit by an average of 6.9 percent for U.S. and U.S. export services, beginning on Jan. 5. The company said the rate hike will be partially offset by a 2 percent reduction in the fuel surcharge.
Shares of UPS fell $1.10, or 2.1 percent, to close at $50.54. FedEx shares fell $3.69, or 5.6 percent, to close at $62.55.
Oil rises above $71 on expectations of OPEC cut
NEW YORK (AP) — Oil prices recovered some ground Friday, rallying above $71 a barrel on speculation that OPEC could slash output in an effort to stop crude’s downward spiral. But pump prices kept falling and appeared poised to drop below $3 a gallon nationally — a level not seen in eight months.
Light, sweet crude for November delivery rose $2 to settle at $71.85 a barrel on the New York Mercantile Exchange after earlier rising as high as $74.30. On Thursday, prices lost $4.69 to settle at $69.85 a barrel.
Despite Friday’s modest rally, oil is still down $75 — or 51 percent — since catapulting to a record high of $147.27 on July 11.
The bearish sentiment around oil has grown more feverish in recent days, lopping more than $11 off prices in the previous three trading sessions alone. A barrel of crude hasn’t been this cheap in almost 14 months.
Worried about the financial fallout of the oil price drop, the Organization of the Petroleum Producing Countries, which controls 40 percent of the world’s oil supply, called a special meeting for next Friday in Vienna, Austria to address the slide. Underscoring the cartel’s anxiety, it moved up the date of the meeting by nearly a month.
Analysts say OPEC could decide to trim output by as much as 1 million barrels a day in a bid to halt the slide, in addition to a 500,000 barrel per day cut announced last month.
Goodyear CFO announces he’s leaving the company
AKRON, Ohio (AP) — The chief financial officer of Goodyear Tire & Rubber Co. has announced he is leaving the company.
Goodyear said Friday that 57-year-old W. Mark Schmitz will leave to pursue other interests. Schmitz, who was also executive vice president, joined the company a little more than a year ago.
The largest U.S. tire company has chosen Darren Wells to take over as CFO, effective immediately. The 42-year-old Wells has been Goodyear’s senior vice president of finance and strategy.
Goodyear shares were up in trading Friday.
Chrysler’s CEO says auto industry ripe for mergers
DETROIT (AP) — Chrysler LLC Chief Executive Bob Nardelli said Thursday that a steep decline in U.S. auto sales has created an environment for industry consolidation, but he would not comment on reports that talks are accelerating for General Motors Corp. to acquire his company.
Speaking on the CNBC cable channel, Nardelli said Chrysler has been open about looking for partners and creating alliances, but he would not address the GM discussions.
However, he said the U.S. auto sales slump has set the stage for industry consolidation.
GM has discussed a merger or acquisition with Cerberus Capital Management LP, the New York private equity firm that owns 80.1 percent of Chrysler, a person familiar with the negotiations told The Associated Press last week.
Locals to open community bank
Nine individuals, Reed B. Bramlett, James E. Faaborg, John F. Fesler Jr., Richard R. Horton, Robert C. Kerby, Arthur C. Rahill Jr., Steven W. Rahill, Gregg A. Wadley and Tracey L. Wills, announced this week that they have received approval from the Oklahoma State Banking Department to charter a de novo bank.
The bank will be known as InVest Community Bank and will be headquartered in Edmond at 2800 S. Kelly Ave. InVest Community Bank will serve the Edmond and Northwest Oklahoma City communities where all organizers have close ties. Rahill will serve as president/CEO and Faaborg will serve as executive vice president of the bank.
“We will be implementing our philosophy of ‘Relationship Banking’ in these markets in an effort to bring personalized solutions to homeowners, business owners and professionals,” Steven Rahill said.
The organizers are working to complete capitalization of the proposed bank through a private offering and expect the bank to be open by year end.
Edmond Medical Center hires new RNs
Edmond Medical Center hired Ann Blessing as an RN in Med-Surg and Jennifer Olson as an RN in the Progressive Care Unit.
Blessing comes to EMC from OU Medical Center where she worked for four years in the OB Special Care Unit. She is an Edmond resident, and enjoys reading, shopping and spending time with family. Blessing also is passionate about supporting our troops and women’s health issues.
Olson comes to EMC from Bottineau, N.D., receiving her RN from Minot State University. She is an Edmond resident, enjoys reading and is passionate about education. Olson is continuing her studies for her MSN.
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