Coal work at Barberton plant
Babcock & Wilcox continues to move ahead with its carbon-capture and related technology for coal-fired power plants. Charlotte, N.C.-based B&W said its Power Generation Group division in Barberton will work with the FutureGen Industrial Alliance to start engineering and preparation on the U.S. Department of Energy’s FutureGen 2.0 carbon capture and storage project. B&W will design and engineer the oxy-coal combustion system, air quality systems, boiler, steel and other control systems for use at a 167-megawatt coal plant in Meredosia, Ill. Contract terms were not released. The B&W technology is intended to separate and capture more than 90 percent of the carbon dioxide gas generated by the power plant.
Timken Co. receives honor
Timken Co. was named one of the world’s most ethical companies by the Ethisphere Institute. This is the third time since 2010 the Canton steel and bearings maker was named on the Ethisphere Institute’s World’s Most Ethical Companies list. The list was created in 2007 by Ethisphere, an international organization seeking to advance the best practices in corporate governance, risk, sustainability, compliance and ethics. The full list can be found online at http://ethisphere.com/wme.
Chesapeake adds to board
Chesapeake Energy Corp., the natural gas producer with Ohio operations that announced the dismissal of co-founder Aubrey McClendon five weeks ago, said former Pride International Inc. CEO Louis Raspino has joined the board. Raspino replaces V. Burns Hargis, who resigned, Chesapeake said. Hargis offered to quit in June following a shareholder vote opposing his re-election but was allowed to remain on the board to help conduct an inquiry into McClendon’s private portfolio.
Time Warner plans spinoff
Time Warner Inc. will spin off its magazine business later this year, turning the 9-decade-old publisher of Time, People and Sports Illustrated into a separate publicly held company.
The move represents Time Warner’s third major spinoff since Jeff Bewkes became CEO in 2008, letting the company focus on what it considers faster growing businesses. Time Warner Cable Inc., the second-largest U.S. cable company with Akron operations, became independent in March 2009. Time Warner spun off AOL, the dial-up Internet service that is remaking itself as a Web publisher, later that year. The magazine assets could be worth as much as $3.2 billion, according to analyst John Janedis at UBS.
Mortgage rates remain flat
Mortgage buyer Freddie Mac said the average rate on the 30-year fixed mortgage edged up to 3.52 percent from 3.51 percent last week. That’s near the 3.31 percent rate reached in November, the lowest on records dating to 1971. The average rate on the 15-year fixed mortgage held at 2.76 percent. The record low is 2.63 percent.
Dow Jones sets new record
The Dow Jones industrial average pushed further into record territory Thursday, having surpassed its previous all-time high two days ago. The catalyst was the latest evidence that hiring is picking up. Both the Dow and the S&P gained for a fifth straight day. The Dow gained 33.25 points, or 0.2 percent, to close at 14,329.49. The Standard & Poor’s 500 index rose 2.80 points, or 0.2 percent, to 1,544.26. The Nasdaq rose 9.72, or 0.3 percent, to 3,232.09. For the year, the Dow is up 1,225.35 or 9.54 percent. The S&P 500 is up 118.07, or 8.3 percent. The Nasdaq composite is up 212.58, or 7 percent.
Compiled from staff and wire reports