 | |||
| Charleston.net News Commercial Real Estate Subscribe to the Post & Courier Place a Classified Ad | What price inspiration? | ||
 | KIAWAH ISLAND â€" With the nation teetering on the brink of an economic meltdown, dozens of corporate chieftains converged Thursday on this posh resort island to network, share ideas and enjoy the amenities of an opulent five-star hotel. Some 90 members of the the Business Council â€" a virtual who's who of chief executives from many of America's top companies â€" huddled behind closed doors at The Sanctuary hotel at the start of two days of hush-hush meetings. Members include the CEOs of the nation's largest financial institutions, oil companies, pharmaceutical makers and retail giants, from Hess and Exxon Mobil to Citigroup, Merck and General Electric. Among those in attendance Thursday were W. James McNerney Jr., CEO and president of The Boeing Co.; Eli Lilly and Co. Chief Executive John Lechleiter; and James Owens, head of Caterpillar Inc.; and Robert Johnson, chairman of the RLJ companies and founder of Black Entertainment Television. | ||
 | Utility to seek rate hike With one new power generating station finished and two more in the works for a total price tag of $6.5 billion over the next decade, Santee Cooper said Thursday that it plans to seek an increase in its base rate next fall, its first since 1996. "I don't know what the rate will be, but we are not talking about a double-digit increase," said Lonnie Carter, the state-owned utility's president and chief executive officer. "It is nothing short of remarkable that we have not needed a base rate adjustment before now, considering all the growth we've experienced." The cost of fuels needed to produce electricity, such as natural gas and coal, have increased along with more demand for power in South Carolina. Volatile markets reboundNEW YORK â€" Wall Street turned in another stunning finish Thursday and extended its unprecedented streak of volatility â€" this time, to the upside â€" as investors spent a fractious session again struggling with fears about a recession but giving in to a last-hour wave of buying. The Dow Jones industrials ended up 400 points, after falling 380 in the opening minutes of the session. It is clear that investors are reacting in the extreme to any negative economic news, including disappointing numbers Thursday on industrial production that sent stocks skidding. Racing's speed bumpCHARLOTTE â€" The phone rang off the hook at Hendrick Motorsports in June 2007 as prospective sponsors lined up to spend their money on Dale Earnhardt Jr., NASCAR's most popular driver who had just signed a five-year contract with the team. "We want in, and we know it's going to be expensive," was the message Hendrick heard over and over. Mountain Dew's AMP Energy and the Army National Guard ultimately teamed to pay the tab, estimated to be at least $30 million annually. A mere 15 months later, the calls from sponsors aren't coming in as regularly to shops all across NASCAR. The weakening economy has made funding difficult to come by, and the financial meltdown has put once-solid teams on perilous ground. In tough times, LDC still able to make loansWhen Chris Fisher started Fisher Recycling, the whole operation consisted of himself, his beat-up blue pickup truck and the one restaurant that hired him. He didn't get a proper vehicle until he applied for and received a "microloan" through the city of Charleston's Local Development Corp. Fifteen years later he has seven shiny trucks and, in a matter of weeks, will become nationally franchised. "We'll have the identical concept started from Virginia to Florida in the next eight months, and nationwide soon after," Fisher said.  | ||
| Today | News | Sports | Entertainment | Features | Web Extras | Editorial | Obituaries | Blogs | Archives The Post and Courier | Charleston.net | 134 Columbus St. | Charleston | SC | 29403 | |||