BUSINESS DIGEST ||


ByceAUCTION expands reach

YOUNGSTOWN

ByceAUCTION has expanded into Columbus with the addition of Glenn Henry to its marketing team. Henry will focus on offering auction services to the Columbus marketplace while promoting court-ordered sales to the legal and financial community from his office in Westerville.

ByceAUCTION is a full-service auction firm specializing in online and onsite auctions, liquidations, appraisals and court-ordered sales. Its headquarters is just north of downtown at 755 Wick Ave.

Wells Fargo in another scandal

NEW YORK

Scandal-plagued Wells Fargo is back in hot water for signing customers up for products they didn’t need or want. This time it’s auto insurance, and the bank says it may have cost about 20,000 people their cars.

San Francisco-based Wells Fargo acknowledged late Thursday that it enrolled roughly 570,000 auto-loan borrowers for what’s known as collateral production insurance on their vehicles when the customers already had appropriate insurance. It will pay $80 million in refunds and account adjustments to those people.

“We take full responsibility for our failure ... and are extremely sorry for any harm this caused our customers, who expect and deserve better from us,” said Franklin Codel, the head of Wells Fargo Consumer Lending, in a statement.

Wisconsin governor calls special session on Foxconn deal

MADISON, Wis.

A wide array of Wisconsin environmental regulations would be waived in an effort to speed up construction of a $10 billion Foxconn electronics factory under a proposal Gov. Scott Walker unveiled Friday.

Walker called on the Republican-controlled Legislature to consider the measure as early as Tuesday. It also would borrow $252 million to finish rebuilding Interstate 94, which connects Milwaukee with Chicago and runs near where the massive display panel factory is expected to be built.

The plant would be the first outside of Asia to produce liquid crystal display monitors used in computers, televisions and other areas. Walker calls it a once-in-a-generation opportunity to transform Wisconsin’s economy.

FDA to target nicotine levels in cigarettes

For the first time, the federal government is proposing cutting the nicotine level in cigarettes so they aren’t so addictive.

U.S. Food and Drug Administration chief Scott Gottlieb on Friday directed the agency’s staff to develop new regulations on nicotine. The FDA has had the power since 2009 to regulate nicotine levels but hasn’t done so. Stocks of cigarette makers plunged after the announcement.

As part of the new strategy, the FDA is giving e-cigarette makers four more years to comply with a review of products already on the market, Gottlieb said.

Staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .1235.71-0.65

Aqua America, .71 33.410.07

Avalon Holdings,2.380.05

Chemical Bank, .2748.19-0.59Community Health Sys. 7.43 0.20

Cortland Bancorp, .2817.900.00

Farmers Nat., .1613.98-0.07

First Energy, 1.44 32.140.89

Fifth/Third, .5226.400.26

FirstMerit Corp.,--

First Niles Financial, .1210.500.00

FNB Corp., .4813.53-0.24

General Motors, 1.5235.78-0.15

General Electric, .9225.54-0.25

Huntington Bank, .28 13.180.06

iHeartMedia Inc.,1.26150.00

JP Morgan Chase, 1.9291.28-0.28

Key Corp, .3417.89-0.17

LaFarge, .34--

Macy’s, 1.51 23.94-0.26

Parker Hannifin, 2.52 164.900.83

PNC, 2.20127.730.06

Simon Prop. Grp., 6.60160.49-5.84

Stoneridge 15.29-0.26

United Comm. Fin., .12 9.180.00

Selected prices from Friday’s 4 p.m. close.

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