BUSINESS DIGEST ||


Gorant relocates

CANFIELD

In an effort to change and renew its retail presence in the Youngstown area, Gorant has relocated the Canfield location into a plaza only a mile down the road.

The newly relocated Gorant store can be found in Huntington Plaza, 1393 Boardman-Canfield Road.

The store will bring back its popular Yum Yum Tree, with a new trendy design. In addition, the store features a Chocolate Creation Station.

The new store, scheduled to open at the end of January, will have a grand opening and ribbon-cutting ceremony planned for Feb. 1.

Dow closes above 26K

A broad rally on Wall Street propelled the Dow Jones industrial average to close above 26,000 points for the first time Wednesday. The Dow gained 322.79 points, or 1.3 percent, to 26,115.65.

The sharp gains also delivered record highs for the Standard & Poor’s 500 index and the Nasdaq composite, wiping out the market’s modest losses from a day earlier.

Technology and health care companies accounted for much of the gains.

Apple to hire 20,000 in $350B pledge

SAN FRANCISCO

Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. that will be partially financed by an upcoming windfall from the country’s new tax law.

The pledge announced Wednesday comes less than a month after Congress approved a sweeping overhaul of the U.S. tax code championed by President Donald Trump that will increase corporate profits.

Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas.

Apple plans to take advantage of that provision to bring back most of its roughly $252 billion in offshore cash, generating a tax bill of about $38 billion.

Bitcoin falls under $10K

NEW YORK

The volatility of the digital currency markets was on display again Wednesday, as bitcoin briefly fell below $10,000 before rebounding back above $11,000 in the U.S. afternoon.

With the drop below $10,000, bitcoin had lost about half its value since hitting a high above $19,000 in mid-December.

Bitcoin has slumped 20 percent this week as traders worry that regulators in South Korea will crack down on trading of digital currencies.

Suicide attack kills 12

MAIDUGURI, Nigeria

A double suicide bombing at a market in Nigeria’s northern city of Maiduguri killed at least 12 people and wounded 48 others Wednesday, residents and an emergency official said.

Ibrahim Usman, a trader in Muna Garage market, said the first bomber attacked inside the market while the other remained outside, killing only himself.

The head of rescue operations for the State Emergency Management Agency said a female bomber attacked the market while the other attacker was male.

Muna Garage, the site of a camp for displaced people, has been attacked several times in the past few years by Boko Haram insurgents.

Staff/wire reports

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