Nuclear development rights go to French firm
Constellation Energy is selling its rights to develop a new nuclear plant in Oswego County to French firms Electricite de France SA and Unistar. But development requires a critical element that’s not yet in place, according to the Post-Standard:
To develop new nuclear plants, Unistar would have to find a U.S. partner. Federal law prohibits foreign companies from owning a “controlling interest” in U.S. nuclear plants
Mixed messages on the economy
The chief economist for Key Private Bank, Bruce McCain spoke at the Buffalo Yacht Club on Wednesday. His message: the future isn't looking so hot, according to the Buffalo News:
Fear and uncertainty over what’s next or what consumers, businesses and governments will have to pay for are holding back confidence on all levels, McCain said. At the same time, their budgets are squeezed by expenses that are rising faster than incomes, leaving them with little flexibility to maneuver for extra spending.
McCain told a crowd of investors that there's still "rebuilding" that needs to be done in the economy in the wake of the housing crisis. To accomplish that rebuilding, McCain says we need to "manage our own anxiety."
Also speaking Wednesday was the head of the New York Federal Reserve, William Dudley. Dudley says things are looking up for the Buffalo region, as it moves away from cyclical growth and job cutting. The region also has a well-educated workforce, and stable housing prices. Dudley is traveling through upstate to transmit the message that key economic indicators like unemployment and inflation are "currently at unacceptable levels," according to the paper.
Cash in hand
It's earnings seasons, so here's a rundown from across the state today:
*Profits at Ametek were up 40 cents a share over the previous year (Press & Sun-Bulletin)
*Kodak beat expectations but still lost $43 million (Democrat and Chronicle)
*NBT Bancorp gained 42 cents a share for a 7 percent increase in net income (Press & Sun-Bulletin)
*Battery manufacturer Ultralife saw sales rise by 26 percent over the previous year (Democrat and Chronicle)
Natural gas development boosts air travel
Air travel is on the rise at the Binghamton airport, as more gas drillers travel in and out of the Southern Tier. The Innovation Trail’s Ryan Morden reported the same phenomenon earlier this year. Today, the Press & Sun-Bulletin reports that:
The airport experienced a 13.5 percent jump in third-quarter passenger boardings, according to the latest report from the county. More than 31,000 passengers used the airport from July through September. It's the third consecutive quarter of over-the-year growth.
There's less than a week to go until the election, so campaign cash is starting to burn a hole in candidate's pockets. The Post-Standard reports that the state Senate's 49th district race is getting nasty with the help of cash from a Virginia-based group. And the Democrat and Chronicle reports that Democrats in the state have spent $5.4 million in recent weeks, to try to take back the state Senate.
State job cuts
The Times Union has a pair of stories about job cutting at the Capitol. Jimmy Vielkind reports that the governor says 898 state workers are on the chopping block as he races toward his goal of cutting 2,000 jobs this year. But Rick Karlin reports that, through retirements and cuts, the real number might be more like 5,000 cuts.
The Post-Standard reports that Syracuse's Tech Garden has a new tenant on the way:
Haledyne LLC will open research facilities at the Tech Garden, according to a media advisory. The company is relocating from Beachwood, a suburb of Cleveland. The company has four employees, with immediate plans to add eight more positions. The company aims to reach 100 employees so it can begin production in Onondaga County.
The move is expected to create 100 new jobs.
And finally, our favorite kind of news: Rochester's getting a new craft brewery. The Democrat and Chronicle reports that Roc Brewing, started by two Rochester Institute of Technology grads, should be up and running by spring of 2011.