ALABAMA BUSINESS NEWS

International, Local & Small Business News, Updated 24 Hours Every Day

Average air fares down 1.5 percent at Birmingham airport, federal report says

by Charles R. McCauley -- Birmingham News

Wednesday July 23, 2008, 12:36 PM

The average ticket price for U.S. flights originating at Birmingham International Airport during January-March was 1.5 percent lower than the average air fare for the first three months of 2007, federal Department of Transportation figures released Wednesday show.

Continue reading "Average air fares down 1.5 percent at Birmingham airport, federal report says" »

Birmingham area home sales drop sharply in June

by Dawn Kent -- Birmingham News

Wednesday July 23, 2008, 11:30 AM

Birmingham metro area home sales dropped 35 percent in June, while average and median prices also slid from a year ago.

Continue reading "Birmingham area home sales drop sharply in June" »

Birmingham's Drummond Co. reaches labor pact, ending strike in Colombia

by Russell Hubbard -- Birmingham News

Wednesday July 23, 2008, 10:17 AM

Drummond Co. said today it has reached a new two-year labor agreement with the unions at its coal mine in Colombia, South America, ending a six-day strike.

Continue reading "Birmingham's Drummond Co. reaches labor pact, ending strike in Colombia" »

Birmingham chamber adds two to staff

by Roy Williams -- Birmingham News

Wednesday July 23, 2008, 10:07 AM

Valton Johnson, a former regional manager with Chicago-based Challenger, Gray & Christmas, and Demeta McKnight, a human resources generalist, are newcomers to the Birmingham Regional Chamber of Commerce staff.

Johnson, hired as business services director, replaces Larry Holt, who was research director. Johnson, who began July 7, will focus primarily on research, including the chamber's annual economic analysis, quarterly benchmarking metrics and annual business outlook conference.
His duties include publications and responding to requests for Birmingham-area economic and demographic data.

Continue reading "Birmingham chamber adds two to staff" »

State Farm rates to rise in Mobile, Baldwin

by Jeff Amy, Business Reporter

Tuesday July 22, 2008, 5:45 PM

State Farm's plan to raise homeowners insurance rates by 12 percent to 18 percent for policy holders in Mobile and Baldwin counties, as well as drop wind coverage from hundreds of policies, was approved by the state Department of Insurance this afternoon.

The announcement comes nine months after State Farm filed for the increase and follows protracted negotiations between the state's largest property insurer and regulators. Ragan Ingram, a spokesman for the Department of Insurance, said State Farm initially proposed to cut wind coverage from thousands of policies

"The largest insurer is still in the marketplace," Ingram said. "That's the positive thing about today."

Across Alabama, State Farm rates will increase by an average of 0.9 percent, Ingram said.

(For a complete report, see Wednesday's Press-Register.)

Michigan firm buys Mobile staffing company

by Jeff Amy, Business Reporter

Tuesday July 22, 2008, 4:40 PM

Modern Professional Services, based in Troy, Mich., has bought Mobile-based Quality Technical Services, the Michigan company said.

Terms were not released.

Both staffing firms locate enginering, information technology and other sorts of high-skilled workers, placing them with companies on a contract or permanent basis.

Quality Technical Services will keep its name, and Clarissa Hamilton will remain its president, the buyer said. Quality Technical Services also has offices in Houston, New Orleans and Greenville, S.C. The combined companies employ about 700 professionals, with about 500 of those working for Quality Technical Services.

Decatur hospital reports $8M loss

by The Associated Press

Tuesday July 22, 2008, 4:16 PM

DECATUR -- Decatur General Hospital has announced it won't be able to fund its employee pension plan for a year after reporting a more than $8 million annual loss.

It is the largest one-year loss in the hospital's history.

Decatur General has funded the employee retirement program every year since it began in 1977.

The hospital has about 1,100 employees. The cost of funding their pensions would have been about $1.4 million. The hospital contributes 5 percent of each employee's gross pay to the pension, but will not not make those payments this fiscal year.

Hospital officials said about $26 million in charity or bad debt was the reason for the $8 million budget deficit.

Independent real estate agencies form statewide network

by Roy Williams -- Birmingham News

Tuesday July 22, 2008, 11:54 AM

Jim Lawrence of Birmingham-based LAH Real Estate announced this morning that his company has joined seven other firms in forming a new statewide network of Alabama independent real estate brokerages.

Continue reading "Independent real estate agencies form statewide network" »