Business briefing: Peter Millar opens Yacoubian unit

Business briefing: Peter Millar opens Yacoubian unit

April 12th, 2013 by Staff Reports and Associated Press in Business Around the Region

Peter Millar opens Yacoubian unit

Luxury apparel retailer Peter Millar is opening a new in-store concept at Yacoubian Tailors in Chattanooga on Monday. The collaberation is the eighth addition to Millar's signature Crown Shop collection.

Yacoubian Tailors has been in Chattanooga since 1969 under the ownership of tailor John Yacoubian. The Crown Shop will be a 400-square-foot store within a store. "We look forward to partnering with one of our finest retailers to showcase the Peter Millar brand," said Scott Ruerup, vice president of specialty retail for Peter Millar.

Nissan workers get pay increase

For the first time since 2006, Nissan Motor Co. is boosting the pay of its employees in Tennessee and Mississippi. The Japanese car maker said it will boost pay in October by 55 to 65 cents per hour for most production workers at its plants in Smyrna and Decherd, Tenn., and Canton, Miss. The raises will boost worker pay about 2 percent above the current hourly wage. Nissan said improving auto sales and a strengthening economy are allowing it to increase pay.

Mortgage rates fall this week

Average U.S. rates on fixed mortgages fell sharply this week and moved closer to historic lows, keeping home-buying and refinancing attractive.

Mortgage buyer Freddie Mac said the average rate for the 30-year fixed loan fell to 3.43 percent from 3.54 percent last week. That's near the 3.31 percent reached in November, which was the lowest on records dating to 1971.

Zuckerberg starts PAC

Facebook CEO Mark Zuckerberg and other Silicon Valley leaders have formally launched a political group aimed at revamping immigration policy, boosting education and encouraging investment in scientific research. Zuckerberg said he started (pronounced "forward us") to promote a new approach to immigration.

Zuckerberg, whose great-grandparents were immigrants, said he wants "comprehensive immigration reform that begins with effective border security, allows a path to citizenship and lets us attract the most talented and hardest-working people, no matter where they were born."