Tax law, credits cut Georgia Power bills
Georgia Power Co. will reduce the typical residential power bill by $27 in October and another $42 over the next two years in response to the lower federal income tax rates adopted this year.
The Georgia Public Service Commission approved $330 million in refunds to Georgia Power customers as a result of President Trump’s tax overhaul, officials said. The new tax law cuts the top corporate income tax rate from 35 to 21 percent, reducing the tax burden for Georgia Power Co.’s parent, the Atlanta-based Southern Co.
“This Commission is pleased to ensure that Georgia Power customers will enjoy the benefits due to the lowering of the federal tax rate,” Georgia Public Service Chairman Lauren “Bubba” McDonald said in a statement.
Meanwhile, Georgia Power customers will see bill reductions of $25 this month as the first of $75 credits set as a condition by the PSC last December for the ongoing expansion of Plant Vogtle, where Southern Nuclear is building two new Westinghouse AP-1000 reactors.
The remaining credits will be applied in June and September.
Georgia Power has 2.5 million customers.
Korean battery maker adds 200 jobs in state
A South Korean battery maker will locate its first U.S. manufacturing facility in Clarksville, Tenn., where it will add about 200 jobs.
ATLASBX Co. Ltd, a sister company of Hankook Tire which is already located in Clarksville, said Wednesday it plans to build a $75 million plant to be completed by 2020. The company will produce approximately 2.4 million batteries per year at the Clarksville facility, with a dedicated Absorbent Glass Mat line, a high-performance battery for start-stop vehicles.
ATLASBX also maintains a headquarters office in Nashville that was established in 2017.
“Our central location and business-friendly environment continue to make Tennessee the perfect place for manufacturing companies to locate operations,” Tennessee Gov. Bill Haslam said in announcing the new battery plant.
More than 3,000 Tennesseans are already employed by South Korean companies, representing a private capital investment of more than $1 billion.
“Clarksville’s thriving economy and skilled workforce appealed to our company and led to this decision, which we believe will allow our company to experience significant growth,” said Ho Youl Pae, CEO of ATLASBX CO. LTD.
Take 5 Oil Change targets Chattanooga
Take 5 Oil Change has targeted Chattanooga as one of its top priorities for its franchised growth in 2018.
The automotive service chain, which began in 1984 in Metairie, La., and now has more than 300 locations nationwide, is seeking a franchise owner to open shops in Chattanooga to supplement the corporate owned stores being built this year in Nashville and Memphis.
Take 5 Oil Change, a division of Driven Brands Inc., is a leading automotive aftermarket franchisor in the world. Ted Rippey, vice president of franchising for Take 5 Oil Change Inc., said the company aims to open more than 50 locations across Tennessee in 2018.
Global movie business tops $40 billion in 2017
Propelled by growth in China, global movie- going reached a record high of $40.6 billion in 2017 despite a downturn in audiences at U.S. and Canada theaters.
In its annual report Wednesday, the Motion Picture Association of America promoted the overseas surge, where the box office was up 7 percent in 2017. That helped mitigate the lowest attendance at domestic movie theaters in 22 years.
Much of the global increase was thanks to China, which accounted for $7.9 billion in ticket sales. In the first quarter of 2018, the Chinese movie market overtook North America for the first time.
The growing importance of Chinese moviegoers to Hollywood comes amid mounting trade tensions between the U.S. and China. China responded Wednesday to Trump administration tariff proposals with its own tariffs on American products.
Sen. Warren pushes for vote on Wells Fargo reforms
U.S. Sen. Elizabeth Warren, D-Mass., is requesting that the Federal Reserve Board of Governors hold a formal vote on whether to accept a plan from Wells Fargo & Co. to address consumer abuses.
In a letter to Fed Chairman Jerome H. Powell released Tuesday, Warren said it was important for Senate-confirmed central bank governors to vote on enforcement decisions so Congress and the public can hold them accountable.
In February, the Fed board voted unanimously to order Wells Fargo to cap its growth and improve its corporate governance in response to the bank’s unauthorized accounts scandal and other problems.
“Given the breadth of the wrongdoing at Wells Fargo and the enormous number of consumers affected, the Fed’s governors – not its staff – should be responsible for determining whether Wells Fargo is complying with the consent order,” Warren wrote in the letter she sent Powell on Monday.
“The Fed’s consent order sent a powerful message to Wells Fargo and other big banks that there could be real consequences if they break the law,” Warren wrote. “The public deserves to see that the [Fed] board is strictly enforcing its order.”
The Feb. 2 consent order requires Wells Fargo’s board of directors to submit a written plan within 60 days to improve its oversight and risk management. Because that plan is due this month, Warren asked Powell to respond to her request by April 19.
Warren, a leading critic of Wells Fargo, had questioned Powell about the Fed’s sanctions on the San Francisco-based bank during a March 1 Senate Banking Committee hearing. At the hearing, Warren objected when Powell said approval of Wells Fargo’s plan would be delegated to the staff “in serious consultation” with Fed board members.