Tennessee Aquarium makes staff changes
Tennessee Aquarium CEO Keith Sanford announced an organizational change in staff assignments Wednesday.
Jackson Andrews becomes the aquarium’s vice president and chief operating officer. His responsibilities have expanded to oversee the aquarium’s guest services, housekeeping, IMAX and River Gorge Explorer teams. Andrews has served as the aquarium’s director of husbandry and operations for more than 25 years.
Anna George becomes the aquarium’s vice president of conservation science and education. Her goal is to create synergy between the aquarium’s Conservation Institute and the Aquarium’s education department. George has served as director of the Tennessee Aquarium Conservation Institute for more than 10 years.
Cindy Todd becomes the aquarium’s vice president of institutional advancement. In her new role, Todd will oversee marketing, branding, development and membership to help build financial strength to support the aquarium’s mission and community impact. Todd has served as the aquarium’s chief marketing and branding officer for 25 years.
Consumer prices up 0.3 percent last month
U.S. consumer prices, driven up by rising energy costs, rose moderately in December, closing out a year in which consumer inflation rose at the fastest pace in five years.
The Labor Department reported Wednesday that its consumer price index increased 0.3 percent last month, up from a 0.2 percent gain in November. Energy prices, which have been rebounding, were up 1.5 percent, led by another jump in gasoline pump prices. Food costs were unchanged for the fifth straight month.
For all of 2016, prices were up 2.1 percent, compared to a 0.7 percent rise in 2015. It was the largest annual increase since a 3 percent jump in 2011. Core inflation, which excludes food and energy, was up 0.2 percent in December and 2.2 percent for the year.
Andrew Hunter, U.S. economist at Capital Economics, said core inflation has been relatively stable, rising at rates just above 2 percent over the past year. He said that would allow the Fed to keep interest rates steady until mid-year.
Industrial output rose to best pace in 2 years
U.S. industrial production increased in December at the strongest pace in two years, as auto factories cranked out more vehicles and power plants helped heat homes and businesses.
The Federal Reserve said Wednesday that output at America’s factories, mines and utilities rose 0.8 percent last month, the largest percentage gain since November 2014.
The report suggests the U.S. industrial sector is recovering from a prolonged slump. The combination of falling energy prices and a strong dollar hurt manufacturers, who saw orders for pipeline and drilling equipment cancelled as their goods became more expensive abroad. The Fed measure of industrial output began to slump at the start of 2015 and only began to show signs of rebounding in the middle of last year.
In December, manufacturing output improved 0.2 percent, led by gains in motor vehicles and primary metals that offset declines in textiles and chemicals. Factory production has increased 0.2 percent over the past 12 months, a sign manufacturers may have adjusted to the headwinds caused by the energy sector and sluggish global growth.
Yellen says rate hikes likely over three years
Federal Reserve Chairwoman Janet Yellen said she expects the Fed to raise its benchmark interest rate several times a year through 2019, as it moves closer toward to its economic goals of maximum employment and stable inflation.
But in a speech in San Francisco Wednesday, she said she can’t say when the next interest rate will occur or how high rates will rise. She said that will depend on how the economy performs in the coming months.
Goldman Sachs helped by trading
Goldman Sachs reported fourth-quarter earnings Wednesday that beat analysts’ forecasts as the bank recovered from a difficult quarter a year earlier. Results were particularly strong at Goldman’s trading desks in the last three months of the year.
The New York-based investment bank earned $2.35 billion, or $5.08 a share, compared with $765 million, or $1.27 per share, in the same period a year earlier. Last year’s results included a $5 billion legal settlement with the Department of Justice related to the bank’s dealings during the housing bubble and financial crisis.
The most recent results beat analysts’ expectations of $4.76 per share.
Citigroup earnings ahead of forecasts
Financial giant Citigroup on Wednesday reported a 7 percent rise in fourth-quarter profits, helped by a strong performance in the bank’s trading business, a theme that has repeated itself with all the major Wall Street banks this quarter.
The New York-based company said it earned $3.57 billion in the fourth quarter. The results were slightly above analysts’ estimates of $1.12 per share.
All the major Wall Street banks benefited from a broad market rally that occurred after the U.S. presidential election.
Target cuts outlook after bumpy holidays
Target cut its fourth-quarter profit and sales outlook after sluggish holiday traffic in its stores and weak sales in key areas like electronics and food offset a surging online business.
The holiday season was disappointing for Target and several other retailers dominated by online leader Amazon.com. Macy’s, Sears and others have announced store closings and layoffs.