Litespeed sponsors Gran Fondo events
Litespeed road, the mountain and gravel bikes made by the Chattanooga-based American Bicycle Group (ABG), is the official bike sponsor of the Gran Fondo National Series’ seven core events: Gran Fondo Florida, Tour of Georgia Gran Fondo, Highlands Gran Fondo (N.J.), Gran Fondo Asheville (N.C.), Boone Gran Fondo (N.C.), Golden Gran Fondo (Colo.) and Gran Fondo Maryland/National Championship.
As part of the long-term partnership, participants will have the opportunity to enter a raffle to win a T5 frameset at the Florida, Georgia, Boone and the Maryland/National Championship events or a Litespeed titanium seatpost at the Highlands, Asheville and Golden events. Litespeed also will be showcasing their product line and will have demo bikes at the Tour of Georgia, Asheville and Boone Gran Fondos.
“We are very excited about partnering with a growing cycling series like the GFNS,” said Peter Hurley, president and CEO of ABG. “With the series focusing on both competitive and recreational experiences, we can showcase the Litespeed T5 capabilities and engage with a wide range of riders. And, as an additional bonus, our own employees will be able to join some of the rides.”
The Litespeed T5 frame uses cold-worked 3Al/2.5V titanium tubing and is handmade in Chattanooga, where Litespeed builds all its titanium frames.
Georgia Port adds super-sized cranes
The first of Georgia Ports Authority’s four new Neo-Panamax cranes came online this week, bringing the port’s operating fleet to 27, more than any other single terminal in the nation.
The super-sized crane is tall enough to lift containers 152 feet above the dock. The crane started work before dawn Wednesday on a 13,300 twenty-foot equivalent container unit Hapag Lloyd vessel. Crane operators moved an estimated 2,700 containers on and off the ship during its time at the Port of Savannah.
“Georgia’s ports are dedicated to staying a step ahead of market demand,” said GPA Executive Director Griff Lynch. “These investments ensure port users can grow their business and supply chain efficiencies in Savannah.”
Designed by Konecranes of Finland, these massive cranes can work the largest ships now calling the U.S. East Coast, reaching across vessels up to 22 containers wide. The second crane will come online next week, and the final two soon thereafter. The additional cranes, along with the Savannah Harbor deepening, will help accommodate the shipping industry’s move toward larger vessels.
TVA auditors find $24 million savings
The Tennessee Valley Authority’s Inspector General identified more than $24 million in savings on $250 million of contracts the utility is awarding for disposing of coal ash at TVA’s Cumberland, Bull Run and Paradise Fossil plants.
TVA auditors said two of the cost proposals for work awarded last year were overstated due to higher labor markups, material and equipment costs. In reports released over the past month, the TVA Office of Inspector General identified $24 million in savings on a $200 million contract and $5.2 million on another $24 million contract TVA approved for coal combustion residual work. TVA’s inspector general did not identify the contractors and the auditing agency publicly issues only a summary of their findings.
The audits are used to review and, in some instances, renegotiate payments and rates paid to the contractors.
Home sales rebound after 2-month drop
U.S. sales of existing homes rebounded in February after declining for the previous two months, a sign many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.
The National Association of Realtors said Wednesday that sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million. This increase after declining sales in January and December suggests competition will be heated during the traditional spring home-buying season.
“The upward trend in home sales remains intact but there are headwinds in the way,” said Jennifer Lee, a senior economist at BMO Capital Markets.
UBS pays penalty for risky securities
The financial services firm UBS has agreed to pay $230 million to New York state in a legal settlement stemming from the firm’s handling of mortgage-based securities in the lead- up to the 2008 financial crisis.
State Attorney General Eric Schneiderman announced the settlement Wednesday.
As part of the deal, UBS will pay $41 million to the state and another $189 million for community efforts to expand affordable housing and improve blighted properties.
Schneiderman’s office said UBS sold mortgage-backed securities to investors based on incorrect statements. The Democratic prosecutor said in many cases the mortgages didn’t comply with underwriting rules. Authorities said the actions harmed “countless” homeowners and investors.