Thursday, March 11, 2004

Business summary



Whites get better loans, study finds

African-Americans in Cincinnati are five times more likely than whites to get a subprime loan when refinancing mortgages, a new study by the Association of Community Organizations for Reform Now says. Subprime loans typically require a larger down payment and charge higher interest rates. Of such loans granted in the Cincinnati area in 2002, 25 percent went to blacks and 9.7 percent to Latinos, while 5 percent went to whites. The report, released this week and based on data gathered from 2002, said that nationally, subprime lenders gave 27.6 percent of their loans to black homeowners; 17.6 percent to Latinos; and 6.7 percent to whites.

Ky. Senate passes industry legislation

A bill key to AK Steel's plan to invest $65 million to improve its Ashland, Ky., steel plant and retain its 1,200 jobs unanimously passed the Kentucky Senate on Tuesday. The bill, increasing the percentage of eligible incentives under Kentucky's Industrial Revitalization Act from 50 percent to 75 percent, will go before the House economic development committee today and to the full House next week, said Rep. Rocky Adkins, a bill sponsorHe said he expects full House approval.

Cinergy to close London office

Cincinnati's Cinergy Corp., which owns utilities in Ohio, Kentucky and Indiana, will close its London electricity and natural-gas trading office to focus on U.S. businesses. The Cinergy Global Trading office employs five traders who work in European markets, said Steve Brash, a spokesman. Cinergy has ceased trading on European markets and will honor all existing contracts, he said. The closing isn't expected to change profit this year, he said.

CORRECTION

Staples top seller: Staples is the top-selling U.S. office-supplies retailer. Its status was incorrect in an item Wednesday in Business.

Staff/wire reports




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