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Biotech incubator will lose its director today

The executive director of the Augusta-based Georgia Medical Center Authority ends his two-year tenure today because of a budget shortfall.

Donald Colbert will remain in Augusta and continue to lead a foundation that supports the authority.

The authority, which runs the Augusta BioBusiness Center, has $100,000 less in state operating funds for the fiscal year that began Wednesday.

The biotech incubator will continue to operate under the management of its two staff members.

Regulators close two failed Illinois banks

WASHINGTON — Two Illinois banks were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks.

Regulators shut down John Warner Bank of Clinton, Ill., and First State Bank of Winchester in Winchester, Ill., bringing to 47 the number of U.S. bank failures this year.

Private equity firms seeking to buy failed banks, meanwhile, would face strict capitalization and disclosure requirements under government rules proposed Thursday that some regulators already warn might go too far.

The Federal Deposit Insurance Corp. is seeking to expand the number of potential buyers for the growing number of banks it has closed during the financial crisis.

With mounting interest from private equity firms, whose methods and motives aren't always clear, the FDIC is trying to set requirements to ensure the banks won't fail again.

Boeing deliveries hold steady in 2nd quarter

WASHINGTON — Boeing Co. delivered 125 commercial jets in the second quarter, one fewer than in the same period in 2008.

The aerospace manufacturer said for the three month-period it delivered 99 of its 737s - the company's best-selling jet - and 21 777s. In the same period last year, Boeing delivered 100 737s and 18 777s.

Other deliveries included two 747s and three 767s, according to figures posted Thursday on Boeing's Web site. To date this year, Boeing has delivered 246 planes, up from 241 planes in the same period of 2008.

Factory orders post biggest gain in year

WASHINGTON — Orders to U.S. factories jumped in May by the largest amount in nearly a year, another sign that the nosedive

in manufacturing is nearing an end.

The Commerce Department said Thursday that total orders rose 1.2 percent in May, better than the 0.8 percent increase that economists had expected. The April performance was revised slightly lower to a gain of 0.5 percent, from 0.7 percent.


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