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Development group OKs bond resolutions

The Development Authority of Richmond County approved two bond inducement resolutions Thursday, allowing two projects to proceed with document preparation.

International Paper is seeking up to $23 million in bonds for capital to be used for long-term plant upgrade projects at its south Augusta facility.

Another would fund an independent living campus for seniors on Tobacco Road. The group is seeking $9 million in bonds to construct the 71-unit facility.

Both groups will need to return to the development authority for final approval.

Senate banking panel supports Bernanke

WASHINGTON --- A Senate panel on Thursday approved the nomination of Federal Reserve Chairman Ben Bernanke to run the nation's central bank for another four years.

The Senate Banking Committee voted 16-7 to send Mr. Bernanke's nomination to the full Senate for consideration. Approval came after a two-hour debate that heaped both praise and criticism on the Fed chief.

Although Mr. Bernanke, 56, appears to have enough votes in the Senate to win a second term, six Republicans and one Democrat on the committee did line up against him. They blame him for not spotting problems that led to the financial crisis, failing to protect consumers and supporting Wall Street bailouts.

Pepsi takes online ads over costly Super Bowl

MILWAUKEE --- Pepsi will not advertise its drinks in next year's Super Bowl on CBS, ending a 23-year run so the company can focus on a new marketing effort that will appear mostly online.

Pepsi beverages have been advertised in the Super Bowl since 1987. Frito-Lay, a unit of parent company PepsiCo Inc., will still advertise.

The company, which is based in Purchase, N.Y., spent $33 million advertising products such as Pepsi, Gatorade and Cheetos last year during the Super Bowl, according to TNS Media Intelligence, $15 million of it on Pepsi alone. Ad time last year for the NFL championship game cost about $3 million for 30 seconds, on average.

Judge sets trial date in $7 billion fraud

HOUSTON --- A federal judge has scheduled a January 2011 trial date for Texas financier R. Allen Stanford, who is accused of bilking investors out of $7 billion in a massive Ponzi scheme.

The date chosen by U.S. District Judge David Hittner is earlier than the summer of 2011, which was requested by attorneys for Mr. Stanford and three other executives of now-defunct Stanford Financial Group.

The executives are accused of advising clients to invest in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua.

Authorities say the four told clients the investments were regulated when they weren't.

In other news

CAPITAL ONE FINANCIAL CORP . will drop language from credit card contracts that requires customer disputes to be handled through binding arbitration rather than the courts, a spokeswoman for the bank said Thursday.


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Faces of Survival: Breast Cancer Awareness Month series

Breast cancer has touched thousands of families across the Augusta area. In honor of Breast Cancer Awareness Month in October, The Au­gus­ta Chronicle will be featuring ...
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