Today: A few scattered storms ending this afternoon. Partly sunny with a high in the mid/upper 80s. A west, then northwest wind at 10mph.
Tonight: Mostly clear with a low in the mid/upper 60s.
Friday: ... More...
$6M Loan to Improve Hamilton County Wastewater Treatment
The Hamilton County Water and Wastewater Treatment Authority will receive a $6 million, low interest loan for wastewater treatment improvements. The project will be funded with a 20-year, $4.8 million loan with an interest rate of 1.54 percent and $1.2 million in principal forgiveness (20 percent) that will not have to be repaid.
Tennessee Gov. Bill Haslam and Department of Environment and Conservation Commissioner Bob Martineau announced that loan Wednesday, as well as loans for other projects in the state... a total of $25.5 million in low-interest loans for water and wastewater infrastructure improvements.
“These projects will help address critical drinking water and wastewater infrastructure improvements, as well as foster healthy communities as they continue to grow,” Haslam said.
The State Revolving Fund (SRF) Loan Program provides low-interest loans that help communities, utility districts, and water and wastewater authorities finance projects that protect Tennessee’s ground and surface waters and public health. Loans are used to finance the planning, design and construction of water and wastewater facilities.
The Department of Environment and Conservation administers the SRF Loan Program for the state of Tennessee in conjunction with the Tennessee Local Development Authority. The U.S. Environmental Protection Agency provides grants to fund the program, and the state provides a 20 percent match. Loan repayments are returned to the program and are used to fund future SRF loans.
“The State Revolving Fund loan program is an important tool that not only helps implement much needed infrastructure improvements for the ongoing protection of the environment and public health, it also keeps local communities moving forward as they prepare for future needs,” Martineau said.
Other Wastewater Loans announced Wednesday include:
Water Authority of Dickson County (Dickson and Williamson Counties) – The Water Authority of Dickson County will receive $10 million for a project that includes collection system expansion and rehabilitation and replacement of gravity sewer trunk lines. The project will be funded with a 20-year, $8 million loan with an interest rate of 1.11 percent and $2 million in principal forgiveness (20 percent) that will not have to be repaid.
City of White House (Sumner and Robertson Counties) – The city of White House will receive $4 million for a project that includes infiltration and inflow correction. The project will be funded with a 20-year, $3.6 million loan with an interest rate of one percent and $400,000 in principal forgiveness (10 percent) that will not have to be repaid.
A Drinking Water Loan was announced today for the following recipient:
City of Lebanon (Wilson County) – The city of Lebanon will receive $3.67 million for Water Treatment Plant improvements, including new clearwells. The project will be funded with a 20-year, $2.94 million loan with an interest rate of 1.76 percent and $0.73 million in principal forgiveness (20 percent) that will not have to be repaid.
A traditional Wastewater Loan was announced today for the following recipient:
City of White House (Sumner and Robertson Counties) – The city of White House will also receive a $500,000, 20-year loan with an interest rate of one percent for a project that includes infiltration and inflow correction.
A traditional Drinking Water Loan was announced today for the following recipient:
City of Lebanon (Wilson County) – The city of Lebanon will also receive a $1.33 million, 20-year loan with an interest rate of 1.76 percent for Water Treatment Plant improvements, including new clearwells.
More Business News
Last Update on July 24, 2014 07:36 GMT
UNDATED (AP) -- Asian shares were subdued today despite an improvement in China's manufacturing as a wait-and-see mood prevailed ahead of earnings reports from some of the region's top companies.
The Nikkei 225, the benchmark for the Tokyo Stock Exchange, erased early gains to slip 0.4 percent to 15,268 in afternoon trading.
Hong Kong's Hang Seng was up 0.5 percent at 24,099.99 while South Korea's Kospi lost 0.1 percent to 2,027.40. Shares were mostly higher in Southeast Asia.
UNDATED (AP) -- The price of oil fell today, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange.
The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
HONG KONG (AP) -- A survey shows China's factory activity rose in July to its highest level in 18 months, a sign that mini-stimulus measures to shore up the world's No. 2 economy have taken hold.
The preliminary HSBC purchasing managers' index rose to 52.0 in July from 50.7 in June.
The index uses a 100-point scale on which numbers below 50 indicate contraction.
The report said overall new orders and new export orders in China's giant manufacturing industry rose faster in July than the month before. China's economic growth edged up to 7.5 percent in the April-June quarter after slowing in the previous period.
HSBC said the impact of finely tuned stimulus measures rolled out by policymakers in recent months is "still filtering through."
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- It's a busy day economic data and corporate earnings reports.
The Labor Department leads the data this morning with its weekly jobless claims. A little later, Commerce Department releases its report on new home sales for June, while Freddie Mac provides the latest survey of mortgage rates.
As for corporate earnings, Ford, General Motors, Caterpillar, 3M, American and Southwest Airlines and Union Pacific all report their quarterly financial results before the market opens.
After the market closes, Amazon.com, Visa and Starbucks issue their results.
Cheaper wireless plans cut into AT&T 2Q profit
NEW YORK (AP) -- AT&T has posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US.
AT&T says it earned $3.55 billion, or 68 cents per share. Excluding some one-time items, AT&T's earnings were 62 cents per share, a penny shy of expectations. Revenue, however, was $32.58 billion, slightly above expectations.
AT&T says half of its wireless subscribers have already moved to "Mobile Share Value" plans, introduced in February. It's also adding subscribers to its Next plans, which carry lower monthly fees because customers pay full price for their phones.
Executives are defending the new Next and Mobile Share Value plans, saying they boosted the number of new customers to the highest level in five years.
AT&T, the second-largest cellphone company, is dueling with No. 4 T-Mobile US, which has shaken up the industry with innovative pricing plans.
MENLO PARK, Calif. (AP) -- Facebook is on a roll. The world's largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often.
The company's shares climbed nearly 4 percent in extended trading after the results came out, signaling that they could hit a record high when the stock market opens on Thursday. Investors who bought -- and held on to -- Facebook stock during the company's initial public offering two years ago are now close to doubling their money.
Facebook Inc. (FB) said Wednesday that it earned $788 million, or 30 cents per share, in the April-June period. That's up from $331 million, or 13 cents per share, in the same quarter a year ago.
Adjusted earnings were 42 cents per share, handily beating Wall Street's expectations of 33 cents, according to a poll by Zacks Investment Research.
Facebook's revenue jumped 61 percent to $2.91 billion, also beating expectations.
BUENOS AIRES, Argentina (AP) -- Argentina's president says her country will not default because it has paid its debts to bondholders.
The government is in negotiations to resolve a dispute with some creditors over $1.5 billion in unpaid debts that could lead to the country's second default in 13 years.
But President Cristina Fernandez said Wednesday that a new term for default will have to be created to refer to "a debtor that paid and someone who blocked it."
She was referring to a U.S. judge's order that Argentina can't pay investors who accepted lower-valued bonds after a 2001 default unless it also pays off bondholders who didn't participate in the bond swap.
Many of the latter are hedge funds that bought Argentine bonds on the cheap following Argentina's record $100 billion default in 2001.
SEC considering action against S&P over ratings
WASHINGTON (AP) -- Standard & Poor's says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings it gave to six deals in 2011 involving securities tied to commercial mortgages.
S&P's parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing that it has received a so-called "Wells Notice" from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue action against S&P for alleged violations of securities laws.
Under SEC procedure, S&P will be able to make its case to the agency on the issues raised by the notice.
New York-based McGraw Hill says S&P has been cooperating with the SEC in the matter and will continue to do so.
WASHINGTON (AP) -- Federal auditors say NASA doesn't have enough money to start launching its new, $12 billion rocket program by the end of 2017 as planned.
The congressional Government Accountability Office on Wednesday issued a report saying NASA's new Space Launch System is at high risk of missing its planned December 2017 initial test flight. The post-space shuttle program would build the biggest rockets ever to send astronauts to asteroids and Mars.
The report said NASA's own officials told the GAO that there is a 90 percent chance they can't meet the launch date with current funding.
Report author Cristina Chaplain said it's not that NASA has busted its budget for the program because of technical problems. It's just that NASA didn't get enough money to carry out the massive undertaking.
SOCIAL SECURITY-COMPUTER WOES
WASHINGTON (AP) -- Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims.
Nearly $300 million later, an internal report says the new system is nowhere near ready and agency officials are struggling to salvage a project racked by delays and mismanagement.
The project is still in the testing phase, and the agency can't say when it will be completed or how much it will cost.
In the meantime, people filing for disability claims face long delays at nearly every step of the process -- delays that were supposed to be reduced by the new processing system.
The report was commissioned by Social Security to save the project. It was done by consulting firm McKinsey & Co.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
SideroadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
Road TrippinCome Road Trippin' with us and see all the great sites in your area!
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Educator of the YearVote now on your favorite candidate teacher for the Educator of the Year!
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!