Latest Business News

Fed’s Hoenig: Rates should have risen by now WASHINGTON — The Federal Reserve should have raised its short-term interest rate target 18 months ago, said Thomas Hoenig, the retiring president of the Kansas City Fed on Thursday according to a report from Dow Jones Newswires. After a speech in Ada, Okla., Hoenig was asked when the Fed could raise rates. Hoenig replied that he didn’t know the answer to that. “I thought I had a good explanation for why they should do that 18 months ago.” Hoenig said he favors a “non-zero monetary policy.” Hoenig is retiring from the Fed is October. He is not a voting member this year.

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BOSTON – Bank of America Corp. is closing a printing operation in Malden, Mass., and eliminating 150 jobs, The Boston Globe reported.

The bank will shift the work to its sites in Delaware, New Jersey and Texas by April. It will begin laying off the workers next month.

The Malden site handles high-speed printing jobs for customer mailings and inserts, and is no longer needed as more customers choose to “go paperless” with online statements.

The bank will, however, retain its other operations in Malden where it has more than 500 employees. In Ma

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LOS ANGELES – Bankers for Hulu LLC, the video-streaming service, have met with Google Inc., Yahoo Inc. and Microsoft Corp. as the company explores a sale, people familiar with the process said.

Morgan Stanley and Guggenheim Partners have reached out to 10 to 12 potential bidders, including AT&T Inc., said two people who weren’t authorized to speak publicly.

A sale may bring more than $2 billion to Hulu’s owners, which include Walt Disney Co., News Corp. and Comcast Corp.’s NBC Universal, according to data compiled by Bloomberg and SNL Kagan. Hulu

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Rookie Business of the Year: Winner, Your Fitness Instructor, Petar Sibinkic. Finalists: Green Ginger Hair Salon and Secur-All Insurance Agency.

Small Business (10 or fewer employees): Winner, Kitchens by Kerrie, Kerrie Lehnert. Finalists: Foreman & Associates; GCSI Paintscape; SP Hand & Associates.

Small Business (11 or more employees): Winner, Dattoli Cancer Center, Ginya Carnahan. Finalist: Casa Del Mar Beach Resort.

Non-Profit Organization: Winner, Save Our Seabirds, Lee Fox.

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The Ontario, Canada-based company, 5D Composite Inc., is getting a performance-based incentive grant of $100,000 from Sarasota County government.

The two-year-old 5D “has created patent-pending technology allowing the company to create and form strong, lightweight composite materials into almost any shape for industrial purposes and consumer products,” according to 5D President Andrew Rekret.

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