Black & Decker Corp. said the company plans to replace its short-term debt with long-term debt. The power-tool manufacturer received a lower debt rating from Moody's that has made securing commercial paper more difficult. Black & Decker netted about $343 million through a bond sale this week and will use $283 million of the proceeds to pay down short-term debt.
Jeanine Dent, managing partner of the Networking Community in Menomonee Falls, Wis., tells columnist Tannette Johnson-Elie how essential networking is when times are tough or business is changing. Networking helps a business person "be viewed as someone who is successful, someone who is professional, and someone who is serious about growing their business," Dent says.
The number of workers who filed for unemployment benefits increased last week to a seasonally adjusted 478,000. Last year, for the same period, only 330,000 workers filed for unemployment benefits. Nationally, the unemployment rate is 6.1%.
Small-business owner Scott Leighton decided to start a lawn and landscape arm of his snow-removal business based on customer demand. Leighton has been in the snow-removal business for 15 years in Fremont, Ohio. "Most of our accounts are commercial, so they get lawn care and snow removal from the same business," Leighton said.
The construction industry may face its deepest and longest contraction in years, according to a report by McGraw-Hill Construction. The report estimates the value of new construction projects will fall to $515 billion next year. That's down 7% from 2008 and 25% from its peak of $690 billion in 2006. Cutbacks in hotel, warehouse, factory and building construction are responsible for the sharp decline. School and health care facility construction is also likely to drop.