From Business Today:
- NYSEG slashes the size of its rate hike request - David Robinson/The Buffalo News
New York State Electric & Gas Corp. is slashing the size of the rate increase it is seeking from its electric customers by more than 40 percent, the utility said Thursday.
NYSEG, which last September requested a rate hike that would have boosted a typical residential customer’s electric bill by a total of almost 19 percent, or $12.39 per month, said it is reducing that proposed increase to $6.70 per month.
Exactly how big of a rate increase customers will end up paying will be decided by the State Public Service Commission late this summer. NYSEG provides service to about 175,000 customers in suburban and rural portions of Western New York.
- HSBC Mortgage Corp. slashes jobs in Depew - Jonathan D. Epstein/The Daily News
HSBC Mortgage Corp. (USA) is slashing 80 jobs at its Depew headquarters and operations facility in a cost-cutting move.
The primary mortgage unit of HSBC Bank USA and HSBC North America Holdings said it is "eliminating a small number of mortgage loan operations roles to enhance operational efficiency," according to an e-mailed statement.
- Greatbatch profits fall 17.9% - Jonathan D. Epstein/The Buffalo News
Medical battery maker Greatbatch said Thursday that first-quarter profits fell 17.9 percent on lower sales across all product lines and higher research and development costs.
There was one thing that went up:
- Five Star Bank profits soar - Jonathan D. Epstein/The Buffalo News
The parent of Five Star Bank said first-quarter profits soared 80 percent, as the bank made more money from loans, cut expenses and suffered lower losses.
Warsaw-based Financial Institutions reported net income of $5.3 million, or 40 cents per share, up from $2.9 million, or 19 cents per share, in the same three-month period a year ago.
- George Pyle/The Buffalo News