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Layoffs at Olean call center, Financial Institutions Inc. buys back debt and the Marcellus Shale region may have much more gas than believed

From Business Today:

BankofAmericaCallCenter

About 164 call center employees in Olean are facing layoffs. Employees at Minnesota-based Data Listing Services have been issued Worker Adjustment and Retraining Notifications. Call center labor is contracted to begin and end under time frames outlined in client contracts. The company has received several local and state job growth incentives, including a 2008 loan of $90,000 from the Cattaraugus County Legislature.

FinancialInstitutions

The parent company of Five Star Bank has bought back its debt. Financial Institutions, of Warsaw, bought back $16.7 million in debt and will take a $1.1 million pretax charge in the third quarter. The company used a portion of proceeds from its $43 million common-stock offering to buy back the junior subordinated debt, with a 10.2 percent coupon.

MarcellusShale

The Marcellus Shale region may have more natural gas than was originally believed. A new U.S. Geological Survey concluded the region may have 84 trillion cubic feet of recoverable gas, as opposed to the 2 trillion cubic feet estimated in a 2002 study. The new estimates take into account gas that could be recovered through horizontal drilling and hydraulic fracturing. Meanwhile, the governor of New Jersey is recommending a one-year ban on hydraulic fracturing.

Who is getting hired, promoted and honored?

Alice Cooper is playing for free at the Central Wharf tonight. He's not 18 anymore:

 

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