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BUSINESS
Business Tri-State: Sheetz opens its 2nd area location in Milton
MILTON -- Sheetz opened its second location in Cabell County late Wednesday.
Milton Sheetz opened to a steady flow of customers throughout Thursday, said sales development manager Jeffrey Martz.
Along with gasoline, Sheetz offers a made-to-order restaurant and specialty drinks.
The Milton location will employ 35 to 50 people, and is still hiring.
Sheetz opened a location in Barboursville in June, and expects to open a location in West Huntington in August and one in Hurricane in October.
Mortgage rates fall slightly; remain above record lows
McLEAN, Va. -- Rates for 30-year home loans inched downward this week, but still remain above record lows posted during the spring, Freddie Mac said Thursday.
The average rate for a 30-year fixed mortgage was 5.32 this week, below last week's average of 5.42 percent. Last year at this time, the average rate for a 30-year fixed mortgage was 6.35 percent, Freddie Mac said.
Rates on 30-year mortgages fell to a record low of 4.78 percent earlier this year. But then they rose as high as 5.6 percent in June after yields on long-term government debt, which are closely tied to mortgages rates, climbed as investors worried that the huge surplus of government debt hitting the market could trigger inflation.
Since then, the yield on the 10-year Treasury note has fallen back from an 8-month high of 4.01 percent reached in June to 3.51 percent Thursday.
"Lower mortgage rates are helping to support the housing market," said Frank Nothaft, Freddie Mac's chief economist.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
Circuit City completes sale of Canadian assets
RICHMOND, Va. -- Electronics retailer Circuit City, which closed all its U.S. stores, has sold its Canadian stores to telecommunications company Bell Canada.
The entity Bell Canada acquired, InterTAN Canada, controls 750 The Source electronics stores. Bell Canada bought it for $116.8 million, plus $30.3 million for working capital, according to documents filed Thursday with the U.S. Securities and Exchange Commission.
Bell Canada said it will use the stores to offer a range of consumer products, such as Bell Mobility and Virgin Mobile cell phones and television, Internet and phone products and services.
Circuit City filed for Chapter 11 bankruptcy court protection in November 2008 and closed its 567 remaining U.S. stores in March.
