President Barack Obama took a step Friday toward reshaping the Federal Reserve under incoming Chairman Janet Yellen, choosing a leading expert on the global economy to be her vice chairman.
Obama said he will nominate Stanley Fischer, a former head of the Bank of Israel, for the No. 2 job at the Fed.
Fischer, a dual citizen of the United States and Israel, was a longtime professor at the Massachusetts Institute of Technology. Departing Fed Chairman Ben Bernanke and Mario Draghi, the current head of the European Central Bank, were among his students.
Obama also is nominating Lael Brainard as a Fed governor. Brainard served as the undersecretary for international affairs at Treasury during Obama’s first term. All three nominations must be confirmed by the Senate.
Marsh Supermarkets to close eight stores
Marsh Supermarkets says it’s closing seven stores across central Indiana and one in Ohio.
The grocer announced Thursday it was closing two stores each in Indianapolis and Muncie and one store each in Speedway, Franklin, Lebanon and Franklin, Ohio.
Marsh says the stores will close by the end of the month. It says the closures are being prompted by declining sales and expiring leases.
Employees will either be moved to other positions in the company or given severance packages.
Following the closings, Marsh will operate 78 stores in Indiana and Ohio. It closed stores in Greenwood, Shelbyville and Connersville in 2011.
Companies lined up for Angola job fair
More than 20 companies will participate in a job fair in Angola next week, organizers announced Friday.
The Steuben County Career & Job Fair will be from 1 to 4:30 p.m. Thursday at the Steuben County Community Center, 317 S. Wayne St. in Angola.
Companies, educational institutions and others will participate. Besides employers, job-seekers can learn about training opportunities.
For more information, residents should contact their local WorkOne Northeast office.
Former Ohio GM site gets Chinese tenant
A Chinese company will build an automotive glass-making plant in southwest Ohio, creating about 800 jobs and revitalizing a former General Motors factory site, officials said Friday.
The chairman of the Fuyao Glass Industry Group Co. and the owner of the site signed an agreement at the Ohio Statehouse in Columbus. The company is making a $200 million investment at the site in Moraine, near Dayton.
Ohio officials said it’s the biggest Chinese investment yet in Ohio. The plant is expected to begin operations late next year, employing about 800 people in three years. .
Philip Morris investing in two plants in Italy
Overseas Marlboro maker Philip Morris International Inc. said Friday it is investing up to $680 million for two plants in Italy to make new tobacco products.
The world’s second-biggest cigarette seller behind state-controlled China National Tobacco Corp. said the facilities near Bologna will produce its so-called reduced-risk products that heat tobacco instead of burning it.
Companies are venturing into smokeless tobacco and other nicotine products to diversify.