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State Auditor’s report points out accounting woes in jobless compensation fund

Delaware Auditor of Accounts Lydia E. York issued a special report on the Delaware Unemployment Compensation Fund (DUCF) that found "significant deficiencies in internal accounting controls." The report summarizes the findings of a months-long inquiry by auditors at the Department of Labor Division of Unemployment Insurance. These issues contributed to what the office termed as an "unprecedented disclaimer of opinion." “This report...

Delaware jobless rate drops to 4%

Delaware’s seasonally adjusted unemployment rate in February 2024 dipped to 4%, down from 4.1% in January 2024, the Delaware Department of Labor reported. Revised figures from the Labor Department also reported that the annual jobless rate fell to 4%. The report also included annual revisions in employment statistics as payroll data replaced estimates. Delaware's unemployment rate is now closer to matching...

Delaware ranks 49th as homeowners remain reluctant to take on more mortgage debt

Delaware ranked 49th among the 50 states in adding mortgage debt. The WalletHub financial information site issued the report. WalletHub compared the 50 states based on its data on mortgage debt from the third quarter of this year to the previous period a year earlier. Delaware highlights Overall rank: 49th Change in average mortgage debt: The average mortgage balance in Delaware...

NC County Corridor Revitalization Fund loan window opens

True Access Capital (TAC), Claymont Renaissance Development Corporation and New Castle County Government announced that applications are now being accepted for the New Castle County Corridor Revitalization Fund.   Business owners located in one of three defined New Castle County commercial corridors can apply for grantsof up to $10,000 from the fund. Eligible applicants include small businesses and landlords...

Delaware House passes bill that takes Medicare Advantage off the table for state retirees

The Delaware House on Tuesday passed two bills aimed at increasing transparency in the process of selecting retirement health plans for state workers. B 281 and HB 282, both sponsored by Rep. Paul Baumbach, D-Newark, would prohibit the state from considering Medicare Advantage plans for state retirees and make several changes to the State Employee Benefits Committee (SEBC), the group...

Personnel file: March 11, 2024

WSFS names SVPs WSFS Bank announced  that the following 10 Associates from across the organization have been appointed to Senior Vice President positions: Bryan Andersen – SVP, Director of Investment Services  Vince Carango – SVP, Real Estate Strategy Manager Matt Holt – SVP, Senior Counsel  Herb Matter – SVP, Private Banking Senior Relationship Manager  Shaheen Mohajer – SVP, Director, Structured Products  Robert Moore – SVP, Director, Enterprise Data & Applications  Chuck Posnecker – SVP, Senior...

Consumer Financial Protection Bureau orders cut in credit card late fees

The Consumer Financial Protection Bureau (CFPB) Tuesday announced a rule to cut credit card late fees. The rule will curb fees that cost American families more than $14 billion a year, a release stated. The rule is of more than passing interest in Delaware, the headquarters of Chase's credit card operations. Other issuers also have operations...

Bank of America to move 500 jobs out of downtown Wilmington by late 2025

Bank of America plans to phase out its presence at the Bracebridge complex in downtown Wilmington by late 2025. B of A spokesman Andy Aldridge said the move to company sites on Paper Mill Road and near the ChristianaCare campus does not represent a staff reduction, with positions downtown moving to the two Newark area sites. Bank of...

Capital One plans to acquire Discover in $35 billion deal

 Capital One Financial Corporation and Discover Financial Services announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion. The deal is subject to regulatory and shareholder approval. Capital One is headquartered in northern Virginia, with Discover based in a Chicago suburb. Capital One is a hybrid bank with branches, credit...

Bloom Energy finishes 2024 with improved results, lower 4th quarter revenue

Bloom Energy Corporation reported improved results in the fourth quarter and 2024. The San Jose, CA-based company that operates a site in Newark reported a record $1.3 billion in revenue for 2024. However, the fuel cell maker saw a sharp drop in fourth quarter revenue and the departure of its chief financial officer. The company's results missed analyst estimates...

PNC adds mobile bank in Delaware as company announces $1 billion in renovations and new branches

PNC has added a mobile bank in an area outside Wilmington as part of a branch expansion and renovation program. The nationwide plan includes spending about $1 billion to open more than 100 new locations and renovate more than 1,200 existing locations by 2028. PNC spokesman Jason Beyensdorfer said no new branches are planned in the First...

From WHYY: The failed taxpayer-funded quest to restore Wilmington’s Gibraltar mansion

By Cris Barrish This investigative report was supported by a statehouse coverage grant from the Corporation for Public Broadcasting. Two men wield video cameras as they trudge through thorn bushes and high weeds on the hilly, rocky terrain to Gibraltar. They’re not on the slopes of the mammoth, majestic limestone slab at Europe’s southern tip, however. These guys are exploring the last walled...

Cost of popular weight loss drugs for state employees races ahead of budgeted figure

By Jacob Owens This story was produced by Spotlight Delaware, a community-powered, collaborative, nonprofit newsroom covering the First State. Learn more at spotlightdelaware.org When Gov. John Carney announced last week that his Fiscal Year 2025 budget proposal included more than $93 million in additional spending for health care plan costs for state employees and retirees, he didn’t mention that a significant portion of that...

UD, facing a $20 million to $40 million budget gap, freezes hiring, halts pay reviews, curbs capital projects

The University of Delaware has taken steps to reduce costs, including staff hiring, a pay freeze, and curbs on capital spending as it deals with a budget shortfall. "Recently, however, despite meeting our enrollment targets for FY24, further increases in scholarship needs and education delivery costs, especially escalating health care expenditures, have accelerated budget pressures," UD President Dennis Assanis wrote...

DuPont reports 4th quarter loss and lower earnings in 2023

DuPont reported a loss in the fourth quarter as the destocking of customer inventories continued and China markets remained soft. The company is based just outside Wilmington. The red ink was reported before the earnings release, leading to a decline in the company's stock price. The loss was triggered by a write-down of the value of its Protection reporting unit,...
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