by John Temple Ligon

Martha Stewart Living Omnimedia reported a second–quarter loss of $33.5 million, while last year for the same period the loss was $17.8 million.

The cost of college

Average public college tuition increases, compared with the previous academic year, are estimated this year to be 8%. Last year the average increases were above 10%; and in 2003, 12.5%. Maybe there’s some connection between the housing industry and public university boardrooms.

GM plays hardball. They all do.

The Los Angeles Times is having tough times after General Motors pulled all its ads beginning in April. The LA Times ran an article critical of GM. Ever wonder why there’s never a serious criticism of SCANA in the local daily? Like any other town, Columbia has several sacred cows that regularly run full–page ads.

GM, after all, is losing

General Motors not only lost its sense of humor last April, it reported a second–quarter loss of $286 million.

Non–profit, huh?

In 2002, the New York Stock Exchange ousted CEO Dick Grasso. But before the doorknob hit Grasso, the NYSE paid him $139.5 million in severance. NY Attorney General Eliot Spitzer is seeking recovery of some of the $139.5 million, which he calls unreasonable considering the NYSE is a not–for–profit operation. Grasso is holding his ground and his money.

Meanwhile the market makes money

The Nasdaq Composite Index reached a four–year peak last week. The Standard & Poor’s 500–stock index also hit a four–year high about the same time.

Parking prices

Midtown Manhattan averages $41 a day to park an automobile, while Dallas goes for just $6. On Main Street in Columbia meters are running $0.25 for 20 minutes, or $0.75 an hour and $6 for an eight–hour day.

Coliseum Holiday Inn sold

Pyramid Advisors of Boston – the people who took over the Marriott and did one fine renovation job – bought the Holiday Inn on Assembly Street as part of a package with four more hotels in other states. The safe assumption around town is to expect a thorough renovation of the Holiday Inn. And now for something completely different, check out the new 331–room Marriott in New Orleans, which is a converted 150–year–old cotton mill.

Mayor Bob makes the Wall Street Journal

“It’s potentially the greatest development opportunity Columbia has ever seen,” as Columbia’s Mayor Bob Coble was quoted in the July 27 issue. The context of the quotation was an article on the adaptive reuse of abandoned insane asylums in the US.

Going up, up, up

NYC’s Freedom Tower, albeit redesigned and toned down from the architect’s original concept, is planned for 1,776 feet in height. In the US, the tallest building is Chicago’s Sears Tower, 1,353 feet. In the world, the tallest building is called Taipei 101 in its eponymous city. Back in Chicago, plans were recently disclosed for Fordham Spire, which reaches 115 floors and 2,000 feet and should cost more than $400 million.

What Columbia wants

Intel Corp. said last week it will spend $3 billion to build a computer chip factory in Chandler, AZ. Intel already has 9,000 employees in AZ, and the new plant should add another 1,000.

Unions

The AFL–CIO lost the Teamsters and the Service Employees International Union last week, together about 25% of the AFL–CIO before the vote to leave. In the US about 12% of the work force is unionized, down from 19% 20 years earlier. In 1948, union membership was almost 32% of the US work force.

Our country’s economic growth

The gross domestic product in the US grew by 3.4% in the second quarter of this year. In the first quarter the GDP grew by 3.8%, but the second quarter’s 3.4% is a bit higher than most economists expected.

Liberty Life, give me $11 million

For charging minority customers more than whites for burial insurance from 1905 till 1968, Liberty Life of Greenville is shelling out $11 million to their minority policyholders. Since May 12, Liberty has mailed over 45,000 notices to policyholders’ known addresses.

Our place in the South

SC suffered a net job loss of 32,000 from 2000 to 2005. NC in the same period had a net job loss of 28,200, second highest in the South’s 12 states.