Dropping revenues Budget gaps are expected to follow the predicted drop- offs in the state's revenues. The state's Budget and Control Board is already asking state agencies to save two percent of their budgets.

Local bank beats the industry averages First Community Corporation, the holding company for First Community Bank, recently reported operating income for the second quarter of 2008. Operating income for the second quarter of 2008 was $1.2 million compared to second quarter of 2007 operating income of $845 thousand, an increase of 46.5%.

They play and we pay This fall, a small group of German politicians will visit the Grand Strand, and S.C. taxpayers will pick up the $100,000 tab. The junket from Germany is part of the state's $10 million grant program funding 214 projects across the state, including festivals and sports events. International tourists account for five percent of the Grand Strand's visitors. Gov. Mark Sanford has complained before, describing the grants program as pure pork too far removed from sensible oversight. Others in the Legislature question whether the money is well spent.

Duke is flush... Charlotte- based Duke Energy Corp. recently reported a gain in second- quarter net income to $351 million, up 20% from $293 for the same period a year ago.

...as is SCANA SCANA's South Carolina Electric & Gas Company is asking the S.C. Public Service Commission to allow residential electricity rates to go up by 12%, commercial rates to go up by 14%, and industrial rates to go up by 22%. The increases, to be split between the first billing cycle in November and the first billing cycle in January, recover for SCE&G the rising costs of fuel. The PSC adjusts rates to maintain SCANA's targeted return on common equity for the year. The concept of a regulated shareholder- owned electric utility came about to attract capital when S.C. had little and when SCE&G's forerunner was in its infancy. As a commentary on the need for continued government- heavy handling of the distribution of electric power, SCE&G recently reported 646,000 electricity customers and 303,000 natural gas customers in South Carolina. SCANA's second quarter earnings are up 3.6 percent over the same period last year.

McConnell wants to privatize S.C. Senate Pro Tem Glenn McConnell (R- Charleston) suggests the S.C. State Ports Authority should consider privatizing part of its operations. Competition from Georgia and its expanded network of distribution centers has cut deep into S.C.'s port business. For the fiscal year that ended June 30, the port expects to report a 10% volume drop in business.

Will Trader Joe's consider Columbia? On Oct. 10, the third Charlotte location for California- based Trader Joe's grocery store will open in midtown's Metropolitan development. Upscale Trader Joe's has more than 280 stores in more than 23 states, and the third Charlotte location might suggest a potential peek into the Columbia market.

Students up against tight lending Charlotte- based Bank of America last April announced it would discontinue selling private student loans. And Wachovia Corp., also Charlotte- based, stopped accepting applications for private, undergraduate student loans last week. Both banks will continue to participate in government- backed student loans.

Clemson's research park in Charleston: Nanovista? The Clemson University Restoration Institute is master- planning an 86- acre research park on the grounds of the former North Charleston Navy base, part of which will be dedicated to advanced materials. The goal is a state- of- the- art research park replete with spin- off businesses and public- private partnerships and high- end private development.

Home improvement The HBA of Greater Columbia Remodelers will hold its REDO/REMIX Home Improvement Show this weekend, August 15- 17, at the S.C. State Fairgrounds. Contact the HBA of Greater Columbia Remodelers at 256.6238 or visit www.columbiaremodeleres.c om for more information.