Briefs

by John Temple Ligon

Volatile Affinity

For the past year, Columbia-based Affinity Technology Group has seen its share price swing between $0.05 and $0.85. As of midday Monday, August 21, the price was $0.43, down a nickel from Friday's $0.48. In April 1996, soon after its initial public offering, Affinity's share price peaked at $24.25. In the past year, Affinity has heard favorable news from the U.S. Patent and Trademark Office, which afforded Affinity full allowance of all the claims of three of the company's patents.

Unemployment

South Carolina's unemployment rate rose to 6.7% in July from 6.2% in June. Only four states had a higher unemployment rate: Mississippi, Michigan, Alaska, and Kentucky. North Carolina's unemployment rate went up from 4.6% in June to 4.8% in July. Greenville's unemployment fell from 5.6% in June to 5.0% in July, while the Columbia area moved from 6.2% in June to 5.5% in July.

State credit rating

With the fifth highest unemployment rate in the nation, South Carolina is having a tough time regaining its top AAA credit rating, downgraded in 2005 due to a sluggish economy and a poor repayment record. This has happened before. In 1993, Standard & Poor's downgraded the state's bond rating during the slow economic recovery from Hurricane Hugo, but the state's AAA rating was restored in 1996.

New people in the mix

Since 2000, according to the Census Bureau, South Carolina's foreign-born population has grown by 47%, the most of any state in the country. For the same period, the Hispanic population grew by 45.5%, which brought the Hispanic share of South Carolina's population to 3.3%. Blacks were 28.5% and non-Hispanic whites, 65.7%.

Charleston transit

The Charleston Area Regional Transportation Authority (CARTA) suffers from limited federal funding due to cutbacks in routes a few years ago. There is no money for capital improvements in the coming year. CARTA is expected to soon release its five-year plan, to include capital improvements in later years thanks to the voter-approved half-cent sales tax gained in 2004. Columbia has no sales tax dedicated to transit, which leaves Columbia less transit money than Charleston.

For Sale: Chimney Rock Park

The Morse family of North Carolina, owner of Chimney Rock Park, listed the property with Sotheby's for a sale price of $55 million. The State of North Carolina tried to buy the park through the Nature Conservancy for $20 million.

Potential airline mergers

Delta Air Lines, one of Columbia's major carriers, and Northwest Airlines, both operating in bankruptcy, are seen as likely targets for mergers. United Airlines, Continental Airlines, and US Airways, all Columbia carriers, are also seen as potential partners. A marriage between United and Continental appears the most likely.

Just what we need

Two urban law schools are opening this month in North Carolina. Elon University in downtown Greensboro welcomed 115 students last week at its new facilities in a renovated former public library. In another week or so, the Charlotte School of Law starts with about 100 students as the state's first for-profit law school. The two new law schools are added to the existing five: Campbell, Duke, N.C. Central, UNC Chapel Hill, and Wake Forest. South Carolina has one public law school, USC in Columbia, and one for-profit, the Charleston School of Law.

A good idea for Columbia

Begun last year in Atlanta, Mom Corps, a staffing agency for at- home parents, opened this month in Charlotte. There are two other locations: Chicago and Washington. Moms Corps finds temporary or contract work for highly skilled and educated parents - to include lawyers, CPAs, former high-level VPs, and the like - people who want to stay at home with their children but who also want to stay connected with the work world. For more information, visit www.momcorps.com.

Force Protection does really well

Ladson-based Force Protection, previously covered in The Columbia Star , saw its second-quarter profits balloon to $1.2 million, which was nine times the profits made in the same period a year ago. Force Protection makes armored vehicles for the military.