Briefs
by John Temple Ligon

Winter crews

College and high school rowing teams from Vermont, Michigan, New York, Pennsylvania, DC, and Virginia have announced plans for pre–season training on the Broad River near the Richland County Rowing Center. On January 2, teams from Georgetown and Carnegie Mellon begin training. In Washington, next door to the front entrance at Georgetown University on 36th Street, there is a popular young people’s bar in the basement below the upscale restaurant 1789. Called Tombs, the bar’s decor is all rowing, and the place stays packed. Now that we’re the pre–season practice pick for the wintry Northeast, a similar bar must be in the works here.

Duke’s spinoff

On Jan. 2, Charlotte–based Duke Energy, America’s largest utility company, plans to spin off its natural gas business as a stand–alone company named Spectra Energy Corporation. The new company will be traded on the New York Stock Exchange under the listing symbol SE. Duke shareholders are to receive one Spectra share for every two Duke shares they own.

Charleston in February

The Charleston Grill, with a Mobile Guide rating of four stars, is closing for the month of February for a $500,000 renovation. The design intent is for less formality in an effort to attract more local business. The only five–star eatery in South Carolina is Summerville’s Woodlands Inn.

Mixed messages from the NAACP

Payday lenders such as Spartanburg–based Advance America collected $4.2 billion off consumers last year. The national headquarters of the NAACP condemned the payday lending industry in a 2000 resolution for its high interest rates and fees. For a 2004 Freedom Fund Dinner, Advance America flew the keynote speaker, Senator Joe Biden of Delaware (and a Democrat), in and out of S.C. There appears to be disagreement between the S.C. chapter of the NAACP and its national headquarters over good money and bad money.

Home values

America’s homeowner equity totals about $11 trillion. For the last 12 months, homeowners spent more than $155 billion on home improvements and repairs, 2.8% more than in the previous 12 months.

Maximum wage

According to the Chronicle of Higher Education, Dr. Andrew Sorensen, president at USC, was paid $550,877 in total compensation last year. Architect James Barker, president at Clemson, was paid $389,309. Meanwhile, the president at the University of Delaware was paid $979,571 in total compensation, the highest among public universities. Vanderbilt and Cornell and four other schools paid above $1 million.

Minimum wage

Sponsored by S.C. Senator Darrell Jackson, a bill filed in advance of the 2007 legislative term would raise the minimum wage in S.C. from the federal cap of $5.15 to a new state standard of $6.15. While the federal $5.15 has been in place since 1997, 29 states have approved higher minimum wages.

Engineering better than plastics

According to the National Society of Professional Engineers, the number of students in the U.S. enrolled in engineering hit a 17–year low in 1999. By 2010, according to the U.S. Department of Labor, the U.S. should need 20% more engineers.

Hedge fund access

Since 1982, Americans with $1 million in personal wealth could invest in hedge funds without regulation. The personal wealth threshold could be crossed with homeowner’s equity. The rule is changing to allow only those people with $2.5 million in investable assets, not including the homeowner’s equity.

Marriott coming to the coliseum

The old Holiday Inn on Assembly Street, near the corner of Blossom Street, is about to become a Courtyard by Marriott. Begun as a Sheraton in the late 60s, the hotel is partly owned by Pyramid Advisors, the same people involved with the Columbia Marriott.

How long are you reading The Columbia Star?

According to the U.S. Census, Americans are expected in 2007 to spend an average of 3,518 hours using the media, including 175 hours with the daily papers and 195 on the Internet. Weeklies were not listed.

Sheriff’s share

The Lexington County Sheriff’s Office spent almost $20 million in 2001–02 and more than $24 million last year, a 25% increase in four years. The projected budget for 2006–07 is more than $26 million.

Bi–Lo Center defaults

Greenville’s Bi–Lo Center, their $63 million coliseum opened in 1998, defaulted on its $350,000 quarterly payment this month. However, the deal is geared so the banks can’t foreclose. Five months ago, the facility lost its hockey team as its main tenant, and losses of about $400,000 annually are expected without the hockey team’s rent payments.