Business Briefs – May 13, 2014

Harveys pharmacies to remain open

ALBANY — Customers needing to fill prescriptions next week will still be able to use Harveys supermarket’s in-store pharmacies while the stores are closed down for minor renovations and systems upgrades.

The Harveys locations in Sylvester, Tifton and Cordele have in-store pharmacies that will remain open. The six Albany locations and the location in Dawson do not have pharmacies.

Seventeen Harveys locations throughout the state of Georgia will be closed Saturday through May 23 following Bi-Lo Holdings LLC’s recent purchase of the franchise from Dellhaize Group.

Harveys officials say they will keep any in-store pharmacy locations open during the conversion work to serve customers’ prescription needs.

Gas pump prices trend downward

ALBANY — There may be some happier motoring ahead if predictions by officials with AAA The Auto Club group are correct.

Unless something unexpected happens, AAA officials say they believe retail gas prices have hit their spring peak and will continue falling into the summer months. The national average price for gas had dropped 14 straight days to reach $3.652 on Monday and the streak had reached 13 days for Georgia drivers, who saw an average of $3.644 Monday, according to the AAA Daily Fuel Gauge Report.

“Motorists are finally getting that steady break in gas prices that we were anticipating,” AAA spokesman Mark Jenkins said., “The discount at the pump is expected to continue, as prices are forecast to be in line with last year’s levels by Memorial Day weekend.

AAA said the reason for the lower prices are record supplies, with the Energy Information Administration (EIA) estimating total U.S. crude oil production in April reached its highest monthly average in 26 years. The national average price for the month is forecast to be $3.72 per gallon, with the EIA forecasting that monthly average will drop to $3.51 by September.

Metro Albany motorists on Monday saw the lowest average cost of a gallon of gas — $3.515 — among the state’s eight metro areas reported by AAA. Metro areas ranked behind Albany on Monday were, in order, Macon, $3.543; Valdosta, $3.567; Columbus, $3.583; Augusta, $3.611; Savannah, $3.616; Athens, $3.684, and Atlanta, $3.685.

Japanese company coming to Georgia

ATLANTA — Gov. Nathan Deal announced Monday that Japan-based Otsuka Chemical Co. Ltd. will establish its North American headquarters in Spalding County at Georgia’s first eco-friendly park, creating 32 jobs.

“I’m thrilled that this state-of-the-art chemical company has chosen Georgia to establish its North American headquarters,” Deal said. “We have a longstanding, mutually beneficial relationship with Japan, and our top-ranked business climate will continue to carry global companies such as Otsuka Chemical toward success.”

The project was initiated during Deal’s mission to Asia in 2013. The Otsuka Chemical America, Inc. headquarters, located on a 35-acre site within The Lakes at Green Valley industrial park on Georgia Highway 16, will put the company geographically closer to its customers. The facility will manufacture titanate friction materials for automotive brake pads, an extension of the company’s existing chemical production businesses and one that it intends to expand in the United States.

“As a leading manufacturer of titanate friction material for the automotive industry, we are thrilled to announce the establishment of our new production facility in Georgia,” said Hiroyoshi Tosa, CEO of Otsuka Chemical America, Inc. “We look forward to contributing to the local community while working to meet the needs of our customers across the world through Otsuka Chemical’s environmentally friendly product offerings.”

The location of the Otsuka Chemical America headquarters and manufacturing facility is considered the first eco-park in Georgia and resulted from a partnership between the Griffin-Spalding Development Authority and Georgia Tech.

U.S. workers’ skills not matching job needs

PHILADELPHIA (Reuters) — U.S. employers are having trouble finding workers with the needed skills in science, technology, engineering and math, a top Federal Reserve official said on Monday.

“We are seeing a mismatch of skills in the workforce and the jobs that are being created,” Philadelphia Fed President Charles Plosser said of the so-called STEM-trained workers who are in high demand.

“Sadly, we are not doing an adequate job of preparing our workforce for these jobs,” he said in remarks prepared for delivery to a conference on reinventing older communities, hosted by his branch of the U.S. central bank.

Plosser did not comment directly on monetary policy or the economic outlook.

He repeated, however, that the labor force participation rate can drop, as it has, for demographic reasons such as the mass retirement of the baby boomer generation.