Briefcase

Dow soars after referendum dropped

NEW YORK – The Dow Jones industrial average jumped 208 points Thursday after Greece scrapped a referendum on unpopular budget cuts and the European Central Bank unexpectedly cut interest rates. It was the second straight day of big gains in the stock market.

Reports on the U.S. economy also lifted stocks. The number of people applying for jobless benefits last week dipped to the lowest level in five weeks. The number fell below 400,000 for only the third time since April, a sign layoffs are easing. Companies also made more orders to U.S. factories in September.

“All of the economic data is pointing to a slow-growing economy, and putting the recession fears to rest,” said Bill Stone, chief investment strategist at PNC Asset Management Group.

Associated Press

Horizon, Montana First merger approved

A merger between Horizon Credit Union and Montana First Credit Union has been approved by both credit unions’ boards.

The deal should be closed by the end of the year and give the credit unions extended reach across three states. Horizon has 38,000 members, 16 branches and assets of $420 million.

Montana First is based in Missoula with two branches, 7,900 members and $60 million in assets. It was established 80 years ago to serve Forest Service employees.

John Stucke

Northwest Farm Credit has $45.8 million profit

Northwest Farm Credit Services, the Northwest’s largest farm lending cooperative, reported a $45.8 million third-quarter profit.

Good crop yields and high prices continued to make agriculture a bright spot in an otherwise dull economy.

The results compared to a $41 million profit for the same three-month span in 2010.

Earnings for the first nine months of this year total $117.4 million.

Northwest Farm Credit announced slight increases in loan volumes. The third quarter report also showed the lender had fewer problem loans than last year.

CEO Phil DiPofi said in a news release that Northwest Farm Credit expected to make a “significant patronage return to our owner-customers in early 2012.”

Northwest Farm Credit offers financing and crop insurance to people and businesses involved in farming, ranching, timber and fishing along with rural homeowners in Washington, Oregon, Idaho, Montana and Alaska.

John Stucke

Mall sues Indiana over Amazon.com taxes

INDIANAPOLIS – Shopping mall giant Simon Property Group sued the Indiana Department of Revenue on Thursday to try to force it to collect taxes from Amazon.com Inc. for all sales made in the state.

“This action is being filed to benefit all of Indiana’s taxpayers and the state’s bricks-and-mortar retailers,” Simon said in a statement.

“Amazon.com is required by Indiana law to collect and remit sales and use taxes to the state, for sales made over the Internet, but has consistently refused to do so …” Simon said. “Main Street retailers are being harmed by this unequal playing field in Indiana and their existence is being jeopardized and threatens the employment of hundreds of thousands of retail employees in our state.”

The state levies a 7 percent sales tax on most goods.

Associated Press