Business and labor at a glance

Mixed results for local bank stocks

Results for local bank stocks were mixed in trading on Wednesday with First Niles Financial holding steady at $9 a share and Cortland Bancorp regaining a penny, after dropping 43 cents on Tuesday, to close at $14.33 a share.

2016 VW diesels have more trouble

WASHINGTON – U.S. regulators say they have a lot more questions for Volkswagen, triggered by the company’s recent disclosure of additional suspect software in 2016 diesel models that potentially would help exhaust systems run cleaner during government tests.

That’s more bad news for VW dealers looking for new cars to replace the ones they can no longer sell because of the worldwide cheating scandal engulfing the automaker. Depending on what the Environmental Protection Agency finds, it raises the possibility of even more severe punishment.

Wal-Mart stock takes plunge

Wal-Mart stock had its biggest one-day drop in nearly three decades after the world’s largest retailer said it’s bracing for its profit to take a hit as it works to fend off competition.

The company is forecasting profit to fall by as much as 12 percent in its next fiscal year as it perks up customer service and adapts to new shopping habits. Its stock closed down $6.70, or 10 percent, at $60.03 Wednesday.

Staff, Wire reports

Business and labor at a glance

New cards may mean more fraud

NEW YORK (AP) – The new chip credit cards that shoppers are getting in their mailboxes may prevent criminals from stealing from stores, but many thieves are expected to move their operations online. Small businesses could be the most vulnerable.

Online fraud in the U.S. is expected to nearly double to $19 billion by 2018 from $10 billion in 2014, according to Javelin Strategy & Research, a consulting company based in Pleasanton, California. In Britain, which began shifting to chip cards in 2001, online fraud rose 55 percent from 2005 to 2008, according to the UK Cards Association, an industry group.

TJX names Ernie Herrman as CEO

NEW YORK (AP) – TJX, the company behind T.J. Maxx, Marshalls and other discount stores, said Wednesday that it named President Ernie Herrman as the retailer’s next CEO.

He will replace current CEO Carol Meyrowitz on Jan. 31. Meyrowitz, 61, will continue to be chairman of the board and has agreed to stay with the company for three years. She has been CEO of TJX since 2007.

Herman, 54, has worked at TJX for about 26 years, and was named president in 2011.

Local bank stocks stay unchanged

Local bank stocks stayed the same in trading on Wednesday, with First Niles Financial closing at $8.80 a share and Cortland Bancorp closing at $14.31 a share.

Staff, wire reports