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August 27. 2013 9:05PM

Business Newsreel

S.W. Cole acquires Summit CMT

AUGUSTA, Maine — S.W. Cole Engineering Inc. of Bangor, Maine, has acquired Summit CMT, a construction materials testing subsidiary, from CES Inc., a Brewer, Maine-based engineering, sciences and surveying firm.

Summit CMT operated from offices in Augusta and Lewiston, Maine. CES will retain Summit Environmental Consultants, which it acquired earlier this year, and will continue to operate in Lewiston.

Summit CMT staff will move to S.W. Cole offices in Augusta and Gray, Maine, and will operate under the parent company name, S.W. Cole Engineering Inc., which provides construction materials testing and geotechnical engineering services.

The acquisition brings S. W. Cole Engineering staff to about 95 employees. The Bangor-based firm, founded in 1979, has seven branch offices — Augusta, Caribou and Gray, Maine; Keene, Manchester and Somersworth, N.H.; and White River Junction, Vt.

The firm’s services include geotechnical engineering, construction materials testing and geoenvironmental services.

SEC, exchanges to talk Nasdaq outage

WASHINGTON — The U.S. Securities and Exchange Commission will meet with heads of the major exchanges on Sept. 12 to discuss last week’s Nasdaq trading outage, the regulator said on Tuesday.

The meeting with SEC Chairwoman Mary Jo White would address “the market dissemination system involved in last week’s halt, as well as other critical market systems and infrastructure issues,” the SEC said.

Nasdaq halted trading in the thousands of stocks listed on its platforms last Thursday, including such familiar names such as Apple Inc., Facebook Inc., Google Inc. and Microsoft.

It had done so after learning that a system that consolidates stock prices coming in from different trading platforms, known as the Securities Information Processor, was not disseminating price quotations.
--Reuters

Firm linked to tainted salad to reopen

The Mexican unit of Taylor Farms, a food processor whose salad mix had been linked with an intestinal bug outbreak that affected some Olive Garden and Red Lobster restaurants, has been authorized by U.S. health regulators to resume operations.

The Food and Drug Administration said on Tuesday that the firm will implement a comprehensive program designed to detect Cyclospora, the parasite responsible for the outbreak, on leafy greens and other products from its farms and processing facility.

The program will include sampling products and water, and continued monitoring of sanitary conditions. On Sunday, the facility resumed operations and began shipping salad mix and leafy greens to the United States.

On Aug. 9, the firm halted shipments to the United States after they were linked to outbreaks of cyclosporiasis, an infection caused by ingesting food or water containing the Cyclospora parasite.

The bug sickened at least 535 people in 19 states.
--Reuters

BoA fraud lawsuit on is track for trial

The U.S. government lawsuit accusing Bank of America Corp. of fraudulently selling toxic mortgage loans to Fannie Mae and Freddie Mac appears on track to go to trial next month after a judge rejected the bank’s bid to dismiss the case.

In an order made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan said there are “genuine factual disputes” involving at least one of the government’s theories to warrant letting the case continue against the second-largest U.S. bank. He said he will explain his reasons in due course.

Rakoff’s order clears the way for the case to proceed toward trial, which is scheduled for Sept. 23.

The government alleged that the former Countrywide Financial Corp., which Bank of America bought in July 2008, caused more than $1 billion of losses for taxpayers by selling home loans that later soured to Fannie Mae and Freddie Mac, the mortgage financiers seized by the government in September 2008.

--Reuters



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