Business News in Brief
Business news from around the region and elsewhere.
IN THE REGION
N.J. bank deregisters stock
Cornerstone Financial Corp., Mount Laurel, said it would deregister its stock under the JOBS Act, which President Obama signed last month. The new law boosted the threshold above which banks must register their shares with the Securities and Exchange Commission, to 1,200 shareholders from 300 shareholders. Cornerstone said it has 410 shareholders. The bank, which had deposits of $342 million on March 31, estimated cost savings from the deregistration of $150,000 to $175,000 a year.
— Harold Brubaker
EPA says Dimock water safe
Federal regulators say the latest well-water test results for the northeastern Pennsylvania town of Dimock do not show unsafe levels of contamination. The U.S. Environmental Protection Agency has completed testing at 61 homes in Dimock, where a gas driller is blamed by some residents and anti-drilling groups for polluting the aquifer. The EPA released data on the final 12 homes Friday. The agency said the latest sampling "did not show levels of contaminants that would give EPA reason to take further action." Regulators say one home did show an elevated level of methane. Cabot Oil & Gas Corp. and pro-industry groups have said the EPA testing shows the water is safe. Residents who are suing Cabot and anti-drilling activists accuse the EPA of misrepresenting the data. — AP
Water company raises dividend
American Water Works Co. Inc., of Voorhees, said it increased its quarterly dividend from 23 cents per share to 25 cents per share, an 8.7 percent increase. The dividend is payable Sept. 3 to shareholders of record July 6. — Reid Kanaley
Sony, Panasonic shares plummet
Shares of Sony Corp. and Panasonic Corp., Japan's biggest consumer-electronics makers, fell to the lowest level in three decades after forecasting earnings that missed estimates because of a failure to end losses from TVs. Sony fell to the lowest level since August 1980. Panasonic fell to the lowest since January 1978, according to data compiled by Bloomberg. Without hit products like the compact-disc player of the 1980s, Sony and Panasonic have lost ground to Samsung Electronics Co. and LG Electronics Inc. in TVs and to Apple Inc.'s iPod. — Bloomberg News
New Univision digital network
The Spanish-language Univision this summer is launching a digital network that will enable viewers to tap into its programming on computers, smartphones and tablets. The new service, UVideos Digital Network, will have special content and social media links to encourage people to use handheld computers while they watch TV, called second-screen viewing. — AP