PENNSYLVANIA BUSINESS NEWS

International and Local Small Business News on Economics & Finance

ALLENTOWN -- PPL Corp. said it has asked federal regulators for permission to build and operate a new nuclear plant in northeastern Pennsylvania.

The Allentown-based utility said the Bell Bend nuclear plant would be built near the company's existing two-unit Susquehanna nuclear power plant outside Berwick.

PPL announced today that it has applied to the Nuclear Regulatory Commission for a license. The review process is likely to take three to four years. PPL said that even if the plant clears regulatory hurdles, no final decision has been made to move forward with the project.

The two existing reactors at the Susquehanna plant were built in the 1980s at a cost of $2 billion each. Together, they are responsible for 25 percent of PPL's annual output.

PAXINOS -- About 325 workers in central Pennsylvania will be without a job by the end of the year.

Fleetwood Enterprises, a recreational-vehicle manufacturer, announced today it is closing its plant in Paxinos.

Aggressive synchronized rate cuts will bring confidence back to the markets, but only if, the government is able to address the underlying concerns emanating from the housing market.

DETROIT -- A person with knowledge of General Motors Corp.'s plans said the company is likely to announce more production cuts and possible plant closures as early as next week. The person did not want to be identified because plans are not complete.

The company has said it would cut engine, transmission and metal stamping operations to correspond with four pickup truck and sport utility vehicle plant closures announced in June. Chairman and CEO Rick Wagoner said last month the company would have to make adjustments, particularly in stamping.

GM's shares have lost nearly half of their value this week, plunging to their lowest level in more than 58 years. The shares closed Thursday at $4.76 but rebounded a bit in Friday morning trading to $4.95.

The Associated PressPresident Bush makes a statement on the economy today in the Rose Garden of the White House in Washington.

Text of President Bush's remarks on the economy today, as provided by the White House:

BUSH: Good morning. Over the past few days, we have witnessed a startling drop in the stock market -- much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.

If you don't understand the financial crisis, you're not alone. Neither does Chad Orzel's dog.

Orzel, an assistant professor of physics at Union College in Schenectady, N.Y., explained it all to her on a morning walk. And he recounts their conversation on his blog "Uncertain Principles: Physics, Politics, Pop Culture."

WASHINGTON -- President Bush's top advisers on financial markets are pledging to continue working to correct the mistakes that have led to more than a year of severe market turmoil.

The President's Working Group on Financial Markets, which includes Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, issued a report today that said while many reforms have been implemented, more needs to be done.