November 8, 2013

Briefcase

From staff and news services

Know Technology in Camden is acquired by Enables IT

Know Technology has announced it has been acquired by Enables IT, a publicly traded information technology company with operations in Europe, South Africa and the U.S., for an undisclosed price.

Camden-based Know Technology and Enables IT have been in talks for the past five months, according to a news release from Know Technology. All members of the Know Technology leadership and staff have been offered positions with Enables IT. The combined business will keep the Enables IT name and have 41 staff in the U.S.

Terms of the deal were not disclosed.

Steve Hand, who founded Know Technology, will serve as Enables IT’s director of business development. Know Technology President Patrick Jones will be taking on the role of Enables IT president of North America.

Average U.S. rates on fixed mortgages rise slightly

Average U.S. rates on fixed mortgages rose slightly last week but remained near historically low levels.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 4.16 percent from 4.10 percent last week, which was the lowest level in four months. The average on the 15-year fixed mortgage rose to 3.27 percent from 3.20 percent.

Unemployment applications now at prerecession levels

The number of people seeking U.S. unemployment benefits fell 9,000 to a seasonally adjusted 336,000 last week, bringing applications to prerecession levels.

Weekly applications have fallen for four straight weeks.

Applications are a proxy for layoffs.

The decline suggests companies are cutting very few workers.

Americans cut back credit card use but acquire loans

Americans cut back on using their credit cards in September for the fourth straight month, but boosted borrowing in the category that covers auto loans and student debt.

Consumers increased their borrowing by $13.7 billion in September to a seasonally adjusted $3.05 trillion, the Federal Reserve reported Thursday. That is a record and follows a gain of $14.2 billion in August.

The increase was driven entirely by higher borrowing for auto and student loans, which rose $15.8 billion.

Nestle sells off Jenny Craig to U.S. private equity firm

Nestle, the world’s biggest food and drink company, has sold off its weight management business Jenny Craig in North America, Australia, New Zealand and the Pacific Islands.

The Switzerland-based company said the business was sold to U.S. private equity firm North Castle Partners. The financial terms were not disclosed.

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