NewsFeeds 11.19.09

Maruchan to add 50 jobs in Chesterfield (Times-Dispatch)
A new manufacturing line from Maruchan Virginia Inc., a Chesterfield County-based ramen soup and noodles manufacturer, will mean 50 new jobs for the region.

TowneBank makes its move (Inside Business)
TowneBank, according to the FDIC report for Hampton Roads deposits as of June 30, has surpassed Bank of America and BB&T, now controlling 13.12 percent of all deposits in Hampton Roads, moving it to the number-three spot behind Wachovia and SunTrust. And it’s gaining on SunTrust.

Alcoa Howmet plant in Hampton cuts 250 jobs (Virginian-Pilot)
Alcoa Howmet, blaming a collapse in demand for industrial gas turbines, said Wednesday that it cut the work force at its Hampton plant by 250 jobs this week.

Post-Mortems Reveal Obvious Risk at Banks (NY Times)
What went wrong? In many instances, the financial overseers failed to act quickly and forcefully to rein in runaway banks, according to reports compiled by the inspectors general of the four major federal banking regulators. Together, they have completed 41 inquests and have 75 more in the works. Current and former banking regulators acknowledge that they should have been more vigilant.

More members of middle class file for bankruptcy (USA Today)
Editor’s Pick. These days, it’s ordinary middle-class Americans, not a marginalized underclass or high-stakes gamblers, who are most apt to experience financial failure. Poor savings habits, health problems and excess spending have traditionally been causes of bankruptcy. But the study finds that college education and homeownership, the traditional strategies for wealth building, may not be enough to guarantee financial security.

Small Businesses Turn to Goldman (WSJ)
But after announcing on Tuesday that it would seed $500 million in a “10,000 Small Businesses” plan, the bank finds itself as a Dear Abby of small-business woe. The company’s phones and email boxes are being flooded with hundreds of inquiries. The reality is that none will receive a check from Goldman Sachs. Rather, Goldman will spend $200 million on education and training programs, while funneling $300 million to so-called community-development financial institutions, which largely serve historically disadvantaged communities that have had trouble accessing capital.

Get to Know Your Competition (Entrepreneur)
7 shrewd strategies for forging alliances–and staying ahead of the pack.