DALLAS — Lower fuel prices are boosting airline profits and leaving enough left over for passengers to get slightly lower fares.

United Continental Holdings Inc. and Southwest Airlines Co. reported Thursday that fourth-quarter earnings soared as fuel spending dropped by about one-third, saving them hundreds of millions of dollars.

Both airlines announced plans to buy more planes and reward shareholders by purchasing more of their own stock, which makes remaining shares more valuable.

Airline stocks have slumped in early 2016 as investors fear that cheap fuel will encourage airlines to add too many flights, creating a glut of seats that will lead to lower fares.

United and Southwest executives said demand remains strong, but they conceded that a dip in fares that began in 2015 is extending into the new year.

The average one-way fare on Southwest fell more than 5 percent — to just under $150 — compared with a year earlier. United didn’t disclose its average fare, but both airlines reported that on a per mile basis, passengers paid about 7 percent less than in late 2014.

Discount airlines like Spirit and Frontier are putting pressure on the big airlines by touting low fares that include a seat and not much more — carry-on bags, soda and assigned seats all cost extra.

United said that later this year it will begin selling “entry-level” fares for the most cost-conscious customers.

Delta sells “basic economy” tickets that can’t be changed and don’t let passengers pick a seat. American has said it too will introduce a no-frills fare this year.

Even with the slide in fares, the big carriers are confident enough to order new planes. United said it would buy 40 Boeing 737-700 jets to replace smaller planes operated for it by regional airlines. Southwest will buy 33 new 737-800s, converting orders for smaller 737s and phasing out older models of the same plane by mid-2018.

In addition, United said it will buy back $750 million in shares during the first quarter, and Southwest will buy back $500 million in stock.

For the fourth quarter, United Continental Holdings Inc. reported income of $823 million, up from $28 million a year ago.

Excluding one-time items, the company earned $2.54 per share, a nickel short of expectations by industry analysts according to surveys by Zacks Investment Research and FactSet.

United, the nation’s third-biggest airline, saved $912 million, or 36 percent, on fuel compared with a year earlier.

Because of lower average fares, revenue fell 3 percent to $9.04 billion, slightly below the $9.08 billion average forecast from the FactSet analysts. The decline would have been worse if not for growth in “other” income — things like bag fees, ticketing fees, and money from the MileagePlus loyalty program.

United CEO Oscar Munoz, who has been on medical leave since suffering a heart attack in October and had a transplant Jan. 6, made a surprise appearance on a conference call with analysts. Munoz declared, “I feel great,” and said he expected to return by the end of March.

Under Munoz and acting CEO Brett Hart, Chicago-based United has been reviewing its operations from the boarding process to the coffee served in flight. There have been signs of progress — United rose to fourth among U.S. airlines in on-time performance in the latest government figures.

Southwest Airlines Co., the No. 4 U.S. airline, earned a record fourth-quarter profit of $536 million, nearly triple its year-ago income. The Dallas company saved $369 million, or 32 percent, on fuel, and projected it could cut fuel spending another $500 million this year if energy prices remain at current levels.

Excluding one-time items like fuel-hedging costs, the profit was 90 cents per share, matching Wall Street expectations.

Revenue rose more than 7 percent to $4.98 billion. Passengers flew 11 percent more miles, which helped offset the weaker per-mile fares.

While fuel spending plunged, both airlines reported higher labor costs — a 19 percent increase at Southwest and an 8 percent rise at United.

After years of concessions during the airline industry downturn of the last decade, labor groups are now negotiating for raises and signing bonuses. Many workers are also getting profit-sharing.

Alaska Air Group, parent of West Coast-based Alaska Airlines, reported profit of $191 million, up 29 percent from a year ago. Adjusted earnings of $1.46 per share beat Wall Street forecasts of $1.41, and the company announced a 38 percent increase in its dividend.

Alaska’s shares jumped 8.1 percent to $72.61, while United and Southwest both closed up less than 1 percent.

Oakley Transportation Group on Tuesday announced the launch of its newest service — dry bulk transportation of food-grade products.

The company joined with Imperial Sugar, one of its largest customers, and Oakley partner Quala for a ribbon-cutting at its Savannah terminal on Brampton Road.

The company said the new Oakley Dry Bulk Inc. division was created to meet the needs and requests of current clients, although it expects the new service to continue growing its client roster in 2016 and beyond.

Oakley, which has hauled liquid food products for 25 years, worked with Imperial Sugar to develop its dry bulk transportation strategy, including defining trailer specifications and strategy and training needs for drivers.

“We’re honored to work with amazing partners like Imperial Sugar, and it’s our goal to provide the best service possible,” said Tommy Oakley Sr., CEO of Oakley Transport.

“Better serving our customers means meeting all of their needs, which we’re now able to do through the addition of dry bulk services.”

Expanding into the new line of business will also give the company the opportunity to recruit new drivers.

Oakley’s goal for the dry bulk division is to be operating 50 tanks and 25 trucks by April. Dry bulk services will operate from several terminals including Savannah, Memphis, Chicago and Louisville as well as multiple locations in Florida.

Oakley began training drivers — as well as cross-training operators, maintenance team members and directors — in November.

“We deliver on our promises, which includes ensuring our clients’ needs are met. Quality is never compromised, products are delivered on time, and our team and cargo arrive safe,” Oakley said.

“With this new line of business comes new equipment, policies and procedures,” he said. “And our team understands the importance of initial and ongoing training.”

Canal expansion delayed

The long-anticipated opening of the expanded Panama Canal locks, already postponed several times by construction delays, has been pushed back again and is expected early in the second quarter, a canal official told the Journal of Commerce last week.

Speaking at a supply chain conference in Atlanta, Francisco J. Miguez, executive vice president for finance and administration at the Panama Canal Authority, initially said the canal would be open to commercial traffic “sometime in the second half,” the JOC reported.

The authority later issued a clarification stating the canal would be completed in the second quarter.

A more definite opening date is expected late next month after the project’s general contractor has certified that the locks are operational and the canal authority has conducted tests.

Last fall, one of the new locks on the Pacific Ocean side of the canal sprouted leaks, reportedly due to concrete that had not been adequately reinforced.

The $5.25 billion project was originally expected to be finished on the fall of 2014.

The new locks will be able to accommodate container ships with capacities of up to 14,000 TEUs – 20-foot equivalent containers. That’s triple the capacity of the canal’s current, 100-year-old locks.

Carriers and a number of ports, including Savannah, have been awaiting the opening of the new locks, which will allow larger and more efficient cargo ships to transit the canal from the Far East to the East Coast.

Senior business reporter Mary Carr Mayle covers the ports for the Savannah Morning News and savannahnow. She can be reached at 912-652-0324 or at mary.mayle@savannahnow.com.

Following are the ships expected to call on Georgia Ports Authority’s Garden City and Ocean terminals this week. Schedules are supplied by GPA and are subject to change.

TERMINAL VESSEL ETA

GCT MSC RACHELE Today

GCT MAERSK WALVIS BAY Today

GCT MAERSK WESTPORT Today

GCT MAERSK DENVER Today

GCT OOCL MEMPHIS Today

GCT ST LOUIS EXPRESS Today

GCT NYK RUMINA Today

GCT LENA-S Today

GCT MAERSK KARLSKRONA Today

GCT BREMEN EXPRESS Today

GCT VIKTORIA WULFF Saturday

GCT MSC GENEVA Saturday

GCT MSC INGRID Saturday

GCT CMA CGM RACINE Saturday

GCT OOCL KOBE Saturday

GCT KAETHE C. RICKMERS Saturday

OT OCEAN MORNING Saturday

GCT MAERSK SHEERNESS Sunday

GCT HANJIN MIAMI Sunday

GCT CMA CGM MELISANDE Sunday

OT BBC TENNESSEE Sunday

OT DENCO LANGDUEDOC Sunday

GCT SEA-LAND RACER Monday

GCT MAERSK DETROIT Monday

GCT CMA CGM AZURE Monday

GCT ZIM ONTARIO Monday

GCT YANTIAN EXPRESS Monday

GCT ALLISE P Monday

OT BASIC PIONEER Monday

GCT MAERSK KOTKA Tuesday

GCT COLUMBIA Tuesday

GCT YM UPWARD Tuesday

GCT MUKADDES KALKAVAN Tuesday

GCT HANJIN MONACO Tuesday

OT ORION LEADER Tuesday

OT BAHRI ABHA Tuesday

GCT HEINRICH SIBUM Wednesday

GCT YORKTOWN EXPRESS Wednesday

GCT VECCHIO BRIDGE Wednesday

OT K. JASPER Wednesday

GCT JACK LONDON Thursday

GCT AENEAS Thursday

GCT MOL EXPRESS Thursday

GCT MOL MOTIVATOR Thursday

GCT MSC ORIANE Thursday

GCT ZIM TARRAGONA Thursday

GCT MAERSK SERANGOON Thursday

GCT MSC BEIJING Thursday

GCT NYK REMUS Thursday

State’s jobless rate drops in December

Georgia’s seasonally adjusted unemployment rate in December was 5.5 percent, down from 5.6 percent in November, the state Department of Labor announced Thursday. The rate was 6.6 percent in December 2014.

“The rate dropped to its lowest level in nearly seven years as our employers continued to create jobs and hire more people,” said Labor Commissioner Mark Butler. “While we saw a net increase of 3,300 jobs in December, our private sector employers actually added 6,000 jobs, but cuts, primarily in government, offset some of that gain.”

Chatham County had 994 new claims for unemployment insurance in December, compared to 574 in November and 1,426 in December 2014.

Bryan County had 94 new claims in December and 64 in November with 108 in December 2014.

In Effingham County, 192 people filed in December, compared to 135 in November and 161 a year earlier.

Statewide, the number of jobs increased in December to 4,317,600, up by 0.1 percent, from 4,314,300 in November. Much of the job growth came in professional and business services, 5,000; other services, 2,100; and construction, 1,900.

Job losses came in government, financial activities, trade, transportation and warehousing and leisure and hospitality.

Wet Willie’s contributes to Komen for the Cure

The leadership team at Wet Willie’s Management Corp., including founder and CEO Bill Dickinson, Vice President Emily Dickinson and Joe Ann Brandt, have made a donation of $35,482 to Susan G. Komen for the Cure.

The donation brings Wet Willie’s total since 2011 to more than $100,000.

“The annual Koozies for Boobies fundraising campaign is truly a customer and staff-driven event,” Dickinson said.

Aileen Gabbey, executive director of Susan G. Komen for the Cure Coastal Georgia, thanked Wet Willie’s staff and management for the donation.

“They are a true community partner with a huge philanthropic spirit,” Gabbey said.

Beaufort regional chamber to have business decorating contest

BEAUFORT, S.C. — The Beaufort Regional Chamber of Commerce will host a business decorating contest for the Valentine’s Day holiday to showcase businesses in Beaufort, Port Royal and the Sea Islands.

Online registration is going on now through Feb. 5 at www.BeaufortChamber.org.

Photos of entries will be placed on the website. Finalists and overall winners will be featured in the chamber’s newsletter and on the website.

Voting will run from Feb. 1 through noon on Feb. 9. The public can vote online on the Chamber’s website or at participating businesses.

Winners will be announced Thursday, Feb. 11.

Janet Yellen and members of the Federal Open Market Committee (FOMC) have decided to increase the Federal Funds rate for the first time since 2006.

The new overnight interbank lending rate ranges from .25 to .5 percent and signals a “confidence in the U.S. economy,” said Yellen at the December FOMC meeting. Whether an eventual normalization of monetary policy would be beneficial to the economy goes without question.

However, many people are asking whether the rate hike was “too soon.” I would argue that the hike was timely, but the United States and the rest of the developed world cannot withstand anything but the most gradual of increases in short-term rates through 2016.

By increasing their benchmark interest rate, the Fed is signaling a belief that economic and labor market slack has eroded to the point where upward pressure on prices may begin to grow.

This sentiment is most recently supported by the U.S. Bureau of Labor Statistics Jobs Report indicating total non-farm payroll employment increased by 292,000 in December. Additionally, both the October and November figures were revised upward from 298,000 to 307,000 jobs and from 211,000 to 252,000 jobs, respectively.

Researchers have found that changes in consumer prices, either inflationary or deflationary, tend to be persistent, exhibiting a “build-up” of directional pressures. In tracking price changes faced by the consumer, the Fed monitors the Personal Consumption Expenditures (PCE) Index.

The Fed has taken it as a positive sign that the decline in monthly core PCE inflation, excluding volatile food and energy prices, from 2.11 percent in March 2012 stabilized around 1.3 percent for the entire year of 2015, not falling even further into deflationary trends.

Such a Japan-style deflationary episode has lingered as a potential threat to the Western world as the European region has recently experienced price declines and global energy prices continue to plummet.

Oil prices below 30 dollars per barrel, a strong U.S. dollar and falling import prices are all factors potentially masking the underlying upward price pressure. It is promising that inflation-adjusted hourly earnings growth for all employees in the U.S. increased for the fifth consecutive month in November, providing evidence that a build-up in prices may be commencing.

These observations support the Fed’s recent rate-hike decision, but much extant evidence suggests the U.S. economy cannot withstand bi-monthly rate hikes throughout 2016.

The decline in oil prices, usually thought to be a boon for economic growth through increased consumer spending by leaving more money in your wallet, has displayed a net-negative relationship to economic activity in the previous 12 months.

The shock to gross investment in shale and fracking-related projects has held back the economy somewhat, and this transition to lower energy prices is likely unfinished for 2016. Overall inflation may begin to grow at or above the Fed’s target rate of 2 percent once the dollar stops appreciating and energy prices reach a trough.

For these reasons, concurrent with a sustained, albeit moderate, improvement in the overall economy in 2016, the Fed should display caution with the frequency of rate hikes throughout 2016.

In her UMass Amherst speech in September, Janet Yellen touched on the speed and magnitude of subsequent rate hikes throughout 2016, stating that it is the Fed’s intention to, “continue boosting short-term rates at a gradual pace…”

We will have to wait and see if the market over analyzes the phrase “gradual pace” as feverishly as it did the Fed’s usage of the phrase “considerable time” when describing the duration of near-zero interest rate policy.

Nicholas Mangee is an assistant professor of Economics at Armstrong State University and can be reached at Nicholas.mangee@armstrong.edu.

Ameris Bancorp announces 2015 financial results

MOULTRIE — Ameris Bancorp (NASDAQ-GS: ABCB) on Friday reported operating net income of $53.3 million, or $1.66 per share, for the year ended Dec. 31, compared with $41.2 million, or $1.57 per share, for 2014.

“I am pleased with our improvement in 2015 compared with our 2014 results,” said Edwin W. Hortman Jr., president and chief executive officer. “We spent 2015 integrating the acquisitions completed in the second quarter of the year and preparing for consistent earnings in 2016.”

“… I am confident that the momentum we have in balance sheet growth and resulting revenue is what we need to meet our goals for this year.”

Operating net income for the fourth quarter of 2015 was $15.3 million, or $0.47 per share, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014.

Two design awards for Greenline Architecture

Greenline Architecture won two design awards from the American Institute of Architects (AIA) Savannah Chapter, including an Excellence Award for the renovation of The Brice Hotel and a Citation Award for the renovation of the Philbrick-Eastman House.

The winners were announced on Jan. 14.

The Brice Hotel project included rehabilitation of an existing hotel to retain its exterior historic features and renovate the interior for a more modern feel.

Greenline team members included John Deering and Josh W. Bull.

The renovation of the Philbrick-Eastman House, a 12,000-square-foot Greek Revival mansion on Chippewa Square for The Parker Companies’ corporate offices, was designed to both modernize and preserve.

The design team consisted of Deering and Douglas Roberts.

Home and garden show to be held in Savannah

The 2016 Low Country Home & Garden Show will be Jan. 29-31 at the Savannah International Trade & Convention Center with more than 4,000 square feet of gardens, landscapes, water features, pools and spas, cabinets, countertops and other displays.

Interior designer Jeff Lewis, with the Bravo network TV show “Flipping Out” will be on hand Saturday, Jan. 30.

Tickets, which include all events, seminars and discussions throughout the weekend, are $8 for adults 17 and up. Seniors 65 and older can get discounted tickets for only $6. Entry is free for active duty military and children under 17. Tickets can be purchased at the door or in advance at SavannahHomeandGardenShow.com.

The expo is open from 2-7 p.m. Friday, Jan. 29; from 10 a.m. to 7 p.m. Saturday, Jan. 30; and from 11 a.m. to 5 p.m. Sunday, Jan. 31. For more information, go to SavannahHomeAndGardenShow.com.

Coastal States Automotive Group LLC has contracted with Stokes Auto Group to buy the Fiat of Savannah dealership and move it from 14080 Abercorn St. to property next to the company’s Savannah Volkswagen dealership on Eisenhower Drive near White Bluff Road.

The deal is expected to close within the next four weeks, according to Warner Peacock, president and CEO of Coastal, which owns eight area dealerships as well as Jaguar Land Rover in Columbia, S.C., and Subaru South Orlando in Florida.

As part of the agreement, Coastal will also own Alfa Romeo, although officials haven’t decided the location of that dealership, Peacock said Friday.

Chrysler Automotive owns both the Fiat and Alpha Romeo brands.

“We’ve had a great relationship with Chrysler Automotive for 10 years through our ownership of Hilton Head Chrysler Jeep Dodge Ram,” Peacock said. “We are looking forward to now representing two additional brands in their lineup.”

When Coastal, which also owns the New River Auto Mall, purchased Savannah Volkswagen from the Vaden Group in July, it included the entire parcel of land on Eisenhower, Peacock said.

“There is plenty of room for Fiat and one more franchise,” he said, adding that the company will probably soon look at adding a dealership not currently in Savannah.

“It could be Audi, Porsche or Jaguar Land Rover, dealerships we already have in Carolina,” he said.

He said Coastal will continue to expand its footprint in Savannah.

“We are looking forward to our growth and contributions to the economy in Savannah,” Peacock said. “We are very familiar with the market and are excited to be in this community.”

Coastal States Automotive Group employs almost 600 people in the three-state area.

Dealerships include Hilton Head Hyundai, Audi Hilton Head, Hilton Head Volkswagen, Porsche of Hilton Head, Subaru of Hilton Head, Jaguar Land Rover Hilton Head and Hilton Head Chrysler/Jeep/Dodge/Ram, all in the Hilton Head, S.C., area; Savannah Volkswagen; Jaguar Land Rover Columbia in Columbia, S.C., and Subaru South Orlando, Fla., where a $1.5 million renovation is underway.

Remember that scene from “Back to the Future” when Doc Brown tells Marty “where we’re going, we don’t need roads,” then propels the DeLorean off the road and flies into the future?

It’s interesting to think many of us assumed by now that we would be flying through the sky to arrive at our next destination across town. In fact, the year of the “future” in the movie was 2015.

Now stop for a minute and consider how much our technology has changed in just 10 years. The first iPhone was released in 2007. How important to your life is your phone today? How has this one technology changed how you communicate, shop, entertain yourself and even get around?

Then ask yourself: “What does the next decade hold?”

We are in a time of incredible transition. The world of transportation hasn’t seen this much innovation since cars were invented more than a hundred years ago.

With the rise of phone-based services that allow people to rent cars or bikes on demand, fetch a taxi or ride on demand, carpool and even check the status of a bus or train, everyone is rethinking how we get around.

Automakers are teaming up with ride-sharing services. Tech companies are road-testing their own driverless cars and we may see the first mass-market all-electric car in 2017.

It’s exciting, dizzying and confusing all at once. And it affects how we plan our cities and our infrastructure.

The changing landscape presents an enormous challenge for planners, engineers and elected officials. Infrastructure decisions are some of the most expensive choices made by cities, and those decisions are expected to work for many decades.

So what kinds of decisions should we consider if the future is heading toward less individual car ownership?

For example, today’s fascination is the prospect of driverless cars. Cites are spending billions of dollars to plan for a future with fleets of driverless taxis. That might sound a little far-fetched in 2016, but 10 years pass very quickly.

What will our perception be in 2026? How might that technology change your own lifestyle? How important will parking be?

Then there’s the humble bicycle. If you had asked me a decade ago whether bicycles were important for cities, I would have likely been dismissive. Clearly, I was wrong. Bikes are cheap, they fit in small spaces, and if you haven’t ridden one since you were a kid, let me remind you of something: they’re actually pretty fun to ride.

More and more people of all ages are leaving cars behind for this simple, old-school way to get around. We would be wise in Savannah to not just accommodate bikes but to encourage and plan for them.

When I turned 16, I couldn’t wait to start driving a car — any car. It was the center of my world and my social life. I imagine most people reading this have a similar experience.

But the reality many of us grew up with is changing more quickly than we realize. People want something different, and the market is telling us that more and more people want to walk, bike, and use on-demand transportation from their phones.

Perhaps we will have flying cars some day, but for now the future seems headed in different low- and high-tech directions. We live in a city that has seen all manner of transportation options dating back nearly 300 years. As we look to the future, let’s not ignore how it’s all changing again.

Kevin Klinkenberg is executive director of the Savannah Development and Renewal Authority. Contact him at kevink@sdra.net.

By Kevin Klinkenberg

ATLANTA – Georgia Power Company wants regulators to bless its share in more than $900 million in cost overruns incurred so far in building two nuclear reactors at the Plant Vogtle generating facility near Augusta.

The company denies its request amounts to approval of the overruns. At least one regulator said his agency can ignore the request until the reactors are generating electricity. And he estimates the impact of the request to be as high as $2.5 billion in added costs to electricity customers.

Company lawyers filed a formal request Thursday afternoon seeking approval by the Public Service Commission of the utility’s contract with the new builders.

Georgia Power, which owns 45.7 percent of Vogtle, and the utilities that own the rest of the plant, signed an agreement with Westinghouse and with Chicago Bridge & Iron’s Stone & Webster division to design and build two reactors for $6.8 billion. Various problems led to delays and cost overruns, prompting the owners and the builders to sue each in other in 2013 over who would pay the added costs.

Two years later in last October, both sides agreed to settle outside of court, with neither side getting everything it wanted. One result is Georgia Power agreed to pay CB&I $350 million. Another result was that Westinghouse bought Stone & Webster from CB&I, making them the new builders outright.

Part of the settlement is a boost in the price for the two reactors of $915 million more than the original price. Georgia Power’s share of the higher price would be $418 million, which includes the $350 million it agreed it owed in the settlement plus its share of $150 million in added costs to meet new security requirements.

Georgia Power spokesman Jacob Hawkins said the filing is merely to have the commission finalize the results of the lawsuit settlement.

“We have not requested recertification of this project,” he said.

But Tim Echols, a member of the five-man commission, said Friday that the effect of the request is indeed to get regulatory approval of large overruns.

Former Commissioner Bobby Baker agrees.

“I see it the same way,” he said. “The company is asking the commission to review and approve the settlement agreement which includes an increase of $915 million in the (construction) contract price. This is a de facto increase in the current, certified cost of the project.”

Echols, though, puts a bigger number on the boost.

“Georgia Power’s request would increase the certified cost by $2 billion to $2.5 billion and extend the certified schedule by 39 months,” he said.

Echols and Baker said that increasing the certified cost now would make it harder for the commission to say later that money spent above the original price wasn’t “prudent.” And state law says any expense the utility prudently incurred may be passed along to electricity customers.

Acting now on the request would require the commission to dig into all of the money spent so far to see which was prudent and which wasn’t.

The company tried once before to get the commission to certify a higher price for the plant even though construction is less than one-third complete, but it finally came around to an agreement with commission staff to wait until the first of the new reactors is operating. That way, if there are additional cost overruns, the commission can tackle all of them at one time.

Echols said Friday that agreement stands and that the commission has no obligation to consider the new request.

Observers say Wall Street is behind the request because investors don’t want to be saddled with the overruns any more than electricity customers do. Utilities have to pay attention to the concerns of investors because they often issue bonds to finance new power lines, pollution controls and other infrastructure, and nervous investors demand to be paid higher interest.

Adding to investor jitters are whopping cost overruns at Georgia Power’s sister company, Mississippi Power, which is building a new type of coal-burning plant designed to greatly minimize emissions. Regulators there forced that company to swallow more than $2 billion in overruns.

Georgia Power argues that even with the higher price tag, the new reactors will be a bargain for their customers.

“Including the settlement, the project’s remaining projected customer rate impact is still approximately 2.5 percent, an average of less than 1 percent per year through the expected completion date of 2020,” notes a company news release. “Once the new units come online, they are expected to put downward pressure on rates and deliver long-term savings for customers.”

Follow Walter Jones on Twitter @MorrisNews and Facebook or contact him at walter.jones@morris.com.

Writing program gets help from Whole Foods

Whole Foods Market, 1815 E. Victory St., will donate 5 percent of its sales Tuesday to Deep Center Inc., with activities facilitated by Deep Center staff members scheduled throughout the day.

The funds will be used to support Deep Center’s award-winning writing and leadership programs for Chatham County’s public school students.

“Through our creative programs, Deep Center works very hard to help Savannah’s young people thrive,” said Deep Center Executive Director Dare Dukes. “We are proud and grateful to partner with Whole Foods Market, another organization that cares very much about the wellbeing of Savannah’s kids.”

Deep Center is a nonprofit that provides free, fun and rigorous writing workshops for public school students in Savannah.

National Transition Summit scheduled at Fort Stewart

Fort Stewart will host the U.S. Chamber of Commerce’s National Transition Summit on Tuesday and Wednesday.

The two-day event at Club Stewart on Hero Road will features interactive panels, recruiter training, discussions on improving competitive employment for service members and veterans, a networking reception for employers and job seekers and a hiring fair and career forum.

Employers must register at hiringourheroes.org. Job seekers can also register on the site to guarantee admission, but walk-ins are welcome. For more information, call 202-463-5807.

Tuesday, Jan. 26:

• 8:50 a.m. — employment skills forum and women’s conference

• 1:15 p.m. — quarterly installation transition services council

• 2:30 p.m. — keynote, interactive forum and panel discussion for employees and senior leaders

• 4 p.m. — networking reception for employers, job seekers and senior leaders

Wednesday, Jan. 27:

• 9:30 a.m. — employment panels and workshops for job seekers

• hiring fair

Getting your enterprise off the ground

Registration’s open for the second offering of a seminar on how to help your new business take off.

The Business Launchpad, presented by five of Savannah SCORE’s senior business mentors, will provide participants with essential, practical information on how to start and operate a successful business.

Topics include evaluating the viability of your business concept; highlighting the basics of legal, regulatory and tax matters; creating effective marketing, sales and social media strategies; understanding the simple steps of financial analysis and reporting; and examining various sources of outside funding.

The seminar, which will cost $30, will conclude with how to write a tight, focused business plan, to bring discipline to your imagination.

It will be from 9 a.m. to 3 p.m. Saturday, Jan. 30, at the SBA and SCORE office, 111 East Liberty St.

Call SCORE at 912-652-4335 to register.

With containerized cargo volume for the last two years up 700,000 — a total of 23 percent — Georgia Ports Authority continues to lead container growth in the country, GPA executive director Curtis Foltz told his board Monday.

The port moved a record-breaking 3.73 million TEUs — or 20-foot equivalent units — in 2015, an 11.7-percent increase over 2014, also a record-breaking year for containers.

“The expansion was fueled in part by heightened demand in the Southeast, Savannah’s logistical advantages drawing new customers to Georgia and cargo diverted from the West Coast (due to now-resolved labor issues),” according to Foltz.

That said, Foltz pointed to December numbers as an indication that a “minor correction” is on the way.

Total tonnage last month was down 13.3 percent from the previous December, containers dropped 5.7 percent, breakbulk tonnage was down nearly 19 percent and dry and liquid bulk commodities were down 17 percent.

Foltz attributed the decline in bulk to exports limited by a strong dollar and bumper soybean crops in Brazil, while breakbulk suffered due to the loss of Volkswagen to Jacksonville and a slowdown in imported iron and steel, the latter possibly indicating a slowdown in industrial growth.

Containers were down slightly over December 2014, but that was no surprise, he said, as the port is coming off an extremely strong year and much of the cargo diverted from the West Coast has returned. Also, foggy weather in the latter half of the month pushed several container ships into January.

“Still, it was our second-best December on record,” he said, “We are looking at volumes we didn’t expect to see until 2018.”

“Even with a minor correction in the next six months, we’ll be significantly ahead of where we thought we would be.”

Digging continues

Work on the Savannah Harbor Expansion Project — or SHEP — continues, as approximately one mile of the 18.5-mile entrance channel dredging is complete and the contractor, Great Lakes Dredge and Dock, is expected to bring in a second hopper dredge before the end of this month.

Hopper dredges are faster and more efficient but can only be employed during a four-month window —December through March — when they are less likely to encounter the threatened loggerhead sea turtle.

Last month, Congress passed the FY 2016 budget, which allocated $21 million for SHEP, $17.3 million for annual harbor maintenance in Savannah and $5 million for the Brunswick harbor.

The Brunswick harbor is in dire need of deepening, Foltz said. The GPA board has added $3 million of its own funds to the Brunswick allocation to try to return the channel depth to between 35 and 37 feet. Its current depth is 32 feet, a full six feet from its authorized depth of 38 feet.

Also at Monday’s meeting

The board approved $47 million to buy four more ship-to-shore cranes for Garden City Terminal. Combined with four new cranes expected to arrive later this year, this latest purchase — which will be delivered in 2018 — will give Garden City Terminal a total of 30 giant dockside cranes.

“Even before the new cranes arrive, Savannah has more cranes on its nearly two-mile-long dock than any other single terminal in North America,” Foltz said.

Designed by Konecranes of Finland and assembled in Nantong, China, the towering machines can reach across vessels 22 containers wide and lift cargo weighing up to 72 tons to a height of 152 feet above the dock. Each crane weighs 1,388 tons and measures 433 feet wide and 185 feet tall.

The crane purchases, along with the ongoing Savannah Harbor deepening, anticipate a move in the world fleet toward larger ships.

“The average vessel calling on the U.S. East Coast is shifting from a capacity of 4,500 twenty-foot equivalent container units to more than 10,000 TEUs. An expanded Panama Canal will open to these larger vessels this year, providing an important new route for the more efficient ships,” he said, adding that GPA already handles ships up to 10,000 TEUs coming through the Suez Canal.

In other business, the board approved $8.2 million for Phase III of construction of a new empty container depot.

“These two new major capital purchases are another example of the board’s commitment to ongoing investment in infrastructure and equipment that keeps us on the cutting edge,” said Port Authority chairman James Walters.

“We’re in the service business and if you can’t render good service, you won’t keep those good customers. As a board, we understand that.

“We pride ourselves on the fact that we’re not a reactive board, we’re a proactive board.”

2015 BY THE NUMBERS

31.5 million — total tonnage, up 3.6 percent over 2014

3.7 million — 20-foot containers, up 11.7 percent

25.8 million — container tons, up 4 percent

2.9 million — tons of bulk cargo, up 2.2 percent

2.8 million — tons of breakbulk cargo, up 1.7 percent

More than 2 million passengers came through the Savannah/Hilton Head International Airport last year, a 6 percent increase over 2014 and a new record for the airport.

For the first time in 10 years, the airport boarded more than 1 million passengers, finishing the year at 1,017,065. Another 1,010,197 passengers arrived in 2015, bringing the total to 2,027,027.

Delta Airlines accounted for the lion’s share of travelers, with a market share of 47.6 percent. American was second at 24.7 percent, followed by United at 13.4 percent, JetBlue at 12 percent, Allegiant at 1.7 percent and Sun Country at .2 percent.

The average load factor — a percentage of the available seats filled — was 84 percent, up 2 percentage points over 2014.

In May, the airport celebrated the start of new service with Allegiant Airlines and the debut of nonstop departures between Savannah and Cincinnati, Columbus and Akron-Canton, Ohio. Allegiant brought with it low-cost leisure travel, providing customers with low base fares averaging nearly half the cost of the average domestic round-trip fare.

In addition, Sun Country Airlines entered the market in August with seasonal service to Minneapolis/St. Paul.

More than 45 daily non-stop departures are available to Atlanta, Boston, Charlotte, Chicago, Dallas, Detroit, Houston, New York, Philadelphia and Washington, D.C. Delta will begin seasonal nonstop service to Minneapolis/St. Paul, and Sun Country will return with MSP service in April.

Based on the success of its Ohio flights, Allegiant has announced new service, beginning this spring, from Savannah to Indianapolis, Pittsburgh, Baltimore and Lexington, Ky., as well as the resumption of its seasonal service to the Ohio markets.

Airport executive director Greg Kelly said he expects the upward trend to continue with the addition of new routes slated for 2016.

“We are glad to see that we have finally cleared 1 million passenger departures for the first time in 10 years,” Kelly said.

“While it is tempting to focus on the successes we have enjoyed of late, we must not lose focus on the work we have ahead of us to achieve even more success.

“We have to capitalize on the momentum we have, and working with our strong partners at Visit Savannah, Savannah Economic Development Authority, the Savannah Chamber and the Hilton Head Island/Bluffton Chamber we should have a great story to tell at this time next year.

ON THE WEB

For the most current flight information, check the airport’s website at www.flySAV.com.

Leadership Southeast announces 2016 class

The 2016 class of Leadership Southeast Georgia will include 28 participants from across the region.

The five-month program is designed to equip and empower community leaders to promote positive growth while improving the quality of life in the southeast Georgia coastal region, and the participants live and work within Bryan, Bulloch, Camden, Chatham, Effingham, Glynn, Liberty, Long, McIntosh and Screven counties.

Members of the Class of 2016 are:

• Steven Asplund, GeoVista Credit Union (Bryan)

• Robbie Cheek, Thomas and Hutton (Camden)

• James Coughlin, Camden County Joint Development Authority (Camden)

• Patti Downs, Pinova Holdings, Inc. (Glynn)

• James Ervin, Ft. Stewart (Liberty)

• Julie Gerbsch, Armstrong State University (Chatham)

• Wade Herring, Hunter Maclean (Chatham)

• Drew Hunt, Savannah Chamber of Commerce (Chatham)

• Willis Keene, Citizens State Bank (Camden)

• Dinah King, Georgia Power (Effingham)

• Cecilia Russo, Cecilia Russo Marketing LLC (Chatham)

• Leigh Ryan, World Trade Center Savannah (Chatham)

• John Scott, Brunswick Glynn Development Authority (Glynn)

• Jesse Bentley, Evans General Contractors (Chatham)

• Phyllis Taylor, Fort Stewart (Liberty)

• Margaret VanHouten, Mitsubishi Hitachi Power Systems (Liberty)

• James Wilburn, Georgia Institute of Technology (Chatham)

• Michelle Pfeffer, Claxton-Evans County Chamber (Bulloch)

• Barbara Prosser, Effingham College and Career Academy (Effingham)

• Ben Taylor, Bryan County (Bryan)

• Dawn Morgan, Collins Construction (Chatham)

• Kathryn Downs, Glynn County (Glynn)

• Mandy Harrison, Darien-McIntosh County Chamber (McIntosh)

• Paula Kreissler, Healthy Savannah and Wound Care Clinic ESU (Chatham)

• Shauntia Lewis, Habitat for Humanity (Glynn)

• Nick Puhala, USI Insurance Service (Chatham)

• Mark Bennett, Gulfstream (Chatham)

• Randy McCall, Chatham County Health Department (Chatham)

For more information, go to http://www.lsega.com/.

As Eric Curl reported last week in his article “Savannah employees await delayed pay increases,” the city of Savannah is planning salary adjustments for approximately 1,600 employees.

The process has been ongoing since fall of 2014, but it can’t move ahead until the city manager’s office forwards crucial information about pay levels to a consultant.

The city has also not resolved issues of salary equity for experienced public safety officers.

“I don’t think this council is willing to wait much longer,” said 4th District Alderman Julian Miller.

The delayed salary adjustments join a backlog of items at City Hall, including a rewrite of the alcohol ordinance, a proposed food truck ordinance and a zoning overhaul. Not to mention understaffing of the police department and the interminable process to construct a new Cultural Arts Center, about which many questions linger.

Sure, crafting good public policy can be a slow process at times. And, yes, in some cases it made sense to let the new mayor and council take a look at new policies before they are implemented.

The delays probably aren’t having dramatic effects on the area economy, but they are having real consequences to real people.

Imagine that you’re one of the veteran police officers who is being paid less than someone who works under you.

Or imagine that you are a young entrepreneur who wants to launch a food truck but have been waiting for several years for any ordinance at all.

Or imagine that you are considering an investment in a large performance venue, but the numbers only work if you can cater to patrons who are over 18 years old and if you can also serve alcohol. As I’ve noted before in this column, that’s a standard business model across the Southeast, but it’s against the law here in Savannah.

The new city council has divvied up some responsibilities, with newly elected 2nd District Alderman Bill Durrence taking on the unenviable task of monitoring ordinance changes. Let’s hope that the new structure helps us get somewhere on these and other issues.

In many ways, the Savannah economy is booming relative to many other cities, but that’s despite the slow and convoluted decision-making at City Hall.

Beyond the effects on individual business owners and investors, the food truck and alcohol ordinances have become symbols of a city government that simply can’t keep up with the times and can’t judge the public mood.

Those are terrible signals to send would-be entrepreneurs and investors.

City Talk appears every Sunday and Tuesday. Bill Dawers can be reached via billdawers@comcast.net. Send mail to 10 E. 32nd St., Savannah, GA 31401.

Bethesda Academy farm stand opens

An organic farm and garden stand operated by Bethesda Academy students and staff will be open to the public from 3 p.m. to 5 p.m. Wednesday on the academy’s grounds at 9520 Ferguson Ave.

The farm stand sells fresh produce, seasonal vegetables, herbs, free range eggs, a variety of plants, goat milk soap, firewood and other items.

Grass-fed ground beef raised and distributed by Bethesda Academy’s Cattle & Beef Operation is also available along with specialty cuts.

Students are involved in planting, cultivating, and harvesting all items on-site using sustainable, organic farming techniques.

For more information, go to www.bethesdaacademy.org or contact Merrin Slocombe at 912-344-7196 or merrin.slocombe@bethesdaacademy.org.

Henry, Clara Ford to be focus of lunch & learn

The Richmond Hill-Bryan County Chamber of Commerce will have a “lunch & learn” from noon to 1:30 p.m. Wednesday, Feb. 3, at the Richmond Hill City Center with am emphasis on Henry and Clara Ford’s role in the community.

The luncheon will feature a presentation by Christy Sherman, executive director of the Richmond Hill Convention and Visitors Bureau and president of the Richmond Hill Historical Society, and Mark Campbell, treasurer of the Henry Ford Heritage Association in Michigan.

Campbell is a great-great nephew of Clara Ford.

Guests also will hear about preparations for The Clara Ford 150 events in Richmond Hill on April 23 to commemorate her 150th birthday.

Lunch is $15, and RSVPs are required by Friday, Jan. 29. Call 912-756-3444 or email info@RHBCchamber.org.

Neighborhood Walmart to open in Hinesville

HINESVILLE — A new Walmart Neighborhood Market will open Wednesday in Hinesville with a ribbon-cutting ceremony and grand opening scheduled for 7:30 a.m.

The new store will have as many as 95 full- and part-time employees.

The new 41,000-square-foot market at 801-A E. General Stewart Way will be open 24 hours a day, seven days a week. Its local Facebook page is www.facebook.com/walmart4519.

The grand-opening celebration will include presentations of $8,000 in grants from Walmart and the Walmart Foundation to local community groups including the Hinesville Fire Department, Hinesville Police Department, Foster Care Support Foundation, Hineshouse Project Inc., Lewis Frasier Middle School, The Coastal Georgia Alzheimer’s Association, United Military Care, Wreaths for Warriors Walk and YMCA of Coastal Georgia.

“We are proud to be a part of the Hinesville community,” said store manager Doris Delgado. “We look forward to opening and providing area residents with Walmart’s everyday low prices.”

I’m lying in my bed, eating a banana and thinking about business. I’m also thinking about myself. I’m an artist. And I’m creative. But what does creativity have to do with business?

I feel there are a thousand ways to tell this story. So I’ll just start at the beginning.

I come from Germany, from a city called Halle, which is about half an hour away from Leipzig.

I grew up speaking French to my mother and big brother and German to my father. I went to a classical music-oriented high school. When I graduated, I felt that I was not ready to continue my studies and that I should first get some experience.

On my first trip to the United States, I did social work in Pennsylvania with special-needs children. It was a good, and sometimes hard, experience. While in Pennsylvania I had my first interview with Bea Wray, executive director of The Creative Coast.

I was struck by Bea’s positivity and contagious enthusiasm. She thought it would be “great and awesome” for us to work together.

Then I went back to Germany, hoping to come back as soon as possible. I secretly hoped I would be back in time to celebrate New Year’s Eve in America. By late December I was back in the United States for my first experience as an intern in a business environment at The Creative Coast.

When I was younger, we made jokes about the appearance of businessmen: dark blue suits, briefcases, perfect smiles but cutthroats to the core. OK, this might be a little extreme, but it has some truth. Now I’m 19 years old, and I am meeting some pretty cool, even nice, business people in Savannah.

In fact, most of them have a good sense of humor.

What an interesting, and confusing, world business is. I meet dozens of new people every day: “Hi, how is it going? My name is Justin Cardiff, business development manager at HQ, a crowd funding consulting firm.”

And Elva Jiang, founder of Eva Design House, a marketing and PR platform for high end fashion designers. And Casey Herrington, program director at Technology Association of Georgia (TAG). And Taffanye Young with the city of Savannah.

Handshakes. Handshakes. And more handshakes. And on and on the day goes.

Also, what odd language we use in the business world: CEO, LLC, networking, introducing, marketing, corporation, nonprofit, tax-relief, TCC, FYI, follow-up and so on. And I must admit, some of the phrases leave me a bit perplexed: “Look how smart you are!” says Bea Wray. “Staying out of trouble?” asks every third person who walks in the door.

I know Bea is smart. Yes, it is smart to tell people they are smart. And why not tell them? We are surrounded by smart people here in Savannah and beyond. Telling people they are smart seems like good management.

In my three short weeks here in Savannah, I have attended numerous meetings, events and programs, including Lean Startup Circle, my first team meeting, a TAGTech talk, a presentation at Armstrong State University and the Downtown Rotary Club followed in the evening by the Emergent Savannah meeting.

There is not one day like another. Boredom does not exist here. OK, except maybe the first day, when I spent hours and hours sitting at a table, reading untold web pages and material about The Creative Coast, our programs, the system, and Kait Lance’s “Stuff TCC” for new interns.

Wednesdays have become special to me because of 1 Million Cups. I love to hear when a business person-slash-entrepreneur tells his or her “starts” stories. Through these you can feel the creativity it truly takes to create a new business.

It sounds like a successful business is a long ahead planned adventure. Through five years at least. This impressed me, because you can’t plan adventures, but you can learn to be prepared for every turn.

So far, it seems that one of the great strengths of The Creative Coast is this: They give people with good ideas space to let their ideas grow. They help creative people communicate with the right people, and they connect investors with brilliant startup businesses. So called “networking.”

As I listened to the discussion at last week’s 1 Million Cups gathering, the question became to me what is not business? Everything we do, from art to social work to making widgets, involves some aspect of business.

I’m a musician and will probably pursue music as a career, but knowing how business operates will help me focus even more on what is really important to me.

Maëlle C. Ludwig is a German citizen who is interning with The Creative Coast. Maelle can be reached at 912-447-8457 or maelle@thecreativecoast.org.

SAN FRANCISCO — Apple is bracing for its first sales decline in 13 years, despite selling a record 74.8 million iPhones in the final three months of 2015.

The giant tech company says revenue could fall at least 8.6 percent during the January-March quarter, compared with a year earlier. Analysts say the latest iPhone models are selling reasonably well, but they’re not providing the boost Apple needs to match the massive sales growth it enjoyed last year.

The company inched past its previous record, established when it sold 74.5 million iPhones in the holiday quarter of 2014. But Tuesday’s forecast implies Apple doesn’t expect to match the 61 million iPhones sold in last year’s January-March quarter.

Apple’s stock has been in a slump for months, as investors worry that the company won’t be able to duplicate last year’s growth in sales, which were in the double-digit percentages. In an interview, Chief Financial Officer Luca Maestri said a strong dollar helped reduce revenue, as sales made with foreign currencies abroad convert into fewer dollars. He also said the company isn’t concerned about what he characterized as a short-term slowing of growth, because it has a large base of customers who can be relied on to buy new devices and pay for other services.

“We think we’re in the strongest position we’ve ever been,” Maestri told The Associated Press, adding that the company estimates 1 billion Apple devices — including iPhones, iPads, Apple Watches and Mac computers — are now in active use.

The iPhone, however, is Apple’s biggest-selling product, contributing nearly two-thirds of its revenue and a similar share of profit. Despite the introduction of new models, analysts say global demand for new smartphones isn’t growing as fast as it has in recent years. Apple is also confronting an economic downturn in China, one of its biggest markets.

The giant tech company is in no financial danger. It earned $18.4 billion in profit for the October-December quarter, up 1.8 percent from a year earlier. It had $75.9 billion in revenue, an increase of 1.7 percent. Earnings amounted to $3.28 a share, which beat the $3.23 average forecast among analysts surveyed by FactSet. Revenue fell short of analysts’ estimates, which averaged $76.7 billion.

No one expects Apple to match those results in the current, January-March quarter, as sales traditionally drop after the holiday shopping season and the introduction of new models. But Apple’s forecast, which calls for revenue between $50 billion and $53 billion in the current period, means the company will likely fall short of the $58 billion it had a year earlier.

That would be Apple’s first year-over-year sales decline since the January-March quarter of 2003 — long before the company began selling iPhones and iPads. Back then, Apple was a fraction of its current size, reporting quarterly revenue of just $1.45 billion.

While the iPhone has been a phenomenal success, analysts say it’s difficult to match the sales surge that Apple enjoyed last year, after it introduced the first iPhone models with significantly larger screens to compete with big-screen phones from rivals like Samsung, which were hugely popular in Asia.

Analysts say last September’s release of two more big-screen phones, the iPhone 6S and 6S Plus, made less of a splash because they were viewed as relatively similar to the previous models, despite some new features. Analysts say the slight increase in sales for the December quarter came in part because Apple began selling the newest models several days earlier in key markets such as China.

Apple is expected to release the next iPhone models, with new features, later this year. That could fuel another surge in sales. Along with first-time buyers and people who switch from competitors’ phones, analysts say Apple can count on a loyal base of iPhone owners who will buy a new model every two years or so.

Skeptics, however, note that Apple hasn’t come up with a blockbuster product to replace the iPhone. The company’s latest report showed sales of Mac computers and iPads both declined in the previous quarter.

Apple has introduced new gadgets like a larger iPad for business users and the Apple Watch, along with new online services like Apple Pay, Apple Music and other apps. In a report this week, analyst Colin Gillis of BGC Financial warned that “the big issue for Apple” is whether the company can garner significant amounts of revenue from those new products.

NEW YORK — Soon, losing your ATM card won’t be the financial life-stopping event it used to be. Just don’t also lose your phone.

JPMorgan Chase customers will soon be able to withdraw cash or initiate other transactions using their cellphone at Chase ATMs being upgraded later this year.

The move will include new cash machines that don’t require a card and upgrades to existing machines that will allow customers to withdraw more money and in different denominations, said Chase spokesman Michael Fusco. The withdrawal limit will also be substantially higher, up to $3,000 during branch hours.

The first generation of these new ATMs will allow customers to access the machine by inputting a code found on their Chase mobile app, Fusco said. Future upgrades of machines will allow customers to use their cell phone’s near-field wireless communication feature to access their accounts, using the technology that enables shopping checkout features such as Apple Pay and Samsung Pay.

Customers will still be able to use their ATM cards if they want to, Fusco said. The cell phone technology will just be an option.

The bank’s plans were first reported by the New York Post on Monday.

Chase and other banks have been rolling out new and upgraded ATMs in a continuing effort to replace the fleets of bank tellers at each branch once needed to handle routine customer transactions. Fusco said Chase now does more transactions each month via ATMs than with tellers.

Tellers will still be in branches, however, to help with specialized customer transactions, Fusco said. Chase is also moving tellers from behind the counter to the branch floor to help customers navigate the new machines.

Other features being rolled out with the new machines eventually, the company said, will allow customers to cash checks, and pay Chase credit card bills and mortgages at the ATM. Those features will arrive within the next two years.

NEW YORK — U.S. stocks jumped Tuesday as the price of oil made another abrupt reversal, this time rising almost 4 percent after falling sharply the day before.

Energy stocks climbed along with the price of oil, and Chevron and Exxon Mobil made major gains. Strong fourth-quarter results from beleaguered wireless provider Sprint gave telecom stocks a boost. Quarterly earnings also sent several stocks higher, including Post-it Notes maker 3M, Procter & Gamble, which makes Crest toothpaste, and luxury handbag maker Coach.

The Dow Jones industrial average jumped 282.01 points, or 1.8 percent, to 16,167.23. The Standard & Poor’s 500 index rose 26.55 points, or 1.4 percent, to 1,903.63. The Nasdaq composite index added 49.18 points, or 1.1 percent, to 4,567.67.

Energy stocks gained ground as the price of U.S. crude rose $1.10, or 3.7 percent, to close at $31.45 a barrel in New York. It fell almost 6 percent Monday. Brent crude, a benchmark for international oils, rose $1.30, or 4.3 percent, to $31.80 a barrel in London. Despite the rebound, U.S. crude is down almost 18 percent this month.

Exxon Mobil picked up $2.72, or 3.7 percent, $76.70 and Chevron rose $3.23, or 4 percent, to $84.12.

Quarterly earnings contributed to many of the biggest moves of the day. Procter & Gamble reported a larger profit in the fourth quarter as it raised prices and cut costs. The maker of Pantene shampoo, Crest toothpaste and Charmin toilet paper added $1.96, or 2.6 percent, to $78.81.

Coach reported a greater profit than analysts had expected, and its stock rose $2.98, or 9.8 percent, to $33.33. Even with that big gain, however, it’s down 10 percent over the last 12 months.

3M, which makes industrial coatings and ceramics, reported a greater profit and more revenue than analysts expected. It rose $7.21, or 5.2 percent, to $144.78.

The Dow had its best day since early December. Many of the companies making the biggest gains, including Exxon, Chevron and 3M, are Dow components. The Nasdaq made smaller gains because tech stocks didn’t rise as much as the broader market.

Huntington Bancshares agreed to buy competitor FirstMerit Corp for $3.4 billion. The deal would create the largest bank in Ohio, and the companies would have about $100 billion in combined assets. FirstMerit added $2.82, or 18.3 percent, to $18.19 and Huntington lost 75 cents, or 8.5 percent, to $8.50.

Sprint, the fourth-largest wireless provider in the U.S., posted a smaller loss in its third quarter and said its aggressive promotions lured in more users. The company raised its outlook for the year.

Sprint’s stock rose 47 cents, or 18.7 percent, to $2.99. The stock, which hit an all-time low last Wednesday, has been on a wild ride the last few days, jumping almost 15 percent Friday and then falling 12 percent Monday, when Sprint said it had cut about 2,500 jobs since last fall, or 8 percent of its staff.

Other telecom stocks also jumped Tuesday. Verizon Communications gained $1.22, or 2.6 percent, to $48.25.

While the market made broad gains and undid most of Monday’s losses, it’s still down substantially this year and there are signs investors have big worries about the global economy.

The yield on the 10-year Treasury note slipped to 2 percent from 2.01 percent and the yield on the two-year Treasury note dipped to 0.84 percent from 0.86 percent. In the last week the yields on those two bonds have gotten closer than they’ve been since June 2008, a sign that investors are concerned about economic growth.

“Fear is the biggest driver,” said Guy LeBas, chief fixed income strategist for Janney Capital. LeBas said investors are also anticipating weaker inflation and think the Federal Reserve will be more cautious about raising interest rates because the market has experienced so much turmoil this month.

U.S. government bonds get more popular with investors when the economy looks dicey because the U.S. government is extremely likely to make good on its debt. Investors are willing to accept lower interest payments when they are concerned about safety.

When yields on longer-term bonds like the 10-year bond fall toward the yield on short-term bonds, it signals that investor expectations for future growth have dimmed.

France’s CAC 40 rose 1.1 percent and Germany’s DAX picked up 0.9 percent. Britain’s FTSE 100 gained 0.6 percent. However Asian markets were hammered by Monday’s slide in oil prices, which can signal weak demand. The Shanghai Composite dropped 6.4 percent to finish at 2,749.78, the lowest since December 2014. Japan’s Nikkei 225 lost 2.4 percent to 16,708.90.

Gold rose $14.90, or 1.3 percent, to $1,120.20 an ounce and silver gained 31 cents, or 2.2 percent, to $14.564 an ounce. Copper picked up 1.9 cents to $2.158 a pound.

The price of gold has risen 5.8 percent this year. Only 13 stocks in the S&P 500 have made a bigger gain.

In other energy trading, wholesale gasoline rose 1.7 cents to $1.047 a gallon and heating oil gained 3.2 cents, or 3.5 percent, to 96.8 cents. Natural gas added 2.2 cents to $2.18 per 1,000 cubic feet.

The euro edged up to $1.0844 from $1.0837, and the dollar rose to 118.54 yen from 118.48 late Monday.

Strong fourth quarter for Colony Bankcorp

Colony Bankcorp, Inc. reported net income of $1,584,000, or $0.19 per diluted share for the fourth quarter of 2015 compared to $1,310,000, or $0.16 per diluted share a year earlier.

Net income available for calendar year 2015 was $5,998,000, or $0.71 per diluted share compared to $4,843,000, or $0.57 per share in 2014.

Bank officials said the 23.85 percent increase in net income was driven primarily by a reduction in provision for loan losses, non-interest expense and preferred stock dividend payments.

“In addition to solid earnings for the year, we also had significant asset quality improvement,” said Ed Loomis, president and chief executive officer. “Total non-performing assets were $23.25 million at Dec. 31, 2015, which is a reduction of 19.10 percent from the prior year end.”

The highlight during the quarter, he said, was approval by regulatory agencies to redeem 5,146 shares of preferred stock at par.

Real estate group named Keller Williams number one

The Heather Murphy Real Estate Group of Keller Williams Realty Coastal Area Partners has been named the top Keller Williams team in the Greater Savannah Area with more than $50 million in sales production and 211 homes sold in 2015.

This is the third consecutive year the group ranked as the No. 1 sales team in the area for Keller Williams.

“Fortunately, I have the honor to work with an incredible team of experts,” Murphy said. “We all play a vital role and offer a diverse depth of industry knowledge …”

The Heather Murphy Real Estate Group was founded in 2011.

For more information, go to www.heathermurphygroup.com or call 912-398-6368.

Tech companies asked to apply for ‘top 40’ contest

Savannah area tech companies are invited to apply for consideration for “The 2016 Top 40/Top 10 Innovative Companies in Georgia” presented by The Technology Association of Georgia (TAG).

The Top 40 will be awarded based on specific criteria including: degree of innovation, scope and financial impact of innovation, likelihood of success and promotion of Georgia’s innovative efforts nationally and internationally. Eligible companies will be Georgia based and focused on the development and dissemination of technology.

Top 10 companies will be asked to present at the 2016 Georgia Technology Summit on Thursday, March 17, at the Cobb Galleria Center in Atlanta.

Interested companies have until Jan. 29 to apply.

To apply, go to https://tagonline.wufoo.com/forms/p9thlie14gjfyp/.

For more information about TAG and the Georgia Technology Summit or to register for the event, go to http://www.tagonline.org/events/georgia-technology-summit/.