Week in Review

In the face of a lagging economy, stiff competition from national dining chains and a desire to play with her grandkids, the owner of Alex's Restaurant is cutting back. Carol Billips, owner of Billips Enterprises, has put three of her company's four landmark dining spots up for sale: the locations on Dorchester Road in North Charleston, Savannah Highway in Charleston and St. James Boulevard in Goose Creek.

The flagship restaurant on Coleman Boulevard in Mount Pleasant is set to undergo big changes and take on a different name in an effort to reposition it to compete better against the growing number of nearby dining establishments, Billips said. Flowertown, Billips Enterprises' downtown Summerville restaurant, will remain open.

Scana: More rate hikes

Scana Corp., the parent of South Carolina Electric & Gas, said the utility's return on equity in the second quarter fell short of what it's allowed to earn, and it has requested a 0.87 percent rate increase, which would add $4.7 million a year to its profits.

If approved, the new rate could go into effect in November. The utility, blaming rising prices for coal, also said last week it is seeking to increase the fuel portion of its rates in two phases.

The first increase would take effect in November, when residential customers would see a 6.06 percent increase.

The second proposed increase of 5.72 percent would take effect in January 2009. The additional rate increases follow a 37 percent increase over 11 years that Scana said in May it will seek to pay for two nuclear reactors it plans to build with Santee Cooper.

Hospice sold to firm

Facing mounting financial and competitive pressures, one of the region's oldest and best-known hospice-care providers has been sold to a large company with operations in nearly every state. Gentiva Health Services Inc. of Melville, N.Y., said it acquired the nonprofit Hospice of Charleston for undisclosed financial terms.

Hospice of Charleston is creating a foundation to retain ownership of its 20-bed Mount Pleasant facility, which Gentiva will operate under a lease agreement.

The rental income from that deal will be used by the local organization to pay the mortgage debt on the Wando Park Boulevard building and to fund a new nonprofit foundation that would support charitable hospice care in the Charleston area.

Credit union seized

The federal government has shut down and seized a small Charleston credit union, saying the financial institution was insolvent and will not reopen.

Depositors who can verify their accounts at the 2-year-old Port Trust Federal Credit Union are expected to get their money back quickly, according to the National Credit Union Administration, which regulates the industry.