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Business

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    John Sampson, president and CEO of the Northeast Indiana Regional Partnership, will lead a delegation of representatives from Fort Wayne Metals, Indiana Michigan Power and the LaGrange County Economic Development Corp.
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    Atz’s Ice Cream, which once made ice cream in Kendallville and operated two restaurants in Fort Wayne for more than 50 years, has abruptly closed its stores.
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Lower costs help boost Wells Fargo’s profit 20%

Lower expenses and fewer bad loans helped lift Wells Fargo’s second-quarter profit by 20 percent, the company reported Friday.

The cost-cutting and improved loan quality helped the nation’s biggest U.S. mortgage lender overcome meager revenue growth.

Net income rose to $5.27 billion from $4.40 billion a year earlier, excluding dividend payments on preferred stock. On a per-share basis, earnings were 98 cents, beating the 93 cents forecast by Wall Street.

Revenue edged up to $21.4 billion from $21.3 billion and exceeded Wall Street expectations.

The company’s stock rose 74 cents, or 1.8 percent, to $42.63 in trading Friday.

Interest rates on mortgages have risen sharply in recent weeks, and analysts are concerned about the potential effect on its mortgage business.

The San Francisco bank controls nearly a third of the U.S. mortgage market, and that has helped bolster its earnings recently. Much of its lending came from refinancing, which has been reduced by the spike in interest rates.

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