GM Nearing Deal to Sell Saab
A person briefed on the matter says General Motors Co. is close to a deal to sell its Swedish Saab brand to Dutch luxury automaker Spyker Cars NV. The person does not want to be identified because the deal has yet to be signed. Trading of Spyker shares has been suspended in Amsterdam in anticipation [...]
Young Adults Relying More on Parents
Young adults that face limited job options are increasingly turning to their parents for help to weather the recession. Almost one in seven parents with children over eighteen say that they have had a child move back in with them in the last year, according to a study conducted by the Pew Research Center. The [...]
Simon Property to Buy Prime Outlets
Simon Property Group Inc. said on Tuesday that it plans to buy the outlet shopping centers owned by Prime Outlets Acquisition Co. This transaction will solidify Simon’s position as the country’s largest public real estate company. Simon will be paying $700 million and will assume the company’s debt and preferred stock, making the deal total [...]
Nebraska Lawmakers Finish Special Session
Lawmakers in Nebraska had until Friday to introduce bills in the budget-slicing special session. Senators introduced bills to assist in dealing with the projected $334 million shortfall in the state’s projected two-year budget. Just over a dozen bills were introduced since the commencement of the session on Wednesday. The Appropriations Committee continued hearings until Friday, [...]
Broker Gets Two Months in Jail in Tax Probe
A yacht broker in Florida has been sentenced to two months in jail for a tax conviction as a result of an investigation of secret accounts at a Swiss bank. British-born Robert Moran was facing over a year in prison on Friday, but asked for probation because he had helped prosecutors. Judge James I. Cohn [...]
New York Man Charged in $365K Fitness Scam
A former college staffer convicted of stealing funds from the school at which he worked attempted to repay it by getting investors to fund a fictitious online fitness magazine. Mark Andrew Moore attracted investors from at least six different states in order to collect three hundred sixty-five dollars for what he said was an online [...]
Five Percent Insurance Rate Hike for Florida State
State-funded Citizens Property Insurance Corporation has gotten approval to raise rates by 5.4 percent for homeowner coverage that includes hurricanes. Kevin McCarty, the Insurance Commissioner, announced on Friday that he signed an order that established new rates for Citizens, which is the state’s biggest property insurance firm. Citiznes holds about one million policies. McCarty rejected [...]
SEC Staff Issues Guildelines for Oil Companies
In order to help energy companies meet requirements for providing more detailed information to investors when they report oil and natural gas reserves, federal regulators issued a new set of guidelines on Friday. Reserves are an oil company’s most treasured asset, and a very important indicator of the company’s long-term financial prospects. The revised guidelines [...]
Iowa Groups Receive $215M in Tax Credits
Senator Tom Harkin of Iowa says the United States Treasury Department has awarded two hundred fifteen million dollars in tax credit to three Iowa-based organizations. The funding was included in the American Recovery and Reinvestment Act, which was passed by Congress in early 2009. Harkin says that eighty million of it will be going to [...]
Financial Tech. Company Creates 419 Jobs
The financial technology company Fiserv Inc. is planning to open a new location in North Carolina, where it will add almost four hundred twenty jobs. State officials said on Tuesday that the Wisconsin-based company plans to invest almost five million dollars during the next three years. Employees at the facility will be providing customer support [...]