Financial
Detroit strikes second deal with its other retirees PDF  | Print |  E-mail
Written by ED WHITE, Associated Press   
Wednesday, 16 April 2014 06:01

DETROIT (AP) — The city of Detroit reached tentative agreements to preserve pensions for retired police office and firefighters but cut monthly payments for other former employees, key deals that could accelerate the largest public bankruptcy in U.S. history, officials said Tuesday.

Negotiators for the general pension fund, which pays benefits to retirees who didn't work in public safety, agreed to a 4.5 percent cut and the elimination of cost-of-living payments, fund spokeswoman Tina Bassett said.

Despite the cuts, it's a vast improvement over the drastic 26 percent reduction that had been proposed by Detroit emergency manager Kevyn Orr, who is guiding the city through the bankruptcy process.

"This was the best possible agreement we could make," Bassett told The Associated Press.

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Yellen: Big banks might need to hold more capital PDF  | Print |  E-mail
Written by MARTIN CRUTSINGER, AP Economics Writer   
Tuesday, 15 April 2014 14:30

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress.

Yellen told a banking conference in Atlanta that current rules on how much capital banks must hold to protect against losses don't address all threats. She said the Fed's staff is considering what further measures might be needed.

She said the Fed would review the likely effects of imposing stricter rules on banks. Banks and their advocates have warned that further tightening bank regulation would lead to reduced lending to businesses and financial institutions and could slow economic growth.

Analysts said Yellen's message was similar to remarks that Daniel Tarullo, a Fed governor and the board's point person on bank regulatory issues, has made in the past. They said it could be a sign that the Fed under Yellen will take a more aggressive stance on bank regulation.

In her speech, Yellen said further actions to address risks, such as requiring firms to hold more capital, would likely apply only to the largest, most complex banks. But she suggested that other requirements could be applied more broadly to medium-size banks and non-bank financial institutions.

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Ford to offer 50th anniversary Mustang PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 16 April 2014 06:00

NEW YORK (AP) — Ford is building a limited-edition Mustang GT to honor the pony car's 50th anniversary.

The company will only build 1,964 special cars, honoring the year the Mustang first went on sale.

The 50 Year Limited Edition will come in one of the two colors of Ford's logo: white or blue. Buyers can choose a manual or automatic transmission.

There are special chrome highlights around the grille, windows and tail lights. The Limited Edition will also be the only 2015 Mustang with a faux gas cap badge on the rear, where the original cap sat.

Limited Edition cars will be among the first built when 2015 Mustang production begins later this year.

Ford is showing the Limited Edition at the New York auto show, which begins this week. Pricing wasn't announced.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Firm nears takeover of Indiana Limestone Co. PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 15 April 2014 14:28

BLOOMINGTON, Ind. (AP) — An investment firm is poised to take over a financially troubled southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.

A bankruptcy court auction for Indiana Limestone Co. set for Monday was called off after only a subsidiary of suburban Chicago private equity firm Wynnchurch Capital expressed interest in bidding, The Herald-Times reported (http://bit.ly/1m4Qf0j ).

The firm is now in line to buy the limestone company's assets for $26 million. The company filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its Bloomington operations and Oolitic headquarters.

Indiana Limestone President Duffe Elkins said the business is expected to reopen and rehire workers after the new ownership takes charge.

"The new corporation will go through a rehiring process," he said. "The plan hasn't changed."

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