Financial
Tax benefits drive up Chrysler 4Q net earnings PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 29 January 2014 07:29

DETROIT (AP) — Chrysler Group's fourth-quarter net income more than quadrupled to $1.62 billion, aided by $962 million in one-time tax benefits.

Without the benefits, the company made $659 million, still 74 percent more than a year ago.

Chrysler's performance helped to prop up Fiat, its Italian owner, which made 252 million euros ($345 million) excluding one-time items. Without earnings from Chrysler, Fiat would have lost 235 million euros ($321 million).

Fiat owned 58.5 percent of Chrysler last year. It has since bought the rest from a trust fund that pays health care bills for union retirees.

Chrysler's 10th-straight profitable quarter came because of strong U.S. sales of Ram pickups and Jeep Grand Cherokees.

For the full year, Chrysler made $1.8 billion excluding tax benefits, its best performance since leaving bankruptcy in 2009.


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 This material may not be published, broadcast, rewritten or redistributed.

 
Kellogg Foundation to help in Detroit bankruptcy PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 28 January 2014 18:48

DETROIT (AP) — The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million.

The announcement was made Tuesday by a coalition of foundations. The group wants to continue to attract financial support from foundations and individuals while Michigan Gov. Rick Snyder tries to win approval for $350 million from the state.

City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy. At the same time, Detroit's pension funds are short by $3.5 billion.

Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.


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 This material may not be published, broadcast, rewritten or redistributed.

 
Wind turbine maker to close western Pennsylvania plant PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 29 January 2014 07:28

EBENSBURG, Pa. (AP) — The Spanish wind turbine manufacturer Gamesa says it will close its western Pennsylvania plant and eliminate the 62 remaining jobs.

Gamesa USA officials said Tuesday that the closure of the 8-year-old Cambria County plant was prompted by a shift in the market from Pennsylvania and the Midwest to the southwestern United States.

They said the company had to alter its manufacturing and supply chain strategy to keep energy costs low and maintain a strong market presence.

The Cambria Township plant about 60 miles east of Pittsburgh began layoffs at the end of 2009, when 141 workers lost their jobs. In 2012, the company laid off 92 of its remaining 154 workers.

Union and county officials said they were disappointed, but few were surprised by the closure given the earlier reductions.


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

 
Farmers get probation in fatal listeria outbreak PDF  | Print |  E-mail
Written by DAN ELLIOTT, Associated Press   
Tuesday, 28 January 2014 18:47

DENVER (AP) — Two Colorado cantaloupe farmers linked to the nation's deadliest outbreak of foodborne illness in a quarter-century were sentenced Tuesday to probation and home detention, but the judge said he wasn't sending them to prison so they could work to pay off $150,000 each in restitution.

Before they were sentenced, Eric and Ryan Jensen read statements apologizing to the victims of the 2011 listeria outbreak, which killed 33 people and sickened 147 in 28 states, according to federal health authorities.

Both brothers pleaded guilty to federal charges of introducing adulterated food into interstate commerce. They could have faced six years in prison and fines of $1.5 million each, but Magistrate Judge Michael E. Hegarty said he chose not impose either so they could continue working to support their families and pay restitution.

Each will serve five years of probation and six months of home detention and perform 100 hours of community service.

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