Financial
Fiat stock soars after deal for rest of Chrysler PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 02 January 2014 07:19

ROME (AP) — The price of Fiat shares is soaring after the Italian automaker announced it had clinched a deal to acquire the rest of Chrysler, with no plans for a capital increase.

The share price on the Milan exchange soared 12 percent Thursday, having been up by as much as 15.8 percent earlier in the day.

Fiat SpA trumpeted the announcement Wednesday night that it had reached an agreement with the United Auto Workers union-controlled trust fund holding 41.5 percent of Chrysler's shares. Fiat already possesses the remaining shares. Fiat says it will pay $1.75 billion (about 1.35 billion euros) in cash at hand. Another $1.9 billion (almost 1.5 billion euros) will be paid as extraordinary dividends.

The deal is due to close by Jan. 20.


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Missing Georgia bank director arrested PDF  | Print |  E-mail
Written by KATE BRUMBACK, Associated Press   
Wednesday, 01 January 2014 08:05

ATLANTA (AP) — A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.

Aubrey Lee Price, 47, was arrested Wednesday during a stop for a vehicle and traffic violation on Interstate 95 in Brunswick by members of the Glynn County Sheriff's Department, the U.S. attorney's office in Savannah said. Price is set to make his initial appearance before a federal judge in Brunswick on Thursday.

Price disappeared in June 2012 after sending a rambling letter to his family and acquaintances that investigators described as a confession. A Florida judge declared him dead a year ago, but the FBI had said it didn't believe Price was dead and continued to search for him.

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Brewery responds to Starbucks letter with $6 check PDF  | Print |  E-mail
Written by JIM SALTER, Associated Press   
Wednesday, 01 January 2014 08:07

ST. LOUIS (AP) — A small Missouri brewery has responded to a cease and desist letter from Starbucks by sending the coffee chain a check to cover what it calls the profit from use of the word "Frappicino" — a check for $6.

Exit 6 Pub and Brewery in the St. Louis suburb of Cottleville named one of its brews the Frappicino, with one c instead of the two that Starbucks uses for its blended beverages. That prompted an attorney for Starbucks Coffee Co. to send Exit 6 a letter on Dec. 9.

The letter from attorney Anessa Owen Kramer noted that the Seattle-based company "is the owner of a number of world-famous trademarks, including the well-known FRAPPUCCINO trademark." It said that the words are "phonetically identical" and that Exit 6's use of Frappicino "is likely to cause confusion, mistake."

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Latvia becomes 18th country to adopt the euro PDF  | Print |  E-mail
Written by ROMAN KOKSAROV, Associated Press   
Wednesday, 01 January 2014 08:04

RIGA, Latvia (AP) — Latvia celebrated the new year as the 18th member of the eurozone, which for all its dents and bruises still represents stability and security to the Baltic country's leaders.

The euro became Latvia's official currency after midnight local time Tuesday (2200 GMT Monday) as New Year's rockets exploded in the skies over the capital, Riga.

Acting Prime Minister Valdis Dombrovskis withdrew the first euro note from a bank machine in a ceremony in Riga after Latvian TV showed pre-recorded greetings from European leaders welcoming his country to the eurozone.

"It's a big opportunity for Latvia's economic development becoming a member of the world's second biggest currency," Dombrovskis said.

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