Financial
Chrysler becomes subsidiary of Fiat PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 21 January 2014 14:47

MILAN (AP) — The Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat.

Fiat SpA said Tuesday that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Fiat has been running Auburn Hills, Mich.-based Chrysler since 2009, but lacked full control until Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the minority stakeholder. The deal gives Fiat a freer hand to push deeper integration and decide where the joint company will be based and listed, plus its name.


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 This material may not be published, broadcast, rewritten or redistributed.

 
Vegas casinos now accepting cybercurrency Bitcoin PDF  | Print |  E-mail
Written by HANNAH DREIER, Associated Press   
Tuesday, 21 January 2014 14:27

LAS VEGAS (AP) — Las Vegas is getting one more novelty. Starting this week, patrons will be able to use the online currency Bitcoin to pay for rooms, food and drinks at two downtown casinos.

The D casino and the city's oldest casino, the Golden Gate, will accept bitcoins at hotel front desks beginning Wednesday. The cybercurrency will also be accepted at the D's gift shop and two restaurants. U.S. dollars will remain the only currency accepted on the gambling floor.

Derek Stevens, the co-owner of the two casinos, said he's been intrigued by Bitcoin for years and had talked with patrons who wondered if the casinos would use it.

He said it's tough to forecast how many patrons will pay for dinners and souvenirs with Bitcoin, but predicted other casinos will soon adopt the currency.

"For us, it's going to be somewhat exciting to see what kind of impact it'll have," he said.

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Bombardier lays off 550 U.S. employees, contractors PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 21 January 2014 14:28

 

WICHITA, Kan. (AP) — Bombardier says it is laying off about 1,700 employees and contractors at its facilities in the United States and Canada. That number includes 550 people in the company's Learjet facility in Wichita.

Company spokeswoman Annie Cossette said Tuesday that the layoffs in Wichita include 200 contractors who left the company in December after their contracts expired and were not renewed. Cossette would not reveal how many of the remaining layoffs involved full-time Bombardier employees or company contractors.

Cossette blames persistently challenging market conditions for light aircraft, saying the layoffs were a difficult decision the company had to make in order to protect its business.

The company will meeting with affected employees in the coming weeks. Cossette says some may transfer to other positions in the company.


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

 
Ohio small businesses may qualify for tax break PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 21 January 2014 11:48

COLUMBUS, Ohio (AP) — The state tax commissioner is reminding Ohio small-business owners that they may be eligible for a recently enacted tax deduction.

In an alert issued Tuesday, Commissioner Joe Testa urged taxpayers to visit the Ohio Department of Taxation website to learn whether they're eligible and how to file for a 50-percent write-off on their first $250,000 in business income from 2013.

Testa says a majority of small businesses and entrepreneurships structured as pass-through entities will be eligible for the deduction. It was enacted last year as part of a package of state tax changes included in Ohio's two-year state budget.

The value of the deduction is capped at $125,000 of adjusted gross income reported on an Ohio personal income tax return.

___

Online:

Ohio Department of Taxation: http://www.tax.ohio.gov


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

 
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