Business News

Charlotte-based company to close Brunswick plant

Wed, 19 Jun 2013 20:30:30 -0500

WILMINGTON, N.C. (AP) — A Charlotte-based chemical company says it will close its Brunswick County plant by the end of September, putting 600 people out of work.

The company announced its decision Wednesday at a news conference in Wilmington.

DAK Americas president Jorge Young said the decision was based on economics. Young said closing the Navassa plant will strengthen its ability to supply markets and can be done using existing facilities.

Mayor Eulis Willis said he was concerned about the shutdown, asking specifically how the town and county would be able to replace the jobs. He said local residents will have to figure out how to work and eat.

In 2008, the U.S. Marine boatyard shut down in Navassa, costing 270 jobs.

DAK Americas has five other plants in the U.S., Mexico and Argentina.

Dotcom 'in tears' after Megaupload files deleted

Wed, 19 Jun 2013 19:17:37 -0500

WELLINGTON, New Zealand (AP) — Megaupload founder Kim Dotcom says he's "in tears" after a European company announced it had deleted all the data it was hosting from the shuttered file-sharing site.

Netherlands-based LeaseWeb announced Thursday it had deleted all Megaupload files from 630 servers.

LeaseWeb said it hosted the data for over a year without receiving any requests to retain it. But Dotcom said on Twitter that his lawyers repeatedly asked LeaseWeb to keep the data pending U.S. court proceedings.

U.S. authorities shut down Megaupload last year and indicted Dotcom and other executives. Prosecutors accuse them of racketeering by facilitating massive copyright fraud. Dotcom says he's innocent and can't be held responsible for those who chose to use Megaupload to illegally download songs or movies.

Some Megaupload files remain stored on U.S. servers.

Bill seeks to reduce health care exchange secrecy

Wed, 19 Jun 2013 18:28:33 -0500

SACRAMENTO, Calif. (AP) — California lawmakers are considering a bill that would require the state's health insurance exchange to make more contract information available to the public.

The legislation was introduced by Republican Sen. Bill Emmerson and Democratic Sen. Mark DeSaulnier after a story by The Associated Press revealed the unique degree of privacy granted to Covered California.

Exchange officials currently can keep contracts private for one year. Contract amounts can be kept secret indefinitely.

Under SB332, only contracts with health insurance plans could be withheld for a year. Payment details in those contracts would be private for four years.

Government transparency advocates say contract details should be disclosed once the agreements are final.

The Senate Health Committee took an initial vote on the bill Wednesday, with a final vote expected later.

Hawaiian Electric eyeing new solar, wind projects

Wed, 19 Jun 2013 18:26:48 -0500

HONOLULU (AP) — Hawaiian Electric Co. is asking the Public Utilities Commission for the authority to negotiate five new solar and wind energy power contracts.

The utility says the contracts would charge an average of one-third less for electricity than what Hawaiian Electric now pays for power generated from oil, solar and wind.

Hawaiian Electric spokesman Darren Pai said Wednesday the utility may not disclose the names of the companies or groups that would operate the five projects because specifics are currently proprietary.

Hawaiian Electric normally must put power generation contracts out for competitive bid. It's asking the PUC for permission to bypass this process to help buy energy from renewable resources more quickly.

The utility aims to have the projects in service by the end of 2015.

Senate backs Froman as next trade representative

Wed, 19 Jun 2013 18:21:53 -0500

WASHINGTON (AP) — Senior White House economic adviser Michael Froman has been confirmed by the Senate to be the next U.S. trade representative.

The law school classmate of President Barack Obama takes over the post as the administration seeks to advance major trade deals with Pacific Rim and European nations.

The Senate vote was 93-4 to confirm Froman to succeed Ron Kirk, the former Dallas mayor who resigned as trade representative in February. Obama nominated Froman in May to be the administration's top trade negotiator.

As trade representative, the 50-year-old veteran of the Clinton and Obama administrations will be responsible for advancing an ambitious trade agenda that includes wrapping up a 12-nation Asia-Pacific trade deal and initiating negotiations on a trade liberalization agreement with the European Union.

Leading 3-D printer firms to merge in $403M deal

Wed, 19 Jun 2013 18:18:43 -0500

MINNEAPOLIS (AP) — Stratasys, a leading maker of 3-D printers, is buying another 3-D printer manufacturer, MakerBot, for $403 million in stock.

Stratasys Ltd. says the acquisition will enable it to offer affordable desktop 3-D printers.

MakerBot's owners will receive 4.76 million newly issued Stratasys shares and are eligible for another 2.38 million through the end of 2014 if certain performance targets are met. That could raise the purchase price by about $201 million based on Wednesday's stock price.

The merger is expected to be completed in the third quarter of this year.

Stratasys is based in Eden Prairie, Minn., and Rehvot, Israel. It shares rose nearly 2 percent in after-hours trading to $86. New York-based MakerBot is privately held.

Michigan's unemployment rate steady at 8.4 percent

Wed, 19 Jun 2013 18:16:45 -0500

LANSING, Mich. (AP) — The state says Michigan's seasonally adjusted jobless rate remained steady at 8.4 percent in the latest month as the size of the workforce and the number of people employed both grew.

The Department of Technology, Management & Budget said Wednesday that May's unemployment rate was unchanged from April. The rate has dropped 0.8 percentage points from May 2012's 9.2 percent.

Michigan's jobless rate remains higher than the nation's May rate of 7.6 percent, which was up from 7.5 percent in April.

The department says total Michigan employment rose 24,000 in May to 4.303 million, while the labor force rose by 28,000 to 4.698 million. The state says 395,000 people were unemployed and seeking work in May.

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Online:

Michigan jobs report: http://1.usa.gov/1au7VLl

NC Senate again delays final vote on tax overhaul

Wed, 19 Jun 2013 18:15:00 -0500

RALEIGH, N.C. (AP) — The North Carolina Senate is sending a tax overhaul plan tentatively approved last week back to committee for changes.

Lawmakers in the chamber pulled the proposal from their schedule Wednesday and returned the measure to the Finance Committee. Final passage of the bill was already delayed Tuesday for private meetings between the Senate and House to settle differences between the tax overhauls proposed by the two chambers.

The Senate plan goes farther than the House to cut corporate and income taxes. The Senate plan also eliminates housing deductions, phases out exemptions for nonprofits and takes more money away from local governments, which have warned they'd have to raise taxes or cut services.

It's not yet known when the bill will be heard in committee.

Microsoft changes Xbox One policies after outcry

Wed, 19 Jun 2013 18:12:39 -0500

NEW YORK (AP) — Microsoft is rolling back a much-criticized requirement that its upcoming Xbox One gaming console be regularly connected to the Internet and making clear that there will be no limitations on sharing games.

Microsoft Corp. has been criticized for vague statements about whether it will allow Xbox One buyers to play secondhand software. Gamers also expressed distaste for a requirement that the console be connected to the Internet once every 24 hours.

Don Mattrick, president of Microsoft's Interactive Entertainment business, says an Internet connection will no longer be required to play games on the Xbox One after its initial setup, and users can share and play games like they have on the Xbox 360.

Mattrick says the changes are in response to feedback received since unveiling plans for the console.

NY: Kodak will keep some operations in Rochester

Wed, 19 Jun 2013 18:09:44 -0500

ROCHESTER, N.Y. (AP) — New York state and Eastman Kodak Co. have reached a deal that will keep some of the troubled company's operations in Rochester and provide $49 million for environmental cleanup at the once bustling Eastman Business Park.

Local media outlets report Wednesday that Kodak will keep advanced manufacturing and its research center at the 1,200-acre site and lease property there to two companies it will spin off as it restructures under bankruptcy court protection.

Illinois-based Recycled Energy Development, which said last year it will buy, upgrade and operate utilities on the business park grounds, will also expand operations there.

The goal is to stabilize the mostly empty site and attract more businesses. There are currently 35 companies employing 6,000 people at the park.

The deal is subject to bankruptcy court approval.