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Economic NewsTuesday, May 21st, 2013

Senate panel approves immigration bill

By DAVID ESPO and ERICA WERNER - AP - 17 mins ago

WASHINGTON (AP) — The Senate Judiciary Committee has approved far-reaching immigration legislation that gives a chance at citizenship to millions living in the country illegally. (full story)

Ex-Ford execs charged in Argentine torture cases

By MICHAEL WARREN - AP - 1 hr 6 mins ago

BUENOS AIRES, Argentina (AP) — Three former Ford Motor Co. executives were charged Tuesday with crimes against humanity for allegedly targeting Argentine union workers for kidnapping and torture after the country's 1976 military coup. (full story)

NetApp to cut jobs, boost buyback and pay dividend

AP - 1 hr 24 mins ago

SUNNYVALE, Calif. (AP) — Data storage company NetApp Inc. said Wednesday that it will eliminate 900 jobs as part of a restructuring effort to streamline operations. (full story)

JPMorgan's Dimon survives shareholder referendum

By CHRISTINA REXRODE - AP - 1 hr ago

TAMPA, Fla. (AP) — Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needs better oversight by giving only narrow approval to three of the bank's board members. (full story)

Best Buy reports 1Q loss on restructuring costs

AP - 1 hr 37 mins ago

MINNEAPOLIS (AP) — Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. (full story)

Illinois House panel approves fracking regulations

REGINA GARCIA CANO - AP - 1 hr 50 mins ago

SPRINGFIELD, Ill. (AP) — A groundbreaking deal to regulate high-volume oil and gas drilling in Illinois cleared a top House committee Tuesday, setting up a floor vote on a measure that supporters say would bring tens of thousands of jobs to struggling areas in the southern part of the state. (full story)

Apple's Cook faces Senate questions on taxes

By MARCY GORDON and PETER SVENSSON - AP - 1 hr 4 mins ago

WASHINGTON (AP) — The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes. (full story)

JPMorgan Directors Glance: How shareholders voted

By The Associated Press - AP - 2 hrs 32 mins ago

Shareholders at JPMorgan Chase voted to let Jamie Dimon, the chairman and CEO of the nation's largest bank, keep both his jobs Tuesday. Dimon also received strong support to be re-elected to the bank's board. (full story)

New Egypt tax law: cuts for poor, business hikes

By AYA BATRAWY - AP - Tue May 21, 4:01PM CDT

CAIRO (AP) — Egypt's president signed a new tax law Tuesday that cuts the amount paid by poorer Egyptians in the latest move aimed at reforming the country's economy. (full story)

Indian guest workers sue company in Miss., Texas

AP - Tue May 21, 3:33PM CDT

GULFPORT, Miss. (AP) — Dozens of Indian guest workers are suing an Alabama-based marine and fabrication company, claiming it financially exploited them and forced them to live in squalid conditions after bringing them to work at Gulf Coast shipyards after Hurricane Katrina. (full story)

ESPN cutting workforce, 'smartly managing costs'

By RACHEL COHEN - AP - Tue May 21, 3:16PM CDT

NEW YORK (AP) — ESPN is cutting its workforce, the latest Disney division to reduce staff. (full story)

Connecticut officials laud tourism promo

By STEPHEN KALIN - AP - Tue May 21, 3:13PM CDT

HARTFORD, Conn. (AP) — Connecticut's "Still Revolutionary" tourism marketing campaign is succeeding and deserves continued funding, Gov. Dannel P. Malloy said Tuesday. (full story)

Strike shuts down food stalls in federal buildings

AP - Tue May 21, 3:07PM CDT

WASHINGTON (AP) — Organizers say striking workers shut down some fast-food businesses at a federal office building in Washington as well as the McDonald's at the Smithsonian's National Air and Space Museum. (full story)

Struggling Spain offers engineers to Brazil

AP - Tue May 21, 2:29PM CDT

BRASILIA, Brazil (AP) — Spain's development minister is urging Brazil to hire some of the engineers that her own economy doesn't have room for. (full story)

ESPN cutting workforce, 'smartly managing costs'

By RACHEL COHEN - AP - Tue May 21, 2:26PM CDT

NEW YORK (AP) — ESPN is cutting its workforce, the latest Disney division to reduce staff. (full story)

Protesters rally at FirstEnergy meeting in W.Va.

By VICKI SMITH - AP - Tue May 21, 12:14PM CDT

MORGANTOWN, W.Va. (AP) — At least 200 union workers picketed FirstEnergy Corp.'s annual shareholder meeting in West Virginia on Tuesday, demanding the Ohio-based utility hire enough people to keep the power on without forcing an ever-shrinking labor force to work as many as 1,800 hours of overtime a year. (full story)

Felman to temporarily idle furnace at W.Va. plant

AP - Tue May 21, 12:07PM CDT

NEW HAVEN, W.Va. (AP) — Felman Production LLC plans to temporarily idle one of three electric arc furnaces at its ferroalloys plant in New Haven and lay off union workers. (full story)

News Summary: GM invests $44.5M in Lansing factory

By The Associated Press - AP - Tue May 21, 11:27AM CDT

EXPANSION: General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs. It plans to construct a building next to the Lansing Grand River plant to assemble parts and put them in the right order for manufacturing. (full story)

GM to invest $44.5M in Lansing Cadillac factory

AP - Tue May 21, 10:43AM CDT

DETROIT (AP) — General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs. (full story)

S&P cuts rating on JC Penney term loan

AP - Tue May 21, 10:31AM CDT

NEW YORK (AP) — Standard & Poor's Ratings Services is lowering the rating it gave J.C. Penney's term loan further into junk status because the struggling department store operator boosted the loan's size. (full story)

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