CEOs grilled on oil profits and tax breaks
The Associated Press reports lawmakers pressed oil executives on profits and tax breaks. The discussion considered redirecting funds toward renewable fuels and broader energy policy.
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 02, 2008
Page
4
The Associated Press reports lawmakers pressed oil executives on profits and tax breaks. The discussion considered redirecting funds toward renewable fuels and broader energy policy.
A year after tainted pet food caused pet deaths across the US and Canada, a proposed settlement in principle would resolve more than 100 class actions. Lawsuits target Menu Foods and others over vet bills burial costs and food recalls.
The 218 page plan by Treasury Secretary Henry Paulson proposes three new super agencies to oversee the financial industry and abolish overlapping rules. It comes as the clock winds down with President Bush nearing the end of his term, while pressure to act grows amid recent crisis driven worries.
The Institute for Supply Management reports March manufacturing contracted for a second month with an index of 48.6, while the Commerce Department notes February construction spending fell 0.3 percent as home building and nonresidential activity declined, with government projects the sole bright spot. Economist Gary R. Thayer says the data reinforce a likely recession.
New York stocks jumped on Tuesday with the Dow up about 400 points and major indexes rising over 3 percent as investors bet the worst of the credit crisis is over. Financial shares led gains after Lehman Brothers and UBS issued new shares. Columbus fraud case: investment adviser Mark Lay agrees to pay 5 million to settle the civil suit with Ohio Bureau of Workers' Compensation, while not admitting wrongdoing.
National City Corp. said it is reviewing options as mortgage market weakness hurts results. Goldman Sachs has been hired to explore strategic alternatives. The Cleveland bank did not confirm any buyer interest or specify which options are under consideration.
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