UAW plans sale of Ford warrants to raise retiree health costs
The United Auto Workers trust aims to raise at least 1.3 billion by auctioning warrants to buy 362 million Ford shares at 9.20 from an 11 percent stake. Warrant minimum price is 3.50, enabling Ford retiree health care costs to be removed from its books.
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Citigroup bailout to yield about 7.5 billion for government
The Treasury will begin selling its Citigroup stake at a potential profit of about 7.5 billion, as part of unwinding TARP investments from the 2008 financial crisis. Analysts say bailout costs to taxpayers could exceed 100 billion, with mortgage giants Fannie Mae and Freddie Mac adding further losses. The Citi sale would mark full repayment by eight major bailed banks.
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Ohio Leads $600 Million Housing Aid Roundup
The Obama administration unveiled $600 million in housing relief for five states with high unemployment. Ohio receives $172 million, followed by North Carolina $159 million and South Carolina $138 million, with Oregon $88 million and Rhode Island $43 million. Funds go to state housing finance agencies.
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Rio Tinto executives jailed for bribes and espionage
In Shanghai four Rio Tinto employees received seven to fourteen year sentences for taking bribes and stealing commercial secrets. The convictions signal tougher risks for foreign firms and executives operating in China as Rio Tinto promptly fired the four workers.
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iPad Threatens Kindle With New E Book Era
Apple prepares to launch the iPad with a color touchscreen and iBookstore, challenging Amazon’s Kindle. Kindle starts at 259 dollars, while iPad begins at 499 dollars, offering Web, videos, games, and book downloads. Publishers worry about pricing and exclusive titles as Apple seeks favorable terms.
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