Bruce Cole, 65, the former chief executive of Mamtek U.S. Inc., has been accused of perpetrating a massive fraud by persuading Moberly to issue $39 million in bonds and the state to authorize up to $17 million of incentives to fund an artificial sweetener facility that collapsed financially before construction finished.
Michael Dell may have to hike the price he's willing to pay if he wants to take the computer company he founded private, thanks to competition from two new acquisition offers. A special committee of independent Dell Inc. directors said it will negotiate with buyout specialist Blackstone and activist investor Carl Icahn over bids that rival an offer of more than $24B.
The union for 7,400 Boeing technical workers counts ballots Monday night in the re-vote on a contract that would replace pensions with a 401(k) retirement plan. The technical unit split with engineers represented by the Society of Professional Engineering Employees in Aerospace in the Feb. 19 vote. The 15,500 engineers approved a new four-year contract.
Ford Motor Co. CEO Alan Mulally's compensation fell 29 percent to $20.95 million in 2012 as the company's board weighed record North American profits and quality improvements against heavy losses in Europe and lower market share in the U.S. and elsewhere. Ford reported Mulally's compensation Friday in its annual proxy filing with the federal government.
Volkswagen's chief executive Martin Winterkorn said Thursday the company faces a challenging year particularly in Europe where many countries are in recession. Winterkorn told the company's annual news and analyst conference that "Volkswagen is feeling the headwinds — especially in Europe."
A co-founder of the Fisker electric car company is stepping down because of a dispute with the company's management. Executive Chairman Henrik Fisker told the trade publication Automotive News in a statement that he left after several major disagreements on business strategy. The statement didn't give details.
The U.S. government has sold another chunk of its stake in General Motors Co. The Treasury Department says in its February report to Congress that it sold $489.9 million worth of GM common stock last month. The report dated Monday says the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means taxpayers are still $19.7 billion in the hole.
General Electric says its Chairman and CEO Jeffrey Immelt received compensation for 2012 that was 80 percent more than his pay in 2011. The company, which makes products ranging from light bulbs to jet engines, gave Immelt a pay package valued at nearly $20.6 million, according to an Associated Press analysis of regulatory documents filed Monday.
Just days after Swiss voters struck a blow against corporate greed, Renault's CEO Carlos Ghosn gave his support to the idea of giving shareholders more power over pay packages. The global financial crisis has fueled anger at corporate "Fat Cats," especially as some company earnings — and bosses' pay — are bouncing back before the rest of the economy catches up.
Heinz CEO William Johnson is entitled to a golden parachute worth $56 million if he's fired by the company's new owners. The deal lets him walk away with $40 million at any time if he chooses. He would get another $16 million if the new owners were to let him go.
Government officials argued Tuesday over whether pay is still too high for top executives at bailed-out companies like AIG, General Motors and Ally Financial. In a hearing before the House's oversight committee, Christy Romero, who runs the group meant to be a watchdog over the government's financial crisis-era bailout, argued that pay is too high.
Small business owners have started 2013 with low expectations for the economy and their companies. That's the finding of a survey released Tuesday by the National Federation of Independent Business. The lobbying group's Small Business Optimism Index rose 0.9 points to 88.9 in January.
Markus Schaefer, the Mercedes-Benz executive who developed a plan to move Mercedes sedan production to Tuscaloosa County and then was named president and CEO of Vance plant, has been promoted to head of production planning for all Mercedes-Benz passenger cars. Schaefer will return to Germany and work out of the company's headquarters in Stuttgart, effective July 1.
Two owners of a Bangladesh garment factory where seven workers were killed in a weekend fire were arrested Thursday as police investigated allegations of murder and negligence. Police were questioning Smart Export Garment Ltd. Chairman Sharif Ahmed and Managing Director Zakir Ahmed after a court placed them on a two-day remand.
Pennsylvania is a growing energy leader in the United States, becoming a net exporter of natural gas in 2011. They have seized opportunities the Marcellus Shale boom has provided, and expanded into global leaders in natural gas—and are making the region known for its industrial innovation and talent, truly fueling a new industrial revolution.
A government report criticized the U.S. Treasury Department for approving "excessive" salaries and raises at firms that received taxpayer-funded bailouts during the financial crisis. The Special Inspector General for the Troubled Asset Relief Program said Treasury approved all 18 requests it received last year to raise pay for executives at American International Group, General Motors and Ally Financial.
An Italian steel executive turned himself into British authorities on Tuesday after being placed under investigation in Italy over environmental and health problems at Europe's largest steel mill — a case that has become a major headache for the government given the 20,000 jobs at risk if the plant closes.
Caterpillar Inc. said Friday that it found deliberate "accounting misconduct" at a recently acquired company in China. The U.S. based construction and mining equipment company has removed several managers at the company and will take a non-cash $580 million charge in the fourth quarter tied to the misconduct.
The pension fund for one of Hostess Brands' unions has hired an investment bank to represent workers and pensioners as the maker of Twinkies and Wonder Bread sells off its brands. In a statement posted Sunday on its website, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which represents around 6,000 Hostess bakers, said Gordian Group LLC will represent the fund.
General Motors' CEO said Wednesday that he expects the company to steal sales from rivals in the U.S. this year as its new cars and trucks gain traction with customers. Dan Akerson told reporters that he sees a modest gain in U.S. market share, helped by the rollout of the Chevrolet Silverado and GMC Sierra pickups and two Cadillac sedans. He also expects the company to do well globally during the next two years.
General Motors CEO Dan Akerson said Wednesday he hopes the company regains investment-grade credit status this year. He told reporters that the company is working with credit rating agencies to raise its status from junk, where it's been since 2005. Akerson said the company's recent $11 billion credit line received investment grade rating, showing that banks are ahead of the ratings agencies.
Chevrolet is dropping its "Chevy Runs Deep" slogan and replacing it with the new tagline "Find New Roads," saying that it's better geared toward drivers outside the U.S. The General Motors Co. brand pointed to its significant overseas expansion over the past several years, noting that it's developing products for sale in more than 140 markets around the world.
China's sovereign wealth fund is in talks about possibly buying a stake in German luxury automaker Daimler AG, the country's main Communist Party newspaper reported. China Investment Corp. might buy four to 10 percent of Daimler, Peoples Daily said on its website, citing anonymous sources. It gave no other details.
A month after activist investor Carl Icahn gave up his bid for Oshkosh, the truck maker is ending a shareholder rights plan early. The "poison pill," announced this past October to ward off hostile takeover attempts, was set to end in October 2013. Instead, it will expire Monday after the close of trading.
Unilever is selling its Skippy peanut butter business to Hormel Foods for $700 million, including its plant in Little Rock. The deal announced Thursday involves two peanut butter manufacturing facilities — the one in Little Rock and one in China's Shandong province.