Business briefs
Fiat may increase stake
in Chrysler to 51 percent
The Italian carmaker that owns 20 percent of Chrysler Group may boost the holding to more than 50 percent before the U.S. automaker's initial public offering, the two companies' chief executive officer, Sergio Marchionne, said Monday. Fiat received the 20 percent stake as part of Michigan-based Chrysler's 2009 bankruptcy reorganization. It expects to get an additional 15 percent this year and has an option to increase the holding to 51 percent, buying an additional 16 percent, after Chrysler repays U.S. and Canadian government loans.
Microsoft restores Hotmail
Microsoft Corp. said Monday it has resolved a glitch that caused some Hotmail users to temporarily lose all of their e-mails. Microsoft spokeswoman Catherine Brooker said all affected users have their e-mails back. Microsoft would not say how many people's e-mails were lost.
Fannie, Freddie win $3.3B
in mortgage settlements
Looking to resolve one of its major mortgage headaches, Bank of America Corp. said Monday it has paid $2.8 billion to mortgage giants Freddie Mac and Fannie Mae to settle claims related to soured Countrywide Financial Corp. mortgage loans. Ally Financial Inc., formerly GMAC, also settled for almost $500 million. The agreements with Freddie and Fannie reduce uncertainty over the banks' mortgage liability. Bank of America, the nation's largest bank, still faces claims from other investors who bought questionable home loans from it and Countrywide in the housing boom.
625 new Dollar stores planned
Discount-store operator Dollar General Corp. said Monday it plans to open 625 new stores and hire more than 6,000 workers in 2011. The company said the openings will be in 35 states it currently operates in and three new states.
Crude oil hits $91 a barrel
on faith in U.S. recovery
Crude oil rose to a 27-month high Monday on speculation the United States will be able to sustain an economic recovery this year, bolstering fuel demand in the world's biggest oil-consuming country. Crude oil for February delivery increased 17 cents to $91.55 a barrel on the New York Mercantile Exchange, the highest settlement price since Oct. 3, 2008.From wire reports
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
