Money - The Salt Lake Tribune http://www.sltrib.com/money Stories from The Salt Lake Tribune &copy; 2014 The Associated Press, The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our privacy policy: http://www.sltrib.com/pages/privacy. en-us webmaster@sltrib.com (Webmaster) Reno organizing a festival to celebrate blue jeans http://www.sltrib.com/sltrib/money/58478894-79/reno-blue-festival-jeans.html.csp Reno • Nevada tourism officials are planning a three-day festival in Reno next fall to celebrate and promote the city as the birthplace of what became modern blue jeans. Reno tailor Jacob Davis created riveted denim jeans in 1871 in a downtown shop. Two years later, he and Levi Strauss patented the pants with the rivets to the corners and pockets that made them the sturdy favorites of miners, loggers and cowboys who helped tame the West. Tourism officials on Wednesday announced the “Blue Genes J... Reno • Nevada tourism officials are planning a three-day festival in Reno next fall to celebrate and promote the city as the birthplace of what became modern blue jeans. Reno tailor Jacob Davis created riveted denim jeans in 1871 in a downtown shop. Two years later, he and Levi Strauss patented the pants with the rivets to the corners and pockets that made them the sturdy favorites of miners, loggers and cowboys who helped tame the West. Tourism officials on Wednesday announced the “Blue Genes J... <img src="http://mngislctrib.112.2O7.net/b/ss/mngislctrib/1/H.17--NS/0?&pageName=RSS" height="1" width="1" border="0" alt=""/> 58478894@www.sltrib.com Wed, 01 Oct 2014 18:14:01 MDT Judge: City must pay creditors and pension fund http://www.sltrib.com/sltrib/money/58478876-79/pension-stockton-judge-bankruptcy.html.csp Sacramento • A federal judge ruled Wednesday that U.S. bankruptcy law allows Stockton, Calif. to treat public pension fund obligations like other debts, meaning the city could trim its pension obligations. Stockton argued that it must make its pension contributions for public employees before its creditors are paid the entire amount they are owned. The case is being closely watched because it could help clarify who gets paid first by financially strapped cities around the nation — retirement fun... Sacramento • A federal judge ruled Wednesday that U.S. bankruptcy law allows Stockton, Calif. to treat public pension fund obligations like other debts, meaning the city could trim its pension obligations. Stockton argued that it must make its pension contributions for public employees before its creditors are paid the entire amount they are owned. The case is being closely watched because it could help clarify who gets paid first by financially strapped cities around the nation — retirement fun... 58478876@www.sltrib.com Wed, 01 Oct 2014 18:10:02 MDT A decade after embracing wind, states reconsidering http://www.sltrib.com/sltrib/money/58477979-79/wind-industry-oklahoma-state.html.csp Calumet, Okla. • A decade ago, states offered wind-energy developers an open-armed embrace, envisioning a bright future for an industry that would offer cheap electricity, new jobs and steady income for large landowners, especially in rural areas with few other economic prospects. To ensure the opportunity didn’t slip away, lawmakers promised little or no regulation and generous tax breaks. But now that wind turbines stand tall across many parts of the nation’s windy heartland, some leaders in O... Calumet, Okla. • A decade ago, states offered wind-energy developers an open-armed embrace, envisioning a bright future for an industry that would offer cheap electricity, new jobs and steady income for large landowners, especially in rural areas with few other economic prospects. To ensure the opportunity didn’t slip away, lawmakers promised little or no regulation and generous tax breaks. But now that wind turbines stand tall across many parts of the nation’s windy heartland, some leaders in O... 58477979@www.sltrib.com Wed, 01 Oct 2014 18:03:01 MDT Dale Murphy to speak at Bank of Utah events http://www.sltrib.com/sltrib/money/58477757-79/murphy-utah-bank-dale.html.csp Former Major League Baseball player Dale Murphy, a Utah favorite because of his Mormon background, will be the feature speaker at Bank of Utah’s annual Fall Author events on Tuesday and Wednesday. Murphy, who wrote the book “Murph” and founded the “I Won’t Cheat Foundation,” will speak Tuesday from 8-9 a.m. at Eccles Conference Center in Ogden and from 12:30-1:30 p.m. at Riverwoods Conference Center in Logan. On Wednesday, he will be at Grand America Hotel in Salt Lake City from 8-9 a.m. The eve... Former Major League Baseball player Dale Murphy, a Utah favorite because of his Mormon background, will be the feature speaker at Bank of Utah’s annual Fall Author events on Tuesday and Wednesday. Murphy, who wrote the book “Murph” and founded the “I Won’t Cheat Foundation,” will speak Tuesday from 8-9 a.m. at Eccles Conference Center in Ogden and from 12:30-1:30 p.m. at Riverwoods Conference Center in Logan. On Wednesday, he will be at Grand America Hotel in Salt Lake City from 8-9 a.m. The eve... 58477757@www.sltrib.com Wed, 01 Oct 2014 16:36:02 MDT Huntsman Corp. buys Rockwood Holdings for $1 billion http://www.sltrib.com/sltrib/money/58476667-79/huntsman-rockwood-billion-corp.html.csp Huntsman Corp. said Wednesday it has acquired the performance additive and titanium dioxide businesses of Rockwood Holdings, Inc. for $1 billion in cash. Company President and CEO Peter Huntsman said the majority of corporate earnings over the past year have come from its titanium dioxide business and that the addition of Rockwood’s operations will help it achieve its goal of reaching $2 billion in earnings before interest, taxes, depreciation and amortization in the next few years. He said the ... Huntsman Corp. said Wednesday it has acquired the performance additive and titanium dioxide businesses of Rockwood Holdings, Inc. for $1 billion in cash. Company President and CEO Peter Huntsman said the majority of corporate earnings over the past year have come from its titanium dioxide business and that the addition of Rockwood’s operations will help it achieve its goal of reaching $2 billion in earnings before interest, taxes, depreciation and amortization in the next few years. He said the ... 58476667@www.sltrib.com Wed, 01 Oct 2014 16:36:02 MDT Vermont’s Bag Balm ointment goes corporate http://www.sltrib.com/sltrib/money/58477796-79/balm-bag-company-ointment.html.csp Lyndonville, Vt. • Vermont’s locally produced, quirkily used Bag Balm ointment long ago moved beyond the bovine, but now it’s going corporate. The 115-year-old family business was sold last week to a group of investors who are promising to expand the brand, but not change the formula of the gooey, yellow-green ointment. Bag Balm began as a staple for dairy farmers treating the inflamed udders of cows, but over the generations, the salve sold in its signature square green tins has been used for e... Lyndonville, Vt. • Vermont’s locally produced, quirkily used Bag Balm ointment long ago moved beyond the bovine, but now it’s going corporate. The 115-year-old family business was sold last week to a group of investors who are promising to expand the brand, but not change the formula of the gooey, yellow-green ointment. Bag Balm began as a staple for dairy farmers treating the inflamed udders of cows, but over the generations, the salve sold in its signature square green tins has been used for e... 58477796@www.sltrib.com Wed, 01 Oct 2014 15:12:09 MDT Emergency manager testifies in Detroit bankruptcy http://www.sltrib.com/sltrib/money/58477960-79/orr-detroit-bankruptcy-billion.html.csp Detroit • Emergency manager Kevyn Orr testified in bankruptcy court Wednesday that when he took over Detroit’s finances, he found a city with poor services for residents, next to no cash flow and significant neighborhood blight. Orr, who was hired by the state in March 2013 to fix Detroit’s finances and who took the city into the largest municipal bankruptcy in U.S. history, was called to the stand and questioned by city lawyers in federal court in Detroit. Judge Steven Rhodes is to decide wheth... Detroit • Emergency manager Kevyn Orr testified in bankruptcy court Wednesday that when he took over Detroit’s finances, he found a city with poor services for residents, next to no cash flow and significant neighborhood blight. Orr, who was hired by the state in March 2013 to fix Detroit’s finances and who took the city into the largest municipal bankruptcy in U.S. history, was called to the stand and questioned by city lawyers in federal court in Detroit. Judge Steven Rhodes is to decide wheth... 58477960@www.sltrib.com Wed, 01 Oct 2014 14:13:01 MDT Amazon is closing distribution plant in Kansas http://www.sltrib.com/sltrib/money/58477919-79/amazon-distribution-kansas-centers.html.csp Wichita • Amazon.com plans to close a distribution center in southeast Kansas in February, a move that will affect hundreds of workers in this rural area, the online retailer said Wednesday. The Seattle-based company said it regularly evaluates its network to ensure the business is placing fulfillment centers as close to customers as possible. “This is not a decision we made lightly and we are committed to supporting our employees through this transition,” Amazon spokeswoman Ashley Robinson said... Wichita • Amazon.com plans to close a distribution center in southeast Kansas in February, a move that will affect hundreds of workers in this rural area, the online retailer said Wednesday. The Seattle-based company said it regularly evaluates its network to ensure the business is placing fulfillment centers as close to customers as possible. “This is not a decision we made lightly and we are committed to supporting our employees through this transition,” Amazon spokeswoman Ashley Robinson said... 58477919@www.sltrib.com Wed, 01 Oct 2014 14:06:01 MDT Greece’s government to call for confidence vote http://www.sltrib.com/sltrib/money/58477928-79/government-vote-greece-bailout.html.csp Athens • Greece’s troubled coalition government said Wednesday it would call a vote of confidence in parliament next week, hours after the country’s leftwing opposition demanded early elections citing ongoing austerity measures. Government spokeswoman Sofia Voultepsi the government would request the vote Monday, at the end of parliament’s summer recess, but gave no further details. The vote is likely to be held late Wednesday. Prime Minister Antonis Samaras’ conservative-led coalition could be f... Athens • Greece’s troubled coalition government said Wednesday it would call a vote of confidence in parliament next week, hours after the country’s leftwing opposition demanded early elections citing ongoing austerity measures. Government spokeswoman Sofia Voultepsi the government would request the vote Monday, at the end of parliament’s summer recess, but gave no further details. The vote is likely to be held late Wednesday. Prime Minister Antonis Samaras’ conservative-led coalition could be f... 58477928@www.sltrib.com Wed, 01 Oct 2014 14:06:01 MDT Small businesses scramble to keep top staffers http://www.sltrib.com/sltrib/money/58477692-79/says-employees-staffers-owners.html.csp New York • People are quitting their jobs at a faster clip and that’s pushing small business owners to work harder to hold onto top talent. Dance studio owner Andrea Bisconti has experienced the challenge firsthand. When Kellie Love, an instructor there, said she was planning to leave to start a business of her own, Bisconti decided to act. Love inspires students to keep coming back for more lessons and brings in more than a quarter of the studio’s revenue, says Bisconti, owner of a Fred Astaire... New York • People are quitting their jobs at a faster clip and that’s pushing small business owners to work harder to hold onto top talent. Dance studio owner Andrea Bisconti has experienced the challenge firsthand. When Kellie Love, an instructor there, said she was planning to leave to start a business of her own, Bisconti decided to act. Love inspires students to keep coming back for more lessons and brings in more than a quarter of the studio’s revenue, says Bisconti, owner of a Fred Astaire... 58477692@www.sltrib.com Wed, 01 Oct 2014 13:01:02 MDT Drugmaker submits harder-to-abuse Zohydro http://www.sltrib.com/sltrib/money/58477637-79/zohydro-drug-abuse-harder.html.csp Washington • The maker of the much-debated painkiller Zohydro is seeking approval of a harder-to-abuse version of the drug which, if approved, could replace the currently marketed version of the pill by next spring. San Diego-based Zogenix said Wednesday it submitted a Food and Drug Administration application for a new formulation of Zohydro that is designed to be more difficult to snort or inject — two common methods for abusing painkillers. Zogenix expects approval in the first quarter of 2015... Washington • The maker of the much-debated painkiller Zohydro is seeking approval of a harder-to-abuse version of the drug which, if approved, could replace the currently marketed version of the pill by next spring. San Diego-based Zogenix said Wednesday it submitted a Food and Drug Administration application for a new formulation of Zohydro that is designed to be more difficult to snort or inject — two common methods for abusing painkillers. Zogenix expects approval in the first quarter of 2015... 58477637@www.sltrib.com Wed, 01 Oct 2014 12:47:01 MDT U.S. stocks drop sharply; airlines sink http://www.sltrib.com/sltrib/money/58476966-79/percent-ebola-stocks-fell.html.csp New York • The stock market sank Wednesday, with the Dow Jones industrial average falling 250 points, on disappointing economic news and a slide in airlines stocks over Ebola fears. Investors moved money into traditional havens in times of uncertainty: bonds, gold and stocks that pay large dividends, such as utilities. KEEPING SCORE: The Dow Jones industrial average lost 250 points, or 1.5 percent, to 16,792 as of 3:25 p.m. Eastern time. The Standard & Poor’s 500 index lost 28 points, or 1.4 per... New York • The stock market sank Wednesday, with the Dow Jones industrial average falling 250 points, on disappointing economic news and a slide in airlines stocks over Ebola fears. Investors moved money into traditional havens in times of uncertainty: bonds, gold and stocks that pay large dividends, such as utilities. KEEPING SCORE: The Dow Jones industrial average lost 250 points, or 1.5 percent, to 16,792 as of 3:25 p.m. Eastern time. The Standard & Poor’s 500 index lost 28 points, or 1.4 per... 58476966@www.sltrib.com Wed, 01 Oct 2014 11:36:30 MDT Wal-Mart’s mobile checking account nixes fees http://www.sltrib.com/sltrib/money/58477232-79/customers-fees-account-overdraft.html.csp Wal-Mart is the latest company to get rid of fees that traditional banks charge customers who don’t have enough money in their accounts to cover purchases. The world’s largest retailer said Wednesday that it teamed up with Green Dot Corp., a company known for its reloadable prepaid cards, to bring mobile checking accounts to its shoppers. The accounts won’t charge overdraft and bounced-check fees. It’s the latest attempt to offer banking services that cater to cash-strapped Americans who are sti... Wal-Mart is the latest company to get rid of fees that traditional banks charge customers who don’t have enough money in their accounts to cover purchases. The world’s largest retailer said Wednesday that it teamed up with Green Dot Corp., a company known for its reloadable prepaid cards, to bring mobile checking accounts to its shoppers. The accounts won’t charge overdraft and bounced-check fees. It’s the latest attempt to offer banking services that cater to cash-strapped Americans who are sti... 58477232@www.sltrib.com Wed, 01 Oct 2014 11:11:01 MDT Why the bond market is more fragile than you think http://www.sltrib.com/sltrib/money/58476985-79/bonds-bond-investors-market.html.csp New York • A bottleneck is building in the global market for bonds. Main Street investors have poured a trillion dollars into bonds since the financial crisis, and helped send prices soaring. As fund managers and regulators fret about an inevitable sell-off, the bigger fear is that when people go to unload, there won’t be anyone to buy. Too many funds own the same bonds, making them difficult to sell in a sudden downturn. On top of that, the banks that used to bring bond buyers and sellers toget... New York • A bottleneck is building in the global market for bonds. Main Street investors have poured a trillion dollars into bonds since the financial crisis, and helped send prices soaring. As fund managers and regulators fret about an inevitable sell-off, the bigger fear is that when people go to unload, there won’t be anyone to buy. Too many funds own the same bonds, making them difficult to sell in a sudden downturn. On top of that, the banks that used to bring bond buyers and sellers toget... 58476985@www.sltrib.com Wed, 01 Oct 2014 10:25:02 MDT U.S. firms add jobs at a healthy clip in September http://www.sltrib.com/sltrib/money/58477037-79/jobs-government-added-adp.html.csp Washington • U.S. businesses continued hiring at a solid pace in September, according to a private survey. The result marks the sixth straight month of solid gains. Payroll processer ADP says private employers added 213,000 jobs last month, up slightly from 202,000 in August. Job gains above 200,000 are usually enough to lower the unemployment rate. The figures suggest the government’s jobs report on Friday could show a rebound in hiring. The government said employers added only 142,000 jobs in ... Washington • U.S. businesses continued hiring at a solid pace in September, according to a private survey. The result marks the sixth straight month of solid gains. Payroll processer ADP says private employers added 213,000 jobs last month, up slightly from 202,000 in August. Job gains above 200,000 are usually enough to lower the unemployment rate. The figures suggest the government’s jobs report on Friday could show a rebound in hiring. The government said employers added only 142,000 jobs in ... 58477037@www.sltrib.com Wed, 01 Oct 2014 10:24:02 MDT GM says parts are ready to fix recalled small cars http://www.sltrib.com/sltrib/money/58477023-79/barra-company-cars-million.html.csp Milford, Mich. • General Motors CEO Mary Barra says the company has enough parts available to fix all the faulty ignition switches that are blamed for at least 23 deaths nationwide. Barra told reporters at an investor conference Wednesday that GM’s parts supplier finished making the parts a few days before a goal of early October. GM recalled 2.6 million cars in February and says it has repaired about 1.1 million. That’s just under half the vehicles when scrapped cars are excluded. Barra said GM... Milford, Mich. • General Motors CEO Mary Barra says the company has enough parts available to fix all the faulty ignition switches that are blamed for at least 23 deaths nationwide. Barra told reporters at an investor conference Wednesday that GM’s parts supplier finished making the parts a few days before a goal of early October. GM recalled 2.6 million cars in February and says it has repaired about 1.1 million. That’s just under half the vehicles when scrapped cars are excluded. Barra said GM... 58477023@www.sltrib.com Wed, 01 Oct 2014 10:21:02 MDT Moet bets on bubbly in China with sparkling winery http://www.sltrib.com/sltrib/money/58476888-79/wine-china-sparkling-winery.html.csp Yongning County, China • France’s Moet Hennessy is betting on China’s taste for bubbly with the launch of sales this month by the first foreign-owned Chinese winery devoted to sparkling wine. China’s appetite for Western-style wines has boomed in the past two decades, though the favorite still is red, a color associated with health and good luck. Sparkling wine consumption more than tripled from 3.7 million bottles in 2009 to more than 13 million last year, according to International Wine and Sp... Yongning County, China • France’s Moet Hennessy is betting on China’s taste for bubbly with the launch of sales this month by the first foreign-owned Chinese winery devoted to sparkling wine. China’s appetite for Western-style wines has boomed in the past two decades, though the favorite still is red, a color associated with health and good luck. Sparkling wine consumption more than tripled from 3.7 million bottles in 2009 to more than 13 million last year, according to International Wine and Sp... 58476888@www.sltrib.com Wed, 01 Oct 2014 09:52:01 MDT Tesco says UK authorities to investigate accounts http://www.sltrib.com/sltrib/money/58476865-79/tesco-authorities-investigate-says.html.csp London • Tesco, one of the world’s largest food retailers, says U.K. authorities are conducting a full investigation after its half-year profit was overstated by $407 million. Tesco said Wednesday it will cooperate fully with the Financial Conduct Authority probe. The company had already launched an internal investigation conducted by Deloitte. The announcement adds to the woes of the supermarket giant, which is struggling to compete with low-cost rivals. The new probe will also further complica... London • Tesco, one of the world’s largest food retailers, says U.K. authorities are conducting a full investigation after its half-year profit was overstated by $407 million. Tesco said Wednesday it will cooperate fully with the Financial Conduct Authority probe. The company had already launched an internal investigation conducted by Deloitte. The announcement adds to the woes of the supermarket giant, which is struggling to compete with low-cost rivals. The new probe will also further complica... 58476865@www.sltrib.com Wed, 01 Oct 2014 09:44:02 MDT Myanmar awards first licenses to foreign banks http://www.sltrib.com/sltrib/money/58476855-79/bank-myanmar-banking-banks.html.csp Yangon, Myanmar • Myanmar awarded licenses Wednesday to the first foreign banks allowed to operate in the country in a half-century. Lenders from Japan, China and Australia were among the nine banks to receive licenses in a reform implemented after Myanmar emerged from dictatorship. Those to receive licenses included Bank of Tokyo-Mitsubishi UFJ, Industrial and Commercial Bank of China and Australia and New Zealand Banking Group. Others were Sumitomo Mitsui Banking Corp., Mizuho Bank, Thailand’s... Yangon, Myanmar • Myanmar awarded licenses Wednesday to the first foreign banks allowed to operate in the country in a half-century. Lenders from Japan, China and Australia were among the nine banks to receive licenses in a reform implemented after Myanmar emerged from dictatorship. Those to receive licenses included Bank of Tokyo-Mitsubishi UFJ, Industrial and Commercial Bank of China and Australia and New Zealand Banking Group. Others were Sumitomo Mitsui Banking Corp., Mizuho Bank, Thailand’s... 58476855@www.sltrib.com Wed, 01 Oct 2014 09:42:02 MDT At Paris show, carmakers are looking to better times http://www.sltrib.com/sltrib/money/58476840-79/car-europe-paris-peugeot.html.csp Paris • European carmakers are hoping to impress with new models at this week’s Paris Motor Show and prove they have come out stronger from years of economic trouble and cost-cutting. The glitz of Paris has been dimmed in recent editions of the world’s oldest car show, as cash-strapped customers shunned showrooms, corporate bosses begged for bailouts and workers fought for their jobs. The auto sector has long been one of Europe’s most troubled industries and is only now emerging from a painful p... Paris • European carmakers are hoping to impress with new models at this week’s Paris Motor Show and prove they have come out stronger from years of economic trouble and cost-cutting. The glitz of Paris has been dimmed in recent editions of the world’s oldest car show, as cash-strapped customers shunned showrooms, corporate bosses begged for bailouts and workers fought for their jobs. The auto sector has long been one of Europe’s most troubled industries and is only now emerging from a painful p... 58476840@www.sltrib.com Wed, 01 Oct 2014 09:39:01 MDT