Fiat reaches deal with UAW trust to buy rest of Chrysler | Reuters

 

Italian carmaker Fiat SpA said on Wednesday it has signed an agreement to buy the stake in U.S. automaker Chrysler Group LLC it does not already own, ending months of tense negotiations and allowing Chief Executive Sergio Marchionne to pursue his goal of creating the world's seventh-largest auto group.

Fiat will acquire the 41.46 percent stake in Chrysler from a retiree healthcare trust affiliated with the United Auto Workers union, which will receive $3.65 billion in cash for its stake. Additionally, once the deal closes, Chrysler has committed to giving the trust an additional $700 million.

The deal is a victory for Marchionne, who wants to merge Fiat and Chrysler and create a more competitive automaker with a broader global reach. But he has been at odds with the UAW trust for more than a year over the value of Chrysler.

Chrysler will contribute $1.9 billion in cash, while Fiat will put up $1.75 billion to buy out the trust, which is known as the VEBA, both companies said in separate news releases.

Click on the following to read more:  Fiat reaches deal with UAW trust to buy rest of Chrysler | Reuters

Happy 2014

 

Winnebago, Boone awarded thousands to divert non-violent offenders from prison - News - Rockford Register Star - Rockford, IL

 

Adult Redeploy Illinois program, which is administered by the Illinois Criminal Justice Information Authority, provides financial incentives to judicial circuits or counties to expand their diversion programs. The 17th Judicial Circuit Court (Boone County) was awarded $150,000, and the Winnebago County Circuit Court was awarded $646,775.

The money is part of a nearly $7 million state initiative to improve public safety in a way that's less costly to taxpayers. The programs offer criminals intense supervision and services, like cognitive behavioral and trauma-informed therapy.

Jurisdictions that have been awarded money must agree to reduce by 25 percent the number of commitments to the Illinois Department of Corrections from a target population of non-violent, prison-bound offenders.

Read more by clicking on the following:  Winnebago, Boone awarded thousands to divert non-violent offenders from prison - News - Rockford Register Star - Rockford, IL

Electric cars may hold solution for power storage - latimes.com#axzz2osrVUV6J#axzz2osrVUV6J

By Evan Halper

December 29, 2013, 5:00 a.m.

 

The idea is that utilities would pay vehicle owners to store electricity in the batteries of electric vehicles when the power grid has a surplus and drain electricity back out of them when demand rises.

The plan takes advantage of a key fact about cars: They spend most of their time parked. The technology makes idle vehicles a source of storage for utilities and cash for car owners.

The "Cash Back Car" is how the concept is described by Jon Wellinghoff, the recently retired chair of the Federal Energy Regulatory Commission. "It provides another incentive for people to buy electric cars," he said.

The technology could solve a potentially serious problem. The power grid, a massive tangle of power plants, transformers and thousands of miles of wire, needs to maintain a steady and balanced flow of power. Sudden surges threaten crashes that can cause blackouts. That makes the stop-and-go nature of energy from the wind and sun a constant source of worry.

READ THE ENTIRE ARTICLE:  http://www.latimes.com/business/la-fi-electric-cars-20131229,0,5640652.story#ixzz2ossBAxUB

Most Americans don't know incandescent light bulb phase-out

 

The government began phasing out 100- and 75-watt light bulbs in 2012 and 2013 respectively. The elimination of 60- and 40-watt bulbs will have a much greater impact on U.S. consumers because they are the two most popular bulbs on the market, according to the electronics industry research firm IMS Research.

Lights out?

With a major shift on the horizon, some Americans are doing their best to take stock of the situation. It's still perfectly legal to buy incandescent light bulbs as long as supplies last — companies just can't import or manufacture any new ones. Osram Sylvania's survey found that 30 percent of those who are aware of the phase-out are planning to stockpile the leftover light bulbs.

Read more about this issue:  Most Americans don't know incandescent light bulb phase-out

Winnebago, Boone jobless rates heading wrong direction as 2013 ends - News - Rockford Register Star - Rockford, IL

- Alex Gary:

There was just one bright spot in the monthly unemployment snapshot. The city of Belvidere's jobless rate fell from 11.5 percent in November 2012 to 11.2 percent. Otherwise:

n The city of Rockford's rate was 12.8 percent, up from 11.8 percent in November 2012.

n The Winnebago County rate was 11.1 percent, up from 10.4 percent.

n Boone County's rate increased from 9.7 percent to 10.4 percent.

Click on the following for all of the article:  Winnebago, Boone jobless rates heading wrong direction as 2013 ends - News - Rockford Register Star - Rockford, IL

Quad Cities officials seek Boeing factory bid - News - Rockford Register Star - Rockford, IL

 

The (Moline) Dispatch reports the Bi-State Regional Commission sent a letter to the two states' governors asking them to promote a regional bid for the multibillion dollar assembly plant.

The letter was signed by community leaders in Moline, Rock Island, East Moline and Rock Island County in Illinois along with Iowa officials from Davenport, Bettendorf and Scott County.

Davenport Mayor Bill Gluba admits the bid's a "long shot."

Illinois is one of 22 states vying for the factory. A Boeing spokesman says the Chicago-based aerospace company is narrowing the list of potential location. A final section is expected in early 2014.

READ MORE OF THE  RRSTAR article:  Quad Cities officials seek Boeing factory bid - News - Rockford Register Star - Rockford, IL

The Quad-Cities officially threw its hat into the ring Monday for a new Boeing manufacturing plant that would provide 8,500 jobs.
The Bi-State Regional Commission sent a letter Monday to Illinois Gov. Pat Quinn and Iowa Gov. Terry Branstad asking them to join together to, "submit, at least, a letter indicating a bi-state effort is possible, with a fully detailed proposal to follow."
The letter was signed by Davenport Mayor Bill Gluba, Bettendorf Mayor Bob Gallagher, Rock Island Mayor Dennis Pauley, Moline Mayor Scott Raes, East Moline Mayor John Thodos, Rock Island County Board Chairman Phil Banaszek, and Scott County Board Chairman Larry Minard.
Mayor Gluba came up with the idea for the letter, which he said was written by city administrator Craig Malin ….

"Our bi-state region brings the home state of Boeing headquarters (Illinois) and an AAA bond rated state (Iowa) jointly to the competition. In addition, a principal supplier of Boeing, Alcoa, is added to the mix, along with a regional workforce with cutting edge skills and a long history of world class manufacturing."

Read more of the QC-online article  by clicking on the the following: http://qconline.com/archives/qco/display.php?id=664440