Caterpillar Inc. said Montgomery is one of three sites in the Southeast under consideration for a “significant” manufacturing facility.
The heavy equipment manufacturer (NYSE: CAT) did not disclose details, but said also in the running are Spartanburg, S.C., and Winston-Salem, N.C.
Jim Dugan, chief corporate spokesman at Caterpillar, said in a statement that location analysis will continue through the summer and a final decision is expected by August.
Caterpillar is based in Peoria, Ill., and had 2009 sales and revenues of $32.4 billion. It manufactures construction and mining equipment, diesel and natural gas engines and industrial gas turbines, according to its website. Its products and components are manufactured in 50 locations throughout the United States and in 60 locations in 23 countries.
The official in charge of the $20 billion fund to compensate individuals and businesses hurt by the oil spill in the Gulf of Mexico pledged Friday to quickly create a system for processing claims.
"We will have a very transparent methodology in place," said Kenneth Feinberg, who was appointed earlier this week by President Obama to manage the compensation fund. "We’ll set up a protocol very quickly so that everybody can examine what’s expected."
BP agreed to establish the $20 billion fund Wednesday after company executives met with Obama in Washington. The company has said repeatedly that it will pay all legitimate claims related to the spill, which has become the worst environmental disaster in U.S. history.
Feinberg, an attorney who served as special master of the 9/11 victims fund and advises Obama on Wall Street pay issues, asserted that the fund will be independently managed. He emphasized that he is not aligned with the government or BP.
"I will be running an independent claims facility," he said. "It is my program as an independent force."
Feinberg made the comments after meeting with Mississippi Governor Haley Barbour in Jackson. He plans to meet with Governor Bobby Jindal of Louisiana later Friday.
He stressed that time is of the essence, saying that properly completed claims could be paid within 30 to 60 days of filing, once a protocol for processing them is complete.
But he acknowledged that there are challenges involved in verifying that damages are legitimately due to the spill. Larger claims may require more time for evaluation.
"Long-term payments will require sufficient corroboration so we can validate the claim," he said. Short-term, emergency payments will continue to be paid promptly.
BP deserves some credit for the steps it has already taken to process claims, Feinberg said, though it’s his job to improve the process.
The company has opened about 25 claims offices, and said this week that it has issued about 25,000 claims checks totaling $63 million.
Feinberg said the protocol for handling claims is still being hammered out and that critical decisions need to be made about where to draw the line as the damage from the spill ripples across the Gulf economy.
Another issue that has yet to be decided is whether to exempt BP from lawsuits once full payment of a claim has been made, he said.
Lawmakers ripped into BP chief Tony Hayward on Thursday, accusing him of being ill-prepared for congressional testimony and not cooperating with an investigation into the Gulf of Mexico oil spill.
In Hayward’s first congressional appearance since the April 20 disaster, lawmakers wanted to know if BP had cut corners in an effort to save money in the run up to the explosion.
Questions during the 7-1/2 hour hearing, which included two recesses, focused on the well’s design and the measures taken while BP was attempting to seal it before it exploded.
"Did BP make a fundamental misjudgment" in using one long piece of well casing instead of many shorter pieces, as other oil companies said they would have done, asked Rep. Henry Waxman, D-Calif.
"I wasn’t involved in that decision," replied Hayward, saying that the single piece was better for the well’s long-term stability.
Waxman produced transcripts from BP’s engineers saying that the single casing was "unlikely to be successful." Waxman said BP went ahead with it anyway to save $7 to $10 million.
Hayward said he was "not prepared to draw conclusions about this accident until the investigation is complete."
"This is an investigation," said Waxman. "Are you cooperating with other investigations? Because they’re going to have a hard time reaching a conclusion if you stonewall them, which it appears you are doing today."
Rep. John Dingell, D-Mich., wanted to know how much it would have cost BP to perform additional tests on the cement in the well.
"I cannot say," said Hayward.
Dingell also wanted to know how much it would have cost to circulate a heavier drilling mud through the pipes, which may have prevented the explosion.
"I cannot say," replied Hayward, again.
"We thought we’d have more candid responses to our questions," said Rep. Bart Stupak, D-Mich. " You’re the CEO, you headed exploration, you know what’s going on."
Criticizing Hayward for his lack of answers became a theme of the meeting.
"Clearly Mr. Hayward is not prepared to answer the questions," said Rep. Joe Barton, R-Texas. "Any one of us could do a better job."
Apology flap
Barton may have been trying to deflect criticism after an earlier incident in which he called BP’s agreement to set up a $20 billion fund for spill victims "a shakedown" by the Obama administration, and apologized to BP.
The comment drew immediate criticism, with Rep. Edward Markey saying the fund is "the American government working at its best," and both the White House and Speaker of the House Nancy Pelosi, D-Calif. issuing statements blasting Barton.
There were reports some Republican lawmakers from Gulf states were asking him to resign as ranking member of the committee, and Republican leaders issued a statement saying "Congressman Barton’s statements this morning were wrong."
Barton later retracted his apology to BP and said he was sorry for using the term shakedown.
"BP is responsible for this accident, should be held responsible, and should in every way do everything possible to make good on the consequences," he said. "If anything I’ve said this morning has been misconstrued in an opposite effect, I want to apologize."
Hayward gets emotional
Tensions in the hearing were apparent before Hayward began testifying, when he was was interrupted by a woman shouting unintelligibly, her face and hands painted with oil.
After a brief struggle with police, she was removed from the room and arrested. U.S. Capitol Police say the woman was charged with unlawful conduct.
Hayward began his testimony by waiving his right to legal counsel.
He struck an emotional tone in his prepared remarks, acknowledging the loss of life and apologizing to residents of the Gulf Coast.
"When I learned that 11 men had lost their lives in the explosion and fire on the Deepwater Horizon, I was personally devastated," he said. "I want to offer my sincere condolences to their family and friends."
He went on to talk about the Gulf Coast economy and environment.
"I want to speak directly to the people who live and work in the Gulf region: I know that this incident has profoundly impacted lives and caused turmoil, and I deeply regret that," he said.
Hayward had been criticized previously for a sometimes callous approach to the disaster, especially the comment a few weeks back that he’d "like his life back" and that the "environmental impact of this disaster is likely to have been very, very modest."
In opening statements short on bluster and long on details, lawmakers outlined a series of steps BP took in the lead-up to the explosion that appeared to put cost above safety.
"Why would a team be sent home before performing a test?" on the well, asked Rep. Mike Doyle, D-Pa., referring to one of the decisions in question. "BP had several warnings, but instead of treating the well with caution, it seems BP was only interested was completing the well quickly and cheaply."
The well exploded 59 days ago, killing 11 workers. Millions of gallons of oil are still spewing into the Gulf, resulting in what some are calling the worst environmental disaster in American history.
According to congressional documents and interviews with workers on the rig when it exploded, it appears BP chose faster, cheaper techniques for drilling this well, sometimes against the advice of their sub-contractors.
Hayward said there was "no evidence of reckless behavior," contradicting President Obama, who referred to the company’s "recklessness" during Tuesday night’s address to the nation.
Hayward also said no BP employees have been laid off as a result of the accident, and that he did not believe cost cutting led to the explosion.
"If there’s any evidence that anybody put costs above safety I will take action," he said.
"I can’t believe you said that," retorted Waxman. "Of course there’s evidence."
– CNN staff contributed to this report
The FBI is investigating a security breach of AT&T’s website that allowed hackers to access the e-mail addresses of iPad owners.
"The FBI is aware of these possible computer intrusions," an FBI spokesman said in an e-mailed statement. "We have opened an investigation to address the potential cyber threat." The Bureau did not comment on the scope of its investigation.
A hacker group called Goatse Security exploited a vulnerability on AT&T’s website to harvest the e-mail addresses that iPad 3G buyers provided to activate their devices. The group sent the information to tech and gossip blog Gawker, which reported that 114,000 e-mail addresses were exposed.
Without commenting on the vast scope of the alleged hack, AT&T (T, Fortune 500) acknowledged taking action to fix a security hole online payday advance.
The exposure connected subscribers’ e-mail addresses with their iPad ICC IDs, a unique identification number used to link devices with their owners. AT&T linked them so that users of Apple’s (AAPL, Fortune 500) 3G version of the iPad would not have to type in their e-mail addresses every time they wanted to access or change their AT&T account and billing settings.
AT&T said e-mail addresses were the only information that could have been exposed as a result of the glitch, and that it will inform all customers who may have been affected. The company would not comment on the FBI investigation.
General Motors has banned the use of the Chevy name in all of its corporate communications. From now on, the bow-tie brand will go by its proper name, Chevrolet.
It’s OK if you still call your car a Chevy. It’s just that GM won’t.
The problem, said Alan Batey, vice president of sales for Chevrolet in the U.S., is that in today’s Internet-connected world, documents and Web sites created for an American audience can be read by anyone, anywhere. And the use of two different names for one car brand — Chevy and Chevrolet — can cause confusion abroad.
While Chevy is a popular nickname for the brand in the U.S. and Canada, it’s not used in any of the other 130 or so countries where the brand is sold.
"I get calls from international colleagues asking me ‘What is a Chevy," said German-born GM spokesman Klaus-Peter Martin. "It takes quite a long time to explain to them."
Customers in other countries who want to learn more about Chevrolet and come across the name Chevy on a U.S.-based Web site might think it refers to a separate brand, he said.
But Chevrolet isn’t trying to shun its popular nickname, said Batey. GM still loves Chevy.
"[The nickname] says there’s a rapport and a relationship with the brand," said Batey bad credit payday advance. "We love it when people call us Chevy."
The memo that was sent out to GM employees even asked them not to use the Chevy name in conversation, Batey said. However, the ban on speaking the two-syllable word won’t be strictly enforced.
Existing advertising and corporate communications won’t be changed, he added, but the rule will be enforced in any materials produced from here on out.
Founded in 1911 as the Chevrolet Motor Co., Chevrolet was named for founding partner Louis Chevrolet, an early race car driver.
As part of the company’s push for global consistency, Batey added, more products — such as the upcoming Chevrolet Cruze compact car — will be sold globally using the same model name everywhere. Until now, the automaker often sold similar models under different names around the world.
"The brand is going to become an icon around the world," he said.
Since everyone already knows Chevrolet, Batey said, and everyone in the U.S. knows that it’s Chevy, Americans shouldn’t miss anything.
Business First rated 287 public and private elementary schools that participate in the statewide testing program for fourth graders.
Each school’s rating was based on four years of data from the New York State Education Department, covering the period from 2006 through 2009. The greatest weight was given to results from the most recent academic year.
Fifty percent of each school’s rating was determined by its students’ scores on the statewide English test for fourth graders. The other 50 percent was based on the statewide math test for fourth graders.
Each test from each year was analyzed twice. The formula considered the percentage of students who demonstrated superior skills, as well as the percentage with basic skills.
Superior is defined as a Level 4 score on either test. Basic is defined as a Level 3 or Level 4 score.
A total of 16 statistical indicators were analyzed for each school — two results per test, two tests per year, for four years.
Three types of schools were not rated:
1. Elementary schools that don’t extend to fourth grade.
2. Schools that have been open for less than two years, or that have not generated at least two years of test data.
3. Private schools that don’t participate in the statewide testing program.
The Wichita City Council will hold a public hearing Tuesday to consider a proposal for STAR bond financing for the Bowllagio mixed-used entertainment district in west Wichita.
The development is seeking $13 million in STAR bonds.
The 40-acre area on West Kellogg on both sides of Maize Road would be known as the Bowllagio Star Bond Project District, according to a memo prepared for the council by the city’s Office of Urban Development.
Developer Jay Maxwell has proposed to the council that the district include a world-class bowling alley and training facility and a museum dedicated to the history of bowling. Other aspects of the plan would be a restaurant, bar and hotel.
Maxwell says he has secured an agreement with Atlanta-based NYLO Hotels to build a boutique hotel on the site.
The council already took the first step toward possible approval of the STAR bonds at its May 4 meeting by setting up the hearing.
In its memo, the office of urban development recommended that following Tuesday’s hearing, the council should schedule a vote on whether to move forward with approval of the development for STAR bonds. The Kansas Secretary of Commerce also has to sign off on the project before the bonds can be finalized.
The hearing, set for 9:30 a.m. Tuesday, will be a part of the council’s regular meeting, which starts at 9 a.m. in the city council chambers at 455 N. Main.
The state has established STAR bonds, or sales tax and revenue bonds, for special economic development projects throughout the state.
Clifton Gunderson said it has acquired U.S. Tax Advantage LLC (USTA), an international tax consulting services firm.
Through the acquisition, which was announced Tuesday, Wauwatosa-based Clifton Gunderson will add 14 tax professionals, including partners Mark Gasbarra and Lester Fuwa. USTA has locations in New York, Boston, Chicago, Milwaukee and Houston.
Terms of the transaction were not disclosed.
The acquisition strengthens the talent and resources of Clifton Gunderson’s tax practice, said CEO Krista McMasters payday advance lender. USTA partners and staff have assisted many mid-market and Fortune 500 companies with their international tax requirements, she said.
Clifton Gunderson is the 14th largest U.S. accounting firm and the largest member of HLB International, one of the world’s largest networks of independent professional accounting firms and business advisors.
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