Nebraska company plans S.C. cold-storage warehouse
NORTH CHARLESTON A Nebraska company will create nearly 90 jobs when it builds a cold-storage warehouse in North Charleston.
The S.C. Commerce Department said Millard Refrigerated Services’ distribution facility will cost $42 million and employ 87. The plant will freeze and store poultry, pork and beef for export.
Work on the building should begin in the spring with hiring to start in the summer. The plant is expected to begin operations in 2014.
The Omaha, Neb., company, founded in 1963, has three dozen facilities in North America.
GM repurchasing government shares
DETROIT The U.S. Treasury Department said Wednesday it will sell its remaining stake in General Motors in the next year or so, winding down a $50 billion bailout that saved the iconic U.S. car giant but also set off a heated debate about government intervention in private business. Taxpayers will lose roughly $10 billion on the deal.
GM has done well over the past three years, piling up $16 billion in profits. Now it looks forward to losing the stigma of government ownership – including the derisive moniker “Government Motors” – that it claims cost it sales.
GM will spend $5.5 billion to buy back 200 million shares from the Treasury. That will leave the government with 300 million shares, which it plans to sell during the next 12 to 15 months.
Bank to pay $1.5 billion over rate-rigging scandal
GENEVA Swiss bank UBS agreed Wednesday to pay $1.5 billion in fines for trying to manipulate a key interest rate that affects borrowers around the world.
UBS, Switzerland’s largest bank, said some of its employees tried to rig the LIBOR rate – short for London Interbank Offered Rate – in several currencies. The rate is set daily using information that banks provide and is used to price trillions of dollars in contracts around the world, including mortgages and credit cards.
The Associated Press