Tax breaks for businesses OK'd
The Internal Revenue Service agreed yesterday to a tax break for businesses that could cost the government billions of dollars in revenue.
The decision, likely to affect the smallest family farm and the largest corporation, reverses the IRS position on the tax treatment of hedges -- transactions used by businesses to protect themselves from fluctuations in interest rates, foreign currencies and commodity prices. Following an unfavorable and unanimous U.S. Tax Court ruling in June, the IRS said it is abandoning a 5-year-old position that prevented businesses from fully writing off the losses of many hedging transactions.
GM considers voluntary transfers
To solve one of its most vexing problems, too many workers at some factories and not enough at others, General Motors Corp. may let 220,000 active United Auto Workers volunteer for transfers to the factories they like most. Officials from both sides confirmed transfers of workers and the trimming of GM's payments to jobless workers were among the last few issues holding up a settlement.
The UAW announced yesterday that its 400-member GM National Bargaining Council will meet in Detroit Thursday. The announcement had the effect of setting a deadline, since an agreement would have to be finalized today for it to be formally presented to the council Thursday.
Euro Disney to cut 950 jobs
Euro Disney, the American-style theme park struggling to make an overseas hit of Mickey, Donald and Goofy, announced yesterday that it will eliminate 950 of its 11,100 jobs.
The reductions are the latest in a series of cost-cutting moves designed to stem mounting losses at the park, which is located )) outside Paris.
Martin gets more funds on contract
The U.S. Army has awarded Martin Marietta Corp. an additional $58.02 million for delivery of 63 helicopter night-vision systems to the Army and several international customers, including Greece, Saudi Arabia, the United Arab Emirates and Egypt.
The funding represents completion of negotiations on an Army contract awarded in 1992. Together with previous funding of $68.6 million, the contract exceeds $126 million.
Court rules on stockholders' rights
Stockholders must be permitted to have a say in company practices that discriminate against employees, a federal judge has ruled.
The ruling, issued late Friday in New York by U.S. District Court Judge Kimba Wood, clears the way for shareholders of Cracker Barrel Old Country Store Inc. to vote on the company's policy of refusing to hire homosexuals.