GM to sell Saab to Dutch carmaker
DETROIT - A small Dutch automaker will try to do what U.S. auto giant General Motors Co. couldn't - make money by selling Saab brand automobiles in an increasingly competitive global marketplace. GM signed a deal Tuesday to sell Saab to Zeewolde, Netherlands-based Spyker Cars NV for $74 million in cash plus $326 million worth of preferred shares in Saab. The deal hinges on a $550 million loan from the European Investment Bank, which the Swedish government on Tuesday committed to guaranteeing. The sale is a coup for Spyker and a lifeline for Saab, which has lost money ever since GM bought a 50 percent stake and management control for $600 million in 1989. The Detroit automaker gained full ownership in 2000 for $125 million more. Saab employs around 3,500 people in Sweden and was within days of liquidation as part of GM's restructuring.
- Associated Press
Nonprofit offers free tax preparation
The Baltimore CASH Campaign this tax season will have 18 sites in Baltimore and two in Baltimore County where tax filers can get free tax preparation. The service is available to singles with income last year under $25,000 and families that earned less than $49,000. The nonprofit announced the sites and details Tuesday. One new feature is that filers will have the option to have all or some of their tax refunds go into U.S. Savings Bonds. Four of the sites also will be able to help families fill out the FAFSA form that must be sent in to receive federal student aid. Call First Call for Help at 410-685-0525 to find sites offering free tax preparation.
- Eileen Ambrose
Home Depot to lay off 1,000 workers
NEW YORK - Home Depot Inc., the largest U.S. home-improvement retailer, said Tuesday it is laying off 1,000 staffers as it cuts three pilot programs and cuts some support positions. An internal memo sent to staffers by CEO Frank Blake said about 900 of the cuts stem from consolidating some support functions in its human resources, finance and other divisions. The rest come from the company closing a small-format pilot store in Wilson, N.C.; a temporary hurricane recovery outlet in Waveland, Miss.; and a clearance outlet in Austell, Ga. Blake said there were no plans to close any full-size stores. Home Depot has more than 300,000 workers.
- Associated Press
Consumer Confidence Index climbs
CHICAGO - Americans' confidence in the economy improved modestly in January for the third straight month, as they begin to feel slightly better about business conditions and the job picture, according to a survey released Tuesday. The Conference Board's Consumer Confidence Index increased to 55.9 - the highest in more than a year but still relatively gloomy. That compares with 53.6 in December. Economists watch confidence numbers because consumer spending accounts for about 70 percent of U.S. economic activity. It takes a reading of 90 to indicate an economy on solid footing and 100 or more to indicate growth.
- Associated Press
EBay changing pricing structure to sell
SAN FRANCISCO - EBay hopes to lure more sellers by essentially doing away with "listing" fees for people who occasionally auction items on its site. Instead it will take a cut of the final selling price. Changes like the ones being announced Tuesday are meant to encourage more people to list items for sale. EBay Inc. told sellers Tuesday that starting March 30 they will be able to post up to 100 items for auction every 30 days without paying fees to list them. The items must have a starting bid of less than $1, and when they sell eBay will take 9 percent of the final price or $50, whichever is less. Currently, eBay lets occasional sellers - the majority of the 28 million people who sell on its main site - auction up to five items for free every 30 days. It charges them 8.75 percent of the final price or $20, whichever is less.
- Associated Press
Volunteerism up among Americans
WASHINGTON - A million and a half more Americans volunteered during the span of a year ending in September 2009, a period marked by job losses and a faltering economy. About 63.4 million people ages 16 and older volunteered at least once between September 2008 and September 2009, according to a report released Tuesday by the U.S. Bureau of Labor Statistics. That's about a 1.6 million increase compared with the 61.8 million people who helped their communities in 2008, but not as many as the 65.4 million who lent a hand in 2005. A little more than one in four Americans volunteer, the report showed.
- Associated Press