Protesters rally at FirstEnergy meeting

May 22, 2013 at 12:00a.m.

morgantown, w.va.

At least 200 union workers picketed FirstEnergy’s annual shareholder meeting in West Virginia on Tuesday, demanding the Ohio-based utility hire enough people to keep the power on without forcing an ever-shrinking labor force to work as many as 1,800 hours of overtime a year.

Chuck Cookson, First-Energy executive director of labor relations and safety, said the company is offering an 8.5 percent wage increase over four years as part of the ongoing negotiations for a new contract, but it must have more flexible work rules in exchange so it can respond quickly to outages.

But Bob Whelan, president of the Utility Workers Union of America Local 102, said the number of employees has dropped steadily since 1996, with a 40-percent reduction in the number of linemen, the workers who reset power poles, string lines and restore service after accidents and storms.

Apple’s CEO faces questions on taxes

washington

The Senate dragged Apple Inc., the world’s most- valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes. Cook said the subsidiaries have nothing to do with reducing its U.S. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations.

The Senate subcommittee released a report Monday that held up Apple as an example of the legal tax avoidance made possible by the U.S. tax code. It estimates that Apple avoided at least $3.5 billion in U.S. federal taxes in 2011 and $9 billion in 2012 by using its tax strategy.

JPMorgan’s CEO easily survives vote

tampa, fla.

Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation’s largest bank. But shareholders sent a message that the bank needs better oversight by giving only narrow approval to three of the bank’s board members.

It was a mixed verdict in a closely watched test of corporate governance at U.S. companies. Dimon emerged in a stronger position after the proposal to split his roles won just 32 percent of the shareholderSFlbvote, less than the 40 percent a similar proposal got last year.

Microsoft unveils Xbox One console

redmond, wash.

Microsoft thinks it has the one.

The company unveiled the Xbox One, an entertainment console that wants to be the one system households will need for games, television, movies, sports and other entertainment. It will go on sale later this year, for an undisclosed price.

The stakes are high as Microsoft, Sony and Nintendo are all using their latest machines not only to draw gamers but also to command the living room.

Vindicator wire services

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .70, 32.94 .15

Avalon Holdings,3.51—.09

Clear Channel, .61 30.69 —.56

Cortland Bancorp, 10.25.00

Farmers Nat., .126.26 —.09

First Energy, 2.20, 43.87.57

FirstMerit Corp., .64,18.58 .14

First Niles Financial, .32,7.00.00

First Place Fin., .0019.00

FNB Corp., .48,11.81—.10

General Motors,33.40—.30

General Electric, .76,23.66.09

Motors Liquidation, .0422.00

Huntington Bank, .20, 7.69—.04

JP Morgan Chase, 1.52,53.02.73

Key Corp, .20,10.86.01

LaFarge, 17.60 .26

Macy’s, .80, 49.43.58

Parker Hannifin, 1.72, 100.96.38

PNC, 1.76,72.20.92

RTI Intl. Metals,29.26.19

Simon Prop. Grp.,4.60,180.231.27

Stoneridge 10.49 .02

United Community Fin. 3.96.08

Selected prices at 4 p.m. Tuesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.