Regional Business Digest
REGION
Benefits sessions planned for GM salaried retirees
POLAND — General Motors Corp. retirees who were salaried employees are invited to attend sessions about health-care benefits, which are expected to terminate Jan. 1, 2009.
Two sessions are scheduled for both Wednesday and Thursday, starting at 10:30 a.m. and 2 p.m., at Sunrise Assisted Living, 335 W. McKinley Way.
Seating is limited. Call Nick Pupino at (330) 757-6065 to make reservations.
Area jobless rates increased in July
COLUMBUS — Youngstown’s unemployment rate for July jumped 1.1 percent to 9.7 percent, according to information the Ohio Department of Job and Family Services released this week.
Mahoning County’s jobless rate reached 7.8 percent, up 0.7 percent from June.
NATION
Company voluntarily recalls kerosene
CORAOPOLIS, Pa. — A gas storage company has issued a voluntary recall of kerosene in parts of four states, including Ohio, because of concerns it might contain gasoline and be explosive.
Pittsburgh Terminals Corp., of Coraopolis, issued the recall late Wednesday after a station in Erie reported problem with its kerosene. The fuel was tested and found to be mixed with gasoline, a problem Pittsburgh Terminals traced to a malfunctioning valve at its storage facility about 10 miles west of Pittsburgh, said company spokesman John Arnold.
People who bought kerosene between May 1 through Tuesday in western Pennsylvania, eastern Ohio, northern West Virginia and southwestern New York should return it to wherever they bought it, Pittsburgh Terminals said.
GM, Navistar table plans for sale of truck business
WARRENVILLE, Ill. — General Motors Corp. and Navistar International Corp. have dropped immediate plans for GM to sell its medium-duty truck business to Navistar, citing market and economic changes.
GM and the Warrenville, Ill.-based commercial truck maker both said Wednesday that they decided against renewing the sale’s memorandum of understanding, which has expired.
The companies said that Detroit-based GM will keep running the business while also continuing to review strategic options for it, including continued discussions with Navistar.
The companies originally said in December that they had reached a tentative agreement for the sale. Financial details were never released.
world
Saudi Arabia opens up stock market a bit
DUBAI, United Arab Emirates — Saudi Arabia has decided to give outsiders limited access to the country’s stock market — a move that could open up the Persian Gulf’s largest market to increased foreign investment.
The decision, announced Wednesday by the country’s Capital Market Authority, will allow certain authorized market players to enter into financial transactions known as swap agreements with nonresident institutional or individual foreign investors.
Although the new regulations do not allow foreigners to own shares of Saudi companies outright, they do for the first time let outsiders reap economic benefits of the shares.
Previously, foreign investors outside the Gulf could invest in Saudi stocks only indirectly through mutual funds.
Vindicator staff and wire reports