Titan owns Denman Tire

Titan owns Denman Tire

youngstown

Titan Tire has completed its purchase of Denman Tire. The Quincy, Ill.-based tire company, a subsidiary of Titan International Inc., purchased a selection of Denman Tire’s assets for $4.4 million, including the Denman Tire name, tire specifications, patents, molds, various bladder tooling, customer lists and other items. The U.S. Bankruptcy Court for the Northern District in Ohio approved the sale last month, despite an attempt from a local investment group to save the Leavittsburg-based Denman Tire, which filed for Chapter 7 bankrupcy in March.

YSU-BizVeo collaboration

youngstown

The telecommunication-studies program at Youngstown State University has launched a collaboration with BizVeo, a portfolio company located in the Youngstown Business Incubator. BizVeo provides corporate education and communication to employees and customers through a secure Internet portal. Under the partnership, Bill Rusu, a telecommunications student at YSU, will use the university’s field and studio facilities to provide television and video content for BizVeo. This is the first ongoing collaboration between the Youngstown Business Incubator and YSU’s College of Fine and Performing Arts.

Advanced-energy tax elimination

columbus

The Ohio State Senate has approved legislation that will eliminate Ohio’s tangible personal-property tax on generation for advanced-energy-project facilities. The tax elimination will apply to all projects that begin construction before Jan. 1, 2012 and create Ohio jobs. Nuclear, clean-coal and cogeneration projects must produce energy by 2017, and all other projects must produce energy by 2013. Gov. Ted Strickland praised the passage of the bill in a statement last week.

Late slide: Stocks fall in last hour

NEW YORK

Traders gave in to another case of last-hour anxiety Monday and drove stocks to their lowest level in seven months.

The Dow Jones industrial average, down just 42 points at 3:15 p.m., was down 115, or 1.2 percent, by the close 45 minutes later. That extended the Dow’s sharp drop from Friday, when it lost 323 in response to a disappointing May jobs report. Broader indexes had steeper percentage drops than the Dow on Monday. The technology-focused Nasdaq composite index fell 2 percent. Treasury prices rose as investors again went in search of safe investments.

The last-hour selling, which followed a similar move Friday, also recalled the 2008 financial crisis, when traders decided the best strategy was to dump stocks just before the close.

Bank of America to pay $108 million

WASHINGTON

Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure. Fees for property inspections and landscaping far exceeded market rates.

The settlement, which seeks to refund money to about 200,000 borrowers, was announced Monday by the Federal Trade Commission. It is the largest mortgage-industry settlement for the agency, which oversees nonbanking functions such as debt collection. Bank of America purchased Countrywide in July 2008. The actions in the case took place before the acquisition.

Vindicator staff/wire reports