Source: NY probing private-equity firms

September 3, 2012 at 12:00a.m.

albany, n.y.

New York’s attorney general is investigating tax strategies of some of the nation’s largest private- equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe.

The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

US Steel, union agree on tentative contract

pittsburgh

U.S. Steel and the United Steelworkers announced a tentative agreement Sunday on a three-year contract covering more than 16,000 workers at domestic facilities.

Details of the contract were not announced. The union said members will vote after reviewing details over the next few weeks.

The two sides had been negotiating since June on a contract to replace the existing pact, which expired Saturday.

U.S. Steel said the talks covered employees at domestic flat-rolled and iron ore mining facilities as well as tubular operations in Lorain, Ohio, and Fairfield, Ala.

Husky workers enter 100th day of strike

lima, ohio

The strike at a northern Ohio oil refinery has entered its 100th day without resolution.

The Lima News reported negotiations are slow at the Husky Energy Inc. refinery, raising tensions inside United Steel Workers Local 624. Some 240 employees went on strike May 25 over safety issues and working conditions.

Production at the refinery is continuing during the strike, with salaried employees doing the jobs of union members. The refinery puts out 155,000 barrels of oil a day.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 24.98 —.02

Avalon Holdings,3.83.18

Clear Channel, .73 65.09 —.50

Cortland Bancorp, 10.25.00

Farmers Nat., .126.08 .16

First Energy, 2.20, 43.71—.03

FirstMerit Corp., .64,15.69 —.10

First Niles Financial, .32,7.00.00

First Place Fin., .70.02

FNB Corp., .48,10.94—.08

General Motors,21.35.24

General Electric, .68,20.71.07

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.59.05

JP Morgan Chase, 1.20,37.14.24

Key Corp, .20,8.43.03

LaFarge, 11.85 .20

Macy’s, .80, 40.31.01

Parker Hannifin, 1.64, 79.98.69

PNC, 1.60,62.16.12

RTI Intl. Metals,21.71—.03

Simon Prop. Grp.,4.20,158.701.29

Stoneridge 6.32 —.01

United Community Fin. 2.91.07

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