Electric-car company is shutting down

Electric-car company is shutting down

jerusalem

It was an audacious idea that came to symbolize Israel’s self-described status as “Start-Up Nation,” a company that believed it could replace most gasoline-powered cars with electric vehicles and reduce the world’s reliance on oil — and all within a few years. But it all came crashing down.

The company, Better Place, started out as a source of pride and a symbol of Israel’s status as a global high-tech power, but it suffered from a local brand of hubris and overreach. On Sunday, it announced plans to liquidate after burning through almost a billion dollars and failing to sell its silent fleet of French-made sedans to a skeptical public.

NY’s tax-free plan is bold but uncertain

albany, n.y.

New York Gov. Andrew Cuomo is proposing a new way to lure high-tech companies and entrepreneurs by waiving all business and property taxes and even state income taxes for all their employees for up to 10 years if they move to New York and partner with a college campus.

As the governor touts the tax-free pitch as a major upstate economic development plan, policy experts say it’s a unique approach but warn it could backfire and hamstring the state’s economy. Either way, other states are watching closely.

Merkel vows to avoid trade war with China

berlin

German Chancellor Angela Merkel said Sunday she would use her country’s economic clout to prevent the European Union from imposing punitive tariffs on some Chinese products to avoid a trade war.

Germany will push for “very intense talks” between the EU and China to seek a negotiated solution as swiftly as possible, the leader of Europe’s biggest economy told visiting Chinese Premier Li Keqiang.

The EU Commission, the 27-nation bloc’s executive arm, accuses China of pricing its solar panels and some mobile telecom devices too cheaply, thereby flooding the European market, distorting competition and hurting European manufacturers.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .70, 32.31 —.08

Avalon Holdings,3.60.09

Clear Channel, .61 29.23 —.65

Cortland Bancorp, 10.30—.25

Farmers Nat., .126.35 —.02

First Energy, 2.20, 42.60—.39

FirstMerit Corp., .64,18.22 .00

First Niles Financial, .32,7.00.00

First Place Fin., .0041.00

FNB Corp., .48,11.75.13

General Motors,32.88.03

General Electric, .76,23.52—.14

Motors Liquidation, .0422.00

Huntington Bank, .20, 7.54.02

JP Morgan Chase, 1.52,53.65.30

Key Corp, .20,10.65.02

LaFarge, 17.30 —.07

Macy’s, .80, 49.22.24

Parker Hannifin, 1.72, 98.28—1.04

PNC, 1.76,71.10.16

RTI Intl. Metals,28.96.02

Simon Prop. Grp.,4.60,174.46.87

Stoneridge 10.743 .21

United Community Fin. 3.99.00

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.