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Business news briefs — March 31

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LOCAL BUSINESS

Stow showcase set

The 14th Stow-Munroe Falls Community Showcase featuring businesses will be Saturday and Sunday, featuring about 200 exhibitors. Admission is free.

It is being organized by the cities of Stow and Munroe Falls, the Stow-Munroe Falls City Schools and the Stow-Munroe Falls Chamber of Commerce.

Sponsors are: Tallmadge Asphalt Paving Co.; Record Publishing; The Gables of Hudson & The Gables of KentRidge; Highpoint Lawn Service; Akron General Health & Wellness Center, North; Ohio Foot and Ankle Center; Summa Western Reserve Hospital; Stow-Glen Retirement Village; Teresa’s Pizza and the Stow-Munroe Falls Lions Club.

Hours are 10 a.m. to 5 p.m. Saturday and 11 a.m. to 4 p.m. Sunday at Stow-Munroe Falls High School at 3227 E. Graham Road.

AUTO INDUSTRY

Hyundai salary revealed

Hyundai Motor Co. Chairman Chung Mong Koo revealed his salary for the first time after South Korea stepped up disclosure rules for executive pay to enhance transparency at the nation’s family-run business empires. The billionaire received $13 million in annual compensation from Hyundai Motor, Hyundai Mobis Co. and Hyundai Steel Co., according to annual reports.

Chung, 76, is the nation’s wealthiest man required to unveil his pay after South Korea began mandating its biggest companies to provide more executive-compensation details amid increasing scrutiny of family-run industrial groups.

Chrysler sets target

Fiat SpA Chief Executive Officer Sergio Marchionne said the Italian automaker will have the potential to boost annual deliveries as much as 55 percent to 7 million vehicles following the merger with Chrysler Group LLC.

Marchionne, who will unveil his strategic plan for the combined company in May, has said that automakers will need to sell in the magnitude of 7 million vehicles per year in the future to remain competitive. Fiat and Chrysler deliveries this year will total 4.5 million to 4.6 million vehicles, he said.

Cruze has axle problem

General Motors Co. recalled some 2013 and 2014 Chevrolet Cruze compact cars with 1.4 liter engines for front axle half-shaft replacement. Dealers were ordered last week to stop selling the models.

The order affects 20,000 1.4 liter gasoline-turbo cars, or about one-third of all Cruze inventory at dealers, GM said. The Cruze is assembled at GM’s plant in Lordstown.

GM said it’s aware of “several dozen” half-shaft fractures through warranty data used to fix Cruzes with manual transmissions which were recalled in September. The latest recall will replace a right front axle half-shaft that can break and separate, causing loss of power to the wheels.

Separately, more than 1.5 million other GM cars are being recalled for a steering defect, and the company now estimates the recent spate of recalls will cost it about $750 million.

The power steering defect, which covers a range of compact and midsize cars from 2004 through 2010 model years, is not related to the company’s recently expanded ignition-switch recall — but some of the vehicles affected by the new recall are also affected by the ignition switch issue.

WALL STREET

Dow gains 134 points

The Dow Jones industrial average on Monday rose 134.60 points, or 0.8 percent, to 16,457.66. The Standard & Poor’s 500 index rose 14.72 points, or 0.8 percent, to 1,872.34 and the Nasdaq composite rose 43.23 points, or 1 percent, to 4,198.99.

Trading marked the last day of the first quarter of 2014, which has seen the stock market move mostly sideways. The Standard & Poor’s 500 rose 1.3 percent in the first three months of 2013. The Dow Jones industrial average lost 0.7 percent so far, and the Nasdaq composite is up 0.5 percent. It was S&P 500’s fifth-straight quarterly gain. It was also the index’s worst quarter since the fourth quarter of 2012.

The Barclays Aggregate Bond Index, a broad measure of the bond market that includes Treasurys, corporate and other types of bonds, is up 1.9 percent this quarter.

Even gold did well this quarter. After getting slammed in 2013, gold rose nearly 7 percent in the first quarter of 2013.

Compiled from staff and wire reports.


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