Goodyear to redeem notes
Goodyear Tire & Rubber Co. on Thursday announced an offering of $700 million in 10-year unsecured bonds. The Akron tire maker said it will use the net proceeds to redeem all of its $650 million in notes due in 2016.
Financial details were not included in the initial prospectus filed with the Securities and Exchange Commission. Goodyear said it will pay interest on the notes on May 15 and Nov. 15 of each year, with the first payment Nov. 15 this year. The notes mature on May 15, 2022.
New post office in Wadsworth
A full service U.S. Post Office will open inside Buehler’s in Wadsworth at 175 Great Oaks Trail on Tuesday. The Wadsworth community is invited to attend a 9 a.m. ribbon-cutting ceremony. Hours will be 9 a.m. to 5 p.m. Monday through Saturday.
Tax credits to help investors
A total of $20 million in New Market Tax Credits has been awarded to the Development Fund of the Western Reserve, which is affiliated with the Summit County Port Authority.
The tax credits will be offered to investors who in exchange would help fund stock or capital investments to help finance local community and economic development projects. The tax credits “could help build upon Northeast Ohio’s existing strengths while bringing new development to the region,” said U.S. Sen. Sherrod Brown, D-Lorain, who wrote a letter in support of the award of the tax credits.
Chase adds 350 Ohio workers
JPMorgan Chase & Co. is bringing more jobs to the Columbus area.
The financial giant, already the region’s biggest private employer with 19,000 jobs, announced today that it will add 350 new jobs.
Chase will invest more than $18 million to refurbish leased office space at two locations: at 1000 Polaris Parkway in Columbus and at 640 Polaris Parkway in Westerville.
The jobs will be in information technology, small business banking, wealth management and consumer banking.
P&G to cut 5,700 jobs globally
Consumer products maker Procter & Gamble Inc., based in Cincinnati, plans to cut 5,700 jobs globally by the end of the fiscal year ending in June 2013 as part of a cost-cutting plan. That amounts to about 10 percent of the company’s non-manufacturing work force. Procter & Gamble CEO Robert McDonald announced the moves at a Consumer Analyst Group of New York conference.
Procter & Gamble says it plans to save $10 billion by the end of the fiscal year ending in June 2016.
Google endorses ‘do not track’
Google Inc. said it will support an industry agreement to introduce a “do-not-track” button that will be embedded in Web browsers. “We’re pleased to join a broad industry agreement to respect the ‘do-not-track’ header ... that offers users choice and clearly explained browser controls,” Google Senior Vice President of Advertising Susan Wojcicki said.
Rates rise on mortgage rates
Mortgage buyer Freddie Mac said Thursday the interest rate on a 30-year loan rose to 3.95 percent. That’s up from last week’s rate of 3.87 percent, the lowest since long-term mortgages began in the 1950s. The average on a 15-year fixed mortgage rose to 3.19 percent from 3.16 percent.
U.S. food prices increase
Consumers will pay 2.5 percent to 3.5 percent more for food in 2012, unchanged from last month’s forecast, the Department of Agriculture said. Pressures on food prices are ebbing as larger crops lower commodity costs, USDA chief economist Joe Glauber said. “Where it looked like earlier this year we would see a bout of new inflation, now it looks like it will moderate,” Glauber said.
Compiled from staff and wire reports