Business news at a glance
Chrysler reports $690 million first quarter loss
DETROIT – Chrysler Group saw big sales gains in the first quarter thanks to the new Jeep Cherokee and Ram pickup, but its results were overshadowed by charges related to its merger with Italian automaker Fiat SpA.
Chrysler lost $690 million in the January-March period. Without one-time charges related to the merger, the company’s net income more than doubled to $486 million. In January, Fiat paid $3.65 billion to a union-run health care trust to acquire Chrysler’s remaining shares.
UK company to track planes after Malaysian loss
LONDON – Inmarsat Plc, a provider of global mobile satellite communications services, said it will offer free basic tracking services for planes flying over oceans in the hope of preventing another incident such as the loss of Malaysia Airlines Flight 370.
The British company said Monday that the service is being offered to all 11,000 commercial passenger aircraft already equipped with an Inmarsat satellite connection – most of the world’s long-haul commercial fleet.
“This offer responsibly, quickly and at little or no cost to the industry, addresses in part the problem brought to light by the recent tragic events around MH370,” said Inmarsat CEO Rupert Pearce.
FCC revising Internet rules after public backlash
WASHINGTON – Federal Communications Commission Chairman Tom Wheeler is broadening the scope of his proposed open Internet rules and suggesting tougher standards for Internet providers who wish to create paid priority fast lanes on their networks.
According to an FCC official, Wheeler made revisions after the commission received 35,000 public comments -many of them expressing outrage. The FCC first briefed reporters on the proposed rules last month.
Wheeler, a Democrat, also tweaked his proposal after the five-member commission’s two other Democrats expressed concern.
The Associated Press
Business news at a glance
Mining group seeks court review of coal dust rule
WASHINGTON – The mining industry is seeking a court review of the Obama administration’s new rule aimed at cutting the amount of coal dust in coal mines.
The National Mining Association, the Alabama Coal Association and others filed the petition Thursday with the U.S. Court of Appeals for the Eleventh District in Atlanta.
On Friday, the National Mining Association asked the Labor Department’s Mine Safety and Health Administration to postpone the effective date of the rule pending judicial review.
Oil rises; U.S. job gains offset by supply concerns
The price of oil rose Friday as a report showed a big gain in new jobs in the U.S. But gains were tempered by ongoing concerns about record oil supplies.
Benchmark U.S. crude oil for June delivery gained 34 cents to $99.76 a barrel on the New York Mercantile Exchange.
Prices fell below $100 earlier in the week, mostly due to a surge in U.S. supplies of crude oil, which rose to a record 399.4 million barrels, according to the Energy Department.
Couple holds out hope for missing bounce house
ANCHORAGE, Alaska – The Anchorage owners of an inflatable games business are hoping to get one of their rentals back.
A big one.
Michelle Appel tells the Anchorage Daily News that a customer nearly two years ago rented a king-size bounce house from her business, For Fun Alaska, but never returned the $4,000 item.
The device is called the Big Big Bouncer. It would be hard to miss with its scheme of primary colors.
Plus, it’s 20 feet across and about 15 feet tall.
Company puts Naked Cowboy in new undies
NEW YORK (AP) – It’s a natural fit. Fruit of the Loom is launching its new boxer briefs for men with the help of Times Square favorite the Naked Cowboy.
The New York City fixture – real name Robert Burck – who reached fame by strumming his guitar clad in only his underwear, cowboy boots and a cowboy hat, will help launch the new line with promotions beginning Tuesday.
While he usually wears traditional white briefs, the marketing campaign will see him switch to Fruit of the Loom’s new underwear, which have tapered legs to prevent them from riding up.
Wynn wins $7.5M against ‘Girls Gone Wild’ founder
CARSON CITY, Nev. – The Nevada Supreme Court has upheld Steve Wynn’s $7.5 million judgment in a civil defamation case against “Girls Gone Wild” founder Joe Francis.
A three-justice panel in an order dated Thursday rejected arguments by Francis that a default judgment granted by a Clark County judge in 2012 should be set aside because his attorneys had withdrawn and he was unable to defend himself.
Local bank stocks reported
First Niles Financial held steady in trading Friday, closing at $7.50 per share. Cortland Bancorp gained 25 cents to close at $11.50 a share on Friday.
Staff, wire reports