Bill to increase tax credits for Ariz. business is OK'd
PHOENIX - The state House has approved a proposal that increases by 200 percent a tax credit for businesses that invest in research and development.
The bill is one of several tax credit or other cuts House Speaker Andy Tobin and fellow Republicans have either introduced or are planning this session to boost business. The measures come as Arizona is about to lose $1 billion in yearly revenue when a temporary sales tax expires in June. Also, business tax changes will cut about $567 million in revenue within five years.
The bill that passed Monday on a 46-14 vote now goes to the Senate. It increases credits the Arizona Commerce Authority can grant from $5 million a year to $15 million a year by 2015.
Macy's CEO: Penney deal with Stewart sickened him
NEW YORK - Macy's CEO Terry Lundgren testified on Monday that he hung up on home diva Martha Stewart after she called to inform him on Dec. 6, 2011, that the company that bears her name had signed a deal with J.C. Penney to open shops within most of the chain's stores.
He hasn't spoken to her since, even though the two used to be good friends.
"I was sick to my stomach," Lundgren - for whom the retail center at the University of Arizona in Tucson is named - testified on Monday in New York Supreme Court. "I can't remember hanging up on anyone in my life."
The testimony comes as Macy's Inc. and J.C. Penney Co. duke it out over the partnership with Martha Stewart Living Omnimedia. The trial focuses on whether Macy's has the exclusive right to sell Martha Stewart-branded cookware, bedding and other products.
US to probe stalling, surging in some Fords
DETROIT - The National Highway Traffic Safety Administration says it will investigate problems with stalling or surging engines in nearly 725,000 Ford cars and SUVs.
The probe affects Ford Escape and Mercury Mariner SUVs, and Ford Fusion and Mercury Milan sedans from the 2009 through 2011 model years. The vehicles can unexpectedly go into "limp home mode" at reduced power, the agency said Monday.
NHTSA and Ford have received almost 1,500 complaints about the problem. There were three crashes and one injury. The cars and SUVs haven't been recalled.
Dow, S&P down sharply over Italy econ worries
NEW YORK - Stocks are having a bad flashback to last spring, when fears about the European debt crisis sent the market spiraling lower. On Monday, election results in Italy showed a race too close to call, leaving investors fearful that the country will struggle to form a government that can move forward with reforms to revive the economy.
The Dow Jones industrial average posted its worst drop in more than three months. The Standard & Poor's 500, which had its first weekly decline of the year last week, piled on more losses Monday.
The Associated Press