German automaker Daimler AG says it’s reached a deal to get rid of its 19.9 percent stake in Chrysler LLC.
Under the deal, Daimler AG will forgive the loans it extended to Chrysler when it sold most of the company to Cerberus Capital Management LP in 2007.
Daimler also agreed to pay $200 million into Auburn Hills, Mich.-based Chrysler’s pension plan when the deal takes effect and in each of the two years afterward.
The agreement is expected to reduce Daimler’s second-quarter earnings before interest and tax by about $700 million.
Daimler had previously written down the value of its Chrysler stake to zero.
Two people with knowledge of the talks say online video site Joost is shopping itself around to different cable TV operators. They spoke on condition of anonymity because they were not authorized to comment on confidential negotiations.
The two say that Time Warner Cable Inc., the No. 2 cable company, has expressed interest. One of them says Comcast Corp., the nation’s largest cable TV operator, has already rejected any acquisition of Joost.
Comcast already owns a competing site, Fancast, which also streams TV shows, movies, clips and other video.
Labor leaders are dedicating a national memorial today to honor the more than 5,000 workers who lose their lives on the job each year.
The National Workers Memorial will be located on the campus of the National Labor College, just outside the nation’s capitol in Silver Spring, Md.
AFL-CIO Secretary-Treasurer Richard Trumka bought the first $125 brick in honor of his father, Frank, who died of black lung disease after working as a coal miner in Pennsylvania.
The Treasury Department says it will need to borrow $361 billion in the current April-June quarter, a record amount for that period.
It’s the third straight quarter the government’s borrowing needs have set records for those periods. The all-time high in borrowing needs for any quarter was $569 billion set in the October-December period.