You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Durum shortage ups pasta price
    CHICAGO – Too wet in spring. Too dry in summer. The weather was never just right southeast of Calgary for Kevin Auch’s 600 acres of durum wheat used to make pasta.
  • 3 current major issues impact small business
    NEW YORK – Small- business owners have their fair share of issues they need to stay on top of. These days they can add three more to the list.Gas prices are plunging. Fears about the Ebola virus are increasing.
  • Fed has power to limit banks
    WASHINGTON – The Federal Reserve has plenty of power to follow through on regulatory threats made to top bank executives aimed at curbing misbehavior on Wall Street, even if it can’t order firms to break up.
Advertisement
Briefs

Navistar adds 2 with Icahn ties

Heading off a proxy war, heavy truck and engine company Navistar is adding a colleague of activist investor Carl Icahn and a former protégé of his to its board.

Shares of Navistar added $1.60, or 7.5 percent, to close at $22.81 Monday. Over the past year, the stock has traded in a range of $19.79 to $48.18.

Navistar International Corp. said Monday that Mark Rachesky and Vincent Intrieri are now board members. Intrieri works for Icahn Capital LP. Rachesky runs MHR Fund Management LLC, a hedge fund that increased its stake in Navistar over the summer.

Icahn Capital and MHR each own a nearly 15 percent stake in Navistar.

The Lisle, Ill., company will add one more new director, to be approved by both Icahn and Rachesky, to its board.

The third new director will replace an as-yet unnamed board member.

Yahoo buyback urged by holders

Yahoo investors put off by a stock price that has barely budged this year are urging Chief Executive Officer Marissa Mayer to buy back shares rather than pay a dividend with the $3 billion raised from selling a stake in Alibaba Group Holding.

A buyback would give the signal that investors seek that Mayer has confidence in Yahoo’s growth prospects and in her ability to use innovative products to lure back users and advertisers who have defected to Google and Facebook.

A dividend, by contrast, may be seen as a tacit admission that management lacks fresh ideas to revive its business and must rely instead on regular cash outlays to hold on to investors.

With a buyback, Yahoo’s stock can double to $32 within a year, said Brett Harriss, an analyst at Gabelli & Co. Yahoo has said it will return proceeds from the Alibaba transaction to investors, without specifying when or how.

Local Web design firm giving away free site

A website design and consulting firm is offering local companies a shot at free services.

Fort Wayne-based eMedia Technologies Inc., 6317 Constitution Drive, is sponsoring a contest in which the winner receives an “e-commerce” website that will allow a business to sell products or services online. eMedia President and CEO Lee Pomerantz said the prize is worth $10,000.

To enter, companies must go to www.emediawebtools.com. From there, contestants are directed to eMedia’s Facebook page where they can register to win. The contest runs through Oct. 31.

For more information, call 673-0312.

Advertisement