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Business

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Briefs

Albion firm to expand, add 21 jobs

An Albion manufacturer plans to invest $5 million in new equipment as it creates 21 new jobs, according to a tax abatement request filed with Noble County.

Busche Enterprise Division Inc., 1563 E. Indiana 8, is buying CNC – or computer-numerical controlled – equipment. The company machines and assembles complex castings and forgings for the durable goods and automotive industries.

The new jobs will pay $31,200, on average, for a total of $655,200, according to the filing.

The Noble County Council approved a 10-year tax break for the employer during its meeting Monday evening. The projected savings was not available.

I&Mís $38 million plan to add 5 solar facilities

Indiana Michigan Power plans to build and operate five solar generation facilities, adding another emission-free source of energy to the company’s portfolio, which includes nuclear, wind and hydro, officials said Tuesday.

If approved by the Indiana Utility Regulatory Commission, the $38 million Clean Energy Solar Pilot Project will have a combined generation capacity of about 16 megawatts, producing enough energy to power more than 2,500 homes for a year.

Facilities are tentatively expected to be in the Muncie-Marion area, South Bend area and in Michigan, but locations of all five facilities aren’t finalized.

Construction is tentatively set for early 2016, with completion expected later that year.

If approved by the IURC, the project would result in an increase in customer rates of less than 1 percent, an I&M statement said. The average electric customer uses 1,000 kilowatts monthly and pays about $100.

Jury acquits brother of hedge fund founder

The brother of an imprisoned ex-billionaire hedge fund founder was acquitted of conspiracy Tuesday, handing Manhattan prosecutors their first loss after dozens of insider trading convictions in prosecutions that relied heavily on wiretaps and the testimony of those who pleaded guilty.

After the verdict was announced, Rengan Rajaratnam hugged three attorneys before jurors even left the room. The smiling 43-year-old defendant then hugged his relatives and others before leaving the courthouse without commenting.

He still faces civil charges from the Securities and Exchange Commission.

Fordís safety recall affects 100,610 cars

Ford is recalling 100,610 vehicles in North America for various safety defects.

The company announced the six separate recalls Tuesday. No injuries, accidents or fires related to any of the defects have been reported, Ford said.

The largest recall, of 92,022 vehicles, affects the 2013-2014 Ford Taurus, Lincoln MKS and Police Interceptor sedans; 2013-2014 Ford Flex and Lincoln MKT crossovers; 2012-2014 Edge crossover; and 2014 Lincoln MKX crossover.

Consumer borrowing rises at slower pace

Consumers increased their borrowing at a slower pace in May than in the prior month.

Overall credit rose by $19.6 billion in May, down from a gain of $26.1 billion in April, the Federal Reserve said Tuesday.

The relatively modest increase should help to feed slow but steady economic growth, because consumers rely on debt to pay tuition, buy cars and shop.

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