Commission OKs zone to allow tax credits
The Augusta Commission on Tuesday approved the creation of an Opportunity Zone, an area that allows tax credits to be offered to businesses that create two or more jobs.
The initial zone will follow the boundaries of an existing tax allocation district, which begins on River Watch Parkway, stretches toward downtown and then goes south to Tobacco and Windsor Spring roads.
The city's planning commission is examining other areas that would qualify for the $3,500-per-job-per-year tax credit.
Ex-CEO's firm does not have to reimburse AIG
NEW YORK — American International Group Inc. lost a big round Tuesday in its court battle against former CEO Maurice Greenberg.
In an advisory decision, a federal jury found that a private investment firm Mr. Greenberg controlled did not have to reimburse AIG for $4.3 billion in shares taken from a company retirement bonus fund in 2005, shortly after Mr. Greenberg was ousted as the insurer's CEO.
U.S. District Judge Jed S. Rakoff said he would issue a ruling by the end of August.
Regulators seek input on futures contracts
WASHINGTON — Federal regulators will examine whether the government should impose limits on the number of futures contracts in oil and other energy commodities held by speculative traders, the head of the Commodity Futures Trading Commission said .
The agency will hold a public hearing this month to gather views from consumers, businesses and market participants , CFTC Chairman Gary Gensler said in a statement. It will be the first in a series of hearings in July and August on various topics to determine how the commodities agency "should use all of its existing authorities to accomplish its mission," he said.
In other news
Oil prices fell for the fifth straight day Tuesday, with a barrel costing $10 less than it did one week ago when crude hit a high for the year. Benchmark crude for August delivery settled at $62.93 a barrel on the New York Mercantile Exchange, down $1.12.
Automotive parts supplier Lear Corp. filed for bankruptcy protection Tuesday after receiving support from lenders and bondholders to reorganize .
Plans for the world's largest wind farm in the Texas Panhandle have been scrapped, energy baron T. Boone Pickens said , and he's looking for a home for 687 giant wind turbines.
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