Business news in brief

A man crosses an avenue during a transportation strike in Buenos Aires, Argentina, Tuesday, March 31, 2015. Many businesses were shuttered and streets were mostly empty Tuesday as the country's transportation unions called a nationwide strike to protest income tax rates and high inflation in the South American country.
A man crosses an avenue during a transportation strike in Buenos Aires, Argentina, Tuesday, March 31, 2015. Many businesses were shuttered and streets were mostly empty Tuesday as the country's transportation unions called a nationwide strike to protest income tax rates and high inflation in the South American country.

Enviro Tech plant in Helena dedicated

Enviro Tech, a Modesto, Calif., firm focused on food safety and water treatment, dedicated on Tuesday its $8 million, 110,000-square-foot facility at the Helena Harbor. In 2011, Enviro Tech said it would locate a manufacturing facility in Helena-West Helena, with a $1.5 million investment and 30 new jobs originally announced. By July 2012, the company announced plans to expand the facility, investing an additional $4 million and adding up to 40 more jobs. Company officials say they hope to employ up to 80 people by the end of the year. At the Helena Harbor, the company will develop products to sanitize meat and poultry and fight organisms such as E. coli and salmonella. Enviro Tech has earned 14 Environmental Protection Agency “parent” registrations, and Enviro Tech’s research and development team holds 25 U.S. patents.

— David Smith

Murphy Oil paid chief $10.6M in 2014

Roger Jenkins, president and chief executive officer of Murphy Oil Corp. earned almost $10.6 million in total compensation in 2014, according to Murphy's proxy filing with the federal government.

Jenkins was paid $1.29 million in salary, $2.2 million in incentive plan compensation, about $6.8 million in stock and option awards and $252,497 in other compensation.

Kevin Fitzgerald, executive vice president and chief financial officer, was paid about $2.5 million.

Walter Compton, executive vice president and general counsel, was paid about $2.4 million and Bill Stobaugh, executive vice president, made about $2.8 million.

Todd Montgomery, vice president, was paid about $1.2 million.

-- Jessica Seaman

Detroiters line up to avoid losing homes

DETROIT -- As many as 17,000 Detroit-area property owners have entered into payment plans hoping to avoid losing their homes to tax foreclosure, and that number will likely rise.

Hundreds of applicants lined up before 7 a.m. Tuesday outside the Wayne County treasurer's office in Detroit before the tax repayment plan deadline. Chief Deputy Treasurer David Szymanski said between 15,000 and 17,000 property owners have signed up so far.

Homeowner Kevin Franklyn said he hopes to reach a deal on at least $15,000 he owes on his Detroit home and rental properties. Franklyn said he fell behind when tenants defaulted on rent.

City and county officials urged state lawmakers to pass foreclosure prevention bills and Gov. Rick Snyder signed legislation to cut interest rates, reduce down payments and cap past-due taxes.

-- The Associated Press

Transportation strike stalls Argentina

BUENOS AIRES, Argentina -- Many businesses were closed and streets were mostly empty Tuesday as transportation unions brought Argentina to a standstill with a one-day, nationwide strike to protest income tax rates and high inflation.

While transportation workers represent only a small part of the South American country's workforce, shutting down the subways, trains and buses created a domino effect because many Argentines have no other way to get to work or get children to school.

Many domestic and international flights going into the country were canceled, as transportation unions represent many airport workers. Some schools canceled classes, and others announced half-days as many teachers had trouble getting to work.

Members of the Socialist Workers party blocked the main routes into Buenos Aires, making it difficult for people to get into the capital.

The unions argue that high taxes and inflation around 35 percent have eroded wage gains the past couple of years. They also want to raise the minimum income on which taxes are applied.

The 24-hour strike was called for Tuesday after weeks of negotiations between the government and the unions collapsed.

-- The Associated Press

Comcast to create $4B investment firm

Comcast Corp. is creating a new company with Chief Financial Officer Michael Angelakis that will focus on investments in growth businesses around the world.

The new firm will have capital commitments of as much as $4.1 billion, with $4 billion coming from Philadelphia-based Comcast. Angelakis, who joined the largest U.S. cable company in 2007, will invest at least $40 million personally, according to a statement Tuesday.

Technology giants such as Cisco Systems Inc., Intel Corp. and Google Inc. have used venture funds to reap financial returns while also incubating startups focused on promising new technologies and businesses. In this case, Angelakis may have sought a career move at the same time Comcast was looking for investment opportunities, said Andrew Hamerling, a money manager at Wavelength Asset Management LLC, which owns shares in Comcast and Time Warner Cable.

The CFO, who will remain a senior adviser when a successor is found, is taking a new role while Comcast awaits regulatory approval for its $45.2 billion plan to buy Time Warner Cable Inc. Angelakis will assist with the transition to the new finance chief and begin the integration process for the Time Warner Cable deal.

The new company will have an exclusive, 10-year partnership with Comcast as sole outside investor.

-- Bloomberg News

Fast-food labor organizers plan events

NEW YORK-- Fast-food labor organizers are expanding the scope of their campaign for $15 an hour and unionization, this time with a day of actions including on college campuses.

Kendall Fells, organizing director for Fight for $15, said Tuesday that the protests will take place April 15 and are planned to include actions on about 170 college campuses, as well as cities around the country and abroad.

Among those joining fast-food workers and their supporters will be home health care aides and child care and Wal-Mart workers, he said. The plans are a continuation of a campaign that began in late 2012.

The push is being led by the Service Employees International Union and has included demonstrations around the country to build public support for raising pay for fast-food and other low-wage workers, though turnout has varied from city to city. In May, the campaign reached the doorsteps of McDonald's headquarters in Oak Brook, Ill., where protesters were arrested after declining to leave the property ahead of the company's annual meeting.

-- The Associated Press

Business on 04/01/2015

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