Monday Evening Business Brief
March 24, 2014, 5:22 PM
- A sell-off in technology stocks today dragged down the stock market as investors unloaded some of the biggest names in the industry. Netflix fell 7 percent, Facebook fell 5 percent, and Google and Amazon.com each fell more than 2 percent. The Nasdaq lost 50.4 points, or 1.2 percent.
- The U.S. Energy Department has given conditional authorization for liquefied natural gas to be exported from a proposed terminal in Coos Bay, on the Oregon coast. The $7 billion project is led by Calgary, Alberta-based Veresen, Inc., and includes a 230-mile pipeline and a plant that would cool the gas into a liquid state for shipment on tankers.
- J.C. Penney's reinstalled CEO Mike Ullman is poised to get a big pay increase as the department store chain shows some signs of a turnaround. J.C. Penney Co. could increase Ullman's base salary to $1.5 million for this year, from $810,606 in the fiscal year that ended Feb. 1, according to a Securities and Exchange Commission filing today. He could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus.
- Verizon Wireless has announced plans to hire more than 400 new employees throughout Georgia. Verizon officials say in a statement that the company plans to hire more than 430 full-time employees in the state this year. Officials say the company is hiring workers for more than 200 positions at call centers in Alpharetta and Milton, in north Fulton County.
- Mexican authorities have detained the owner of a Mexican oil services company who allegedly defrauded Citigroup and may have used his professional soccer team to launder money. An official at Mexico's Attorney General's Office said today that Amado Yanez showed up for questioning in the case Saturday. The official was not authorized to be quoted by name. Yanez has been held since Sunday pending a prosecutors' request that a judge authorize a form of house arrest for him for up to 40 days.
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