Northwest Mining Association changes name
The 119-year-old Northwest Mining Association has chosen a new name to better reflect the geographic diversity in its membership.
With 2,400 members from 42 states, seven Canadian provinces and 10 other countries, “Northwest” no longer accurately described the Spokane-based trade association’s constituent base, said Rich DeLong, past president.
The new name, American Exploration & Mining Association, was chosen after an 18-month review process with input from members.
The association has developed a national reputation for its work on behalf of the mining industry, including work on environmental and public lands issues, DeLong said. The mission of educating the public and policymakers about the importance of minerals will continue, he said.
The association’s new website is www.miningamerica.org.
Fiat announces deal for Chrysler complete
DETROIT – Fiat said Tuesday it has completed a $4.35 billion deal to acquire all of Chrysler’s remaining shares from a union-managed trust.
The deal was scheduled to close by Monday but had to be delayed because banks were closed for the Martin Luther King Day holiday.
Completion of the deal brings to a conclusion Chrysler Group LLC and Fiat SpA CEO Sergio Marchionne’s nearly five-year quest to merge the two automakers both operationally and financially. It also effectively means that Chrysler is fully owned by Fiat, even though it will retain its presence in Michigan.
The deal also resolves a lawsuit between Fiat and the UAW trust over the value of the shares and averts a potentially complicated initial public offering for Chrysler that the United Auto Workers’ Retiree Medical Benefits Trust could have forced the automaker to undertake.
Pimco COO Hodge replaces CEO El-Erian
NEW YORK – One of the world’s most-watched investors is leaving Pimco in a set of leadership changes at the giant money manager.
Mohamed El-Erian will leave Pacific Investment Management Co. in mid-March, according to the company’s parent, Allianz. El-Erian is Pimco’s CEO and, along with famed investor William Gross, is co-chief investment officer. Allianz gave no explanation for the departure.
Chief Operating Officer Douglas Hodge will become CEO, and Pimco founder Gross will stay as chief investment officer, Pimco said.
Pimco has struggled in the face of rising interest rates in the past year. Investors have pulled billions of dollars out of its flagship bond fund, the Pimco Total Return Fund. In the past 12 months, the fund lost 4 percent, according to FactSet.
Lawsuit against Corzine can proceed, judge says
NEW YORK – A U.S. regulatory agency’s lawsuit can proceed against former New Jersey Gov. Jon Corzine over the collapse of a brokerage firm in one of the nation’s largest bankruptcies, a federal judge said Tuesday.
The judge said allegations by the agency, the Commodity Futures Trading Commission, provide “reasonable inferences” that Corzine illegally transferred funds from customer-segregated accounts as CEO of the New York City-based MF Global Holdings Limited. More than $1 billion in customer money vanished. A former MF Global assistant treasurer is also accused.
Corzine is a former co-chairman of Goldman Sachs, a former Democratic U.S. senator and the former governor of New Jersey.