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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Briefcase

Chrysler has refinancing plan

DETROIT – Details are still being worked out, but Chrysler Group LLC today will make an announcement about a refinancing package that will repay its government loans, according to a person briefed on the matter.

The refinancing would allow Chrysler to repay $5 billion that it still owes the U.S. government and $1.6 billion that is owed to Canada, money the governments loaned the automaker to keep it alive and get it through a 2009 bankruptcy filing. Chrysler has been trying for months to refinance the loans, which have high interest rates and cost the company $1.2 billion in interest payments last year.

Associated Press

Merck approves buyback

NEW YORK – Merck & Co. Inc. said Wednesday its board of directors approved the buyback of up to $5 billion in common stock for the drug developer’s treasury.

The company, based in Whitehouse Station, N.J., said the program has no expiration. Overall, the company is now authorized to buy back up to $6.4 billion in common stock.

Associated Press

Starbucks income up 20 percent

PORTLAND – Starbucks Corp. brewed up a strong second quarter but warned investors that rising costs for fuel and dairy are a bigger problem than it anticipated for the year.

The coffee giant’s shares fell in after-hours trading Wednesday on the news.

Starbucks said its net income jumped 20 percent to $261.6 million, or 34 cents per share, for the quarter. That’s up from $217.3 million, or 28 cents per share, earned in the same quarter last year.

Revenue rose nearly 10 percent to $2.79 billion, as it took over its consumer products business and more customers visited its stores.

The results met analyst’s profit expectations and beat their $2.73 billion revenue estimate, according to FactSet.

Associated Press

Bezos’ compensation fell

SAN FRANCISCO – An Associated Press analysis of regulatory documents shows Amazon.com Inc. CEO Jeff Bezos received $1.7 million in compensation last year, a dip of 6 percent from 2009.

Papers the company filed Wednesday with the Securities and Exchange Commission show the 47-year-old Bezos received a salary of $81,840, the same as in 2009.

His other compensation, worth $1.6 million, covered security and business travel. He did not take home a bonus, incentive or stock or stock options.

The AP’s calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.

Associated Press