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Top News: Wednesday, May 15

 
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Governor okays beach convention center and lodge

Gov. Robert Bentley went to the beach yesterday, to sign legislation that earmarks $85 million of the Natural Resource Damage Assessment funds owed the state after the BP oil spill to be used for a new convention center and lodge at Gulf Shores State Park. — Mobile Press-Register

Americas plants lead to big loss for ThyssenKrupp

An $886 million write down on the value of steel plants in the U.S. and Brazil was the prime factor in a quarterly loss for ThyssenKrupp, pegged at more than $800 million; ThyssenKrupp has been trying to sell the plants. — Wall Street Journal

Jefferson County strikes bonds deal

Reuters is reporting that Jefferson County has struck a deal with two major creditors, JP Morgan Chase and Bayerische Landesbank, that covers defaulted debt worth $105 million. — Virginia Gazette

Bayer CropScience headed to Mobile

Shortly after the Mobile Industrial Development Board approved tax abatements for a potential $396 million project by Bayer CropScience, the company announced plans to build the giant plant in the port city. — al.com

Birmingham lawyer reaches deal over Detroit pension funds

Donald Watkins, who once represented HealthSouth's Richard Scrushy and Birmingham's Mayor Richard Arrington, has reached a settlement with Detroit pension funds over loans the fund made to his defunct TradeWinds Airlines; Watkins agreed to repay more than $4 million. — Birmingham News

No new variable rate annuities for Protective Life

Birmingham-based insurer Protective Life, which climbed to the top ranks of firms issuing variable rate annuities, has now backed off, saying it will accept no new payments from 1035 exchanges or retirement plan rollovers. — Investment News

Dauphin Island Sea Lab to lead recovery efforts

The Alabama Gulf Coast Recovery Council has chosen Dauphin Island Sea Lab to handle RESTORE act responsibilities, in the wake of the 2010 Gulf oil spill. — Dauphin Island Sea Lab PR

PNC stock soars

PNC, the Pennsylvania-based bank that handles the sixth largest share of Alabama banking business, saw share prices hit their highest price since 2008 on Tuesday, rising to about $70 per share. — al.com

Foreclosures at bottom of Alabama's weak home pricing

CoreLogic, which studies national trends in home pricing, blames a continuing foreclosure problem for Alabama's failure to recoup home prices at the same rate as other states. – al.com

 
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