Business News in Brief

FILE - In this March 20, 2018 file photo provided by the National Transportation Safety Board, investigators examine a driverless Uber SUV that fatally struck a woman in Tempe, Ariz. An Arizona police report says the human backup driver the Uber autonomous SUV was streaming a television show on Hulu just before the vehicle struck and killed a pedestrian in March. The Arizona Republic reported that the driver was watching “The Voice,” a television musical talent show. The newspaper received the more than 300-page report from Tempe police on Thursday, June 21. (National Transportation Safety Board via AP)
FILE - In this March 20, 2018 file photo provided by the National Transportation Safety Board, investigators examine a driverless Uber SUV that fatally struck a woman in Tempe, Ariz. An Arizona police report says the human backup driver the Uber autonomous SUV was streaming a television show on Hulu just before the vehicle struck and killed a pedestrian in March. The Arizona Republic reported that the driver was watching “The Voice,” a television musical talent show. The newspaper received the more than 300-page report from Tempe police on Thursday, June 21. (National Transportation Safety Board via AP)

IRS tax-credit ruling buoys solar sector

The Internal Revenue Service is extending incentives for solar power and other clean energy sources by as long as four years.

Developers can claim a 30 percent tax credit for solar projects as long as they prove they've started construction by the end of 2019, according to an IRS notice Friday. That means breaking ground or investing at least 5 percent of the total expected costs of the installation, and they have until the end of 2023 to complete the projects.

The guidance on the investment tax credit was better than the renewable energy industry had expected, according to analysts at Credit Suisse Group AG. For projects that begin construction after Jan. 1, 2020, the credit drops to 26 percent. The incentive also applies to fuel-cell power plants, small wind turbines and a few other technologies.

"The news is positive for utility scale solar developers who can now avoid solar tariffs imposed on imports through 2021, procure majority of their solar panels in later years, and still qualify for the higher tax credits," analysts led by Michael Weinstein said in the note.

-- Bloomberg News

DuPont chemicals' toxicity reassessed

PARKERSBURG, W.Va. -- The chemicals used by a West Virginia factory to make nonstick products are dangerous at levels the U.S. Environmental Protection Agency had thought were safe, according to a federal study that had been previously blocked from publication.

The federal Agency for Toxic Substances and Disease Registry released the study on PFAS chemicals Wednesday, news outlets reported. It said the chemicals are dangerous at levels about 10 times lower than the EPA's advised exposure of 70 parts per trillion.

The DuPont Co., which used the chemicals to create nonstick products such as Teflon, now faces thousands of lawsuits from people living near its Parkersburg-area Washington Works plant who say their water was contaminated. The chemicals have been linked to cancer, immune effects and adverse developmental effects on fetuses during pregnancy.

Lawmakers had urged the EPA in May to publish the study after Politico reported that it had been blocked. Politico said President Donald Trump's administration blocked the study, concerned that it could result in a "public relations nightmare."

Before it was released, the state's U.S. senators --Democrat Joe Manchin and Republican Shelley Moore Capito -- had urged the EPA to come forward with the study.

Capito said the report was "critical to ensuring the health of West Virginians."

-- The Associated Press

Alabama city gets Amazon shipping hub

BIRMINGHAM, Ala. -- A $325 million Amazon facility being built near Birmingham will initially employ 1,500 people fulfilling orders, and the workforce could grow even more, the online retailer and local officials said Friday.

A statement by the Seattle-based company said the 855,000-square-foot facility would be located in Bessemer just west of Alabama's largest city. Workers will pack and ship small items to customers including books, household items and toys, the company said.

Jefferson County Commission President Jimmie Stephens told news outlets the operation could eventually employ as many as 3,000 people. Employees will receive full benefits and an average hourly wage of $14.65.

Birmingham is one of the last U.S. cities its size without an Amazon facility to fulfill orders. The region previously submitted a proposal for Amazon's new headquarters but wasn't selected.

The Amazon project, which will include advance robotics that are used to handle packages, matches the state's strategy to lure tech jobs, said Commerce Secretary Greg Canfield.

-- The Associated Press

SpaceX rocket gets Air Force thumbs-up

Four months after its first test flight, SpaceX's Falcon Heavy rocket is now certified by the Air Force to carry national security satellites.

The Air Force certified Falcon Heavy on Tuesday, according to the Air Force's Space and Missile Systems Center. On Thursday, the Air Force said the Hawthorne space company won a $130 million contract to launch a classified satellite known as AFSPC-52 on the huge rocket in 2020.

The mission is expected to launch from Kennedy Space Center in Florida.

SpaceX's Falcon Heavy rocket launched for the first time in February and carried a Tesla Roadster into space. It is the world's most powerful operational rocket and can generate 5.1 million pounds of thrust at liftoff.

Falcon Heavy was expected to help SpaceX win more lucrative national security missions that required greater carrying capacity than its workhorse Falcon 9 rocket, which was certified by the Air Force in 2015. Falcon Heavy can lift more than 140,000 pounds to low-Earth orbit, compared with Falcon 9's 50,000-pound capacity.

Even before the February test launch, SpaceX planned to launch the Air Force's STP-2 mission, which was intended to demonstrate the rocket's capacity to take several satellites and spacecraft into different orbits.

-- Los Angeles Times

Bought-out Tulsa firm announces firings

TULSA -- A Tulsa-based company has confirmed 130 layoffs as its new owner makes adjustments to its operations.

PennWell Corp. announced the layoffs Thursday, 100 of which will occur in Tulsa. The company's staffing level will drop from 470 to 340.

PennWell is a privately owned media and marketing services company established in 1910 in Tulsa. The company employed 550 people before London-based Clarion Events purchased the company in April.

About 100 PennWell employees will be integrated into Clarion, which operates events in 50 countries from 15 offices.

The sale came months after the death of Robert Biolchini, former president and CEO of PennWell.

The affected employees will keep their jobs through Aug. 20. PennWell President Mark Wilmoth says the company will "do everything we can to support our former employees."

-- The Associated Press

Business on 06/23/2018

Upcoming Events