Northeast Bank gets a $16 million capital boost

A deal expected to provide a Lewiston-based bank with $16 million in new, outside capital and allow it to take up new lines of business should close by the end of the year, according to the bank.

Northeast Bank has received the last layer of approval it needs to move ahead with a $29 million transaction in which a Boston-based investor group will acquire a 60 percent stake in the institution.

The leader of that investor group, Richard Wayne, will become Northeast’s president and chief executive officer when the deal closes. “This is an exciting investment for Northeast and for the state of Maine,” Jim Delamater, Northeast’s current president, said in a statement. “We believe this transaction will enable us to bring new capital to Northeast, create jobs and offer enhanced products to customers.”

 

Chrysler recalling trucks for steering, brake problem

Chrysler is recalling about 76,000 Dodge Ram pickup trucks to fix a power steering problem that could make brake pedals return slowly after applied.

The recall affects certain 2010-2011 model year Dodge Ram trucks built from March 2009 through October 2010.

Chrysler said some trucks with diesel engines and a hydroboost brake system could have a power steering reservoir cap with excessive vent pressure levels.

The excessive levels could lead to brake pedals that are slow to return and cause the brake lights remain on, potentially causing a crash.

Chrysler spokesman Vince Muniga said there have been no crashes or injuries reported. Chrysler said it will notify owners. Dealers will replace the steering reservoir cap free of charge.

Owners can contact Chrysler at (800) 853-1403.

 

French agency sees some ‘possible’ Google abuses

France’s competition regulator has found “possible” abuses by Google Inc. in its online advertising practices because of its dominant market position.

However, the French Competition Authority said in a report Tuesday that it sees no need for new sector-wide regulations on online ads.

The report, which was requested by the French government, is not legally binding. It comes after EU regulators last month announced an investigation into whether Google fixes its search results to favor its services over those of rivals. The company could face billions in fines if found guilty in that probe.

Google says the French study is too narrow.

 

Yahoo announces another round of major layoffs

Yahoo Inc. is reducing its work force 4 percent as it hands out 600 layoff notices for the holidays.

The job cuts announced Tuesday follow weeks of speculation about whether a long-running financial funk would spur Yahoo to trim its payroll before the new year. Reports of Yahoo’s layoff plans surfaced a month ago on two popular technology blogs, TechCrunch and All Things Digital.

This marks the fourth time in three years that Yahoo has resorted to mass firings to boost its earnings.

 

Mark Madoff family hasn’t announced funeral plans

The body of Mark Madoff was claimed by a funeral director on behalf of his family Tuesday, one day after his imprisoned father, Bernard Madoff, said he would not seek to attend the funeral.

Mark Madoff, 46, hanged himself with a black dog leash in his SoHo apartment on Saturday, the second anniversary of his father’s arrest on charges he cheated thousands of people out of tens of billions of dollars.

The family hasn’t announced any funeral arrangements, and it’s unclear if there will be a service.