Maine company awarded contract for gun sight parts

BIDDEFORD – VingTech, a subsidiary of Simrad Optronics in Norway, won a $10 million contract from the U.S. Navy to manufacture parts for sight systems for machine guns, according to U.S. Rep. Chellie Pingree.

“Maine is known for high-quality workmanship and a strong work ethic,” said Pingree, a member of the House Armed Services Committee. “And the employees of VingTech are a great example of that. This contract is going to support good-paying manufacturing jobs in the Biddeford area over the next few years.”

VingTech opened the Biddeford facility in 2008 with about 40 employees. VingTech officials were not immediately available for comment.

Pingree, D-Maine, is married to S. Donald Sussman, majority share owner of the Portland Press Herald/Maine Sunday Telegram.

Spain austerity plan gives stock markets a healthy lift

NEW YORK – U.S. stocks rose sharply Thursday, rebounding from a losing spell, after Spain detailed an austerity plan that focuses on spending cuts instead of tax increases and in reaction to stronger-than-expected data on the U.S. jobs market.

“Starting on a day when we had riots and fires in Spain and Greece, then lo and behold, Spain perseveres and the market loves it,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

The jobs data was “a nice little boost, but it was more the developments in Spain that got the market moving,” Ablin said. “The austerity measures they are proposing are more stringent that what the EU (European Union) was initially looking for.”

The Dow Jones industrial average ended up 72.46 points, or 0.5 percent, to 13,485.97. Snapping a five-day losing streak, its longest since July, the S&P 500 added 13.83 points, or 1 percent, to 1,447.15.

The Nasdaq composite climbed 42.90 points, or 1.4 percent, to 3,136.60.

New Facebook service lets users buy and send gifts

LOS ANGELES – As awesome as birthday comments are, nothing beats a gift. And Facebook has taken note.

The social networking giant announced a new service Thursday afternoon called Facebook Gifts that will let users buy and send each other presents they can enjoy in real life.

To start, these presents include Starbucks gift cards, stuffed animals and cupcakes, but Facebook said it will continue to add options daily.

The company said users will have the option to send gifts from birthday reminders or when they visit their friend’s timelines.

They’ll be able to choose gifts, attach cards and send them off. They can notify their friends by posting the gift on their timeline, or more privately through a message.

At that point, their friend can “unwrap” a preview of the gift. If they don’t like it, they can choose a different color, size or flavor or exchange it for something of equal value.

Payments can be made as soon as users send the gift, or they can choose to pay later. Their friends, meanwhile, can provide their address once they choose to accept the gift and it “will show up on their doorstep a few days later,” according to a company news release.

Facebook said the new service is being rolled out gradually to U.S. users.

— From news service reports