Archive for May, 2011

‘Survivor’ star Hatch seeks bail pending RI appeal

Monday, May 2nd, 2011 | Finance News

PROVIDENCE, R.I. – Reality TV star Richard Hatch is seeking bail in Rhode Island pending the appeal of a nine-month prison sentence for failing to pay taxes on the $1 million he won on the first season of the hit CBS show "Survivor."

Hatch spent more than three years in prison for tax evasion. He was released in 2009 to serve three years of supervised release. He was ordered to refile his 2000 and 2001 taxes and pay what he owed. A judge in March ruled he never did and returned him to prison.

He's being held in New York City.

Hatch's lawyer says in a filing in federal court in Providence on Monday there are questions about whether Hatch violated his release. The lawyer says if Hatch isn't granted bail he'll serve much of his sentence before the appeals process finishes.


Summary Box: Weak dollar boosts factory exports

Monday, May 2nd, 2011 | Finance News

MANUFACTURING EXPANDS: Manufacturing activity expanded for the 21st straight month in April, though at a slower pace than March. A trade group said its index of manufacturing activity dipped to 60.4 from 61.2 in March. A reading above 50 indicates expansion.

CONSTRUCTION TICKS UP: Construction spending rose 1.4 percent in March, according to a separate report, after falling for three straight months. But construction spending is still at about half the level economists consider healthy.

FASTER GROWTH: The reports signal the economy should grow faster in the April-June quarter than the anemic 1.8 percent annual rate in the January-March period.


Massey reports $7.7M first-quarter loss

Monday, May 2nd, 2011 | Finance News

CHARLESTON, W.Va. – Massey Energy Co. had another money-losing quarter as it struggled to recover from a 2010 explosion that killed 29 miners in West Virginia.

Massey said it lost $7.7 million, or 7 cents per share, in the first three months of 2011. Massey earned $33.6 million, or 39 cents per share, in first-quarter of 2010.

Revenue rose to $949.8 million, compared with $688.6 million in the year-ago quarter. The latest results include Cumberland Resources, a company acquired in 2010.

Alpha Natural Resources has agreed to buy Massey in deal slated to close after shareholders vote on June 1.

Massey said costs rose to $934.3 million, from $621.8 million in the first quarter last year.

Massey has lost money for four consecutive quarters since the April 5, 2010 explosion.