Daily Briefing

DAILY BRIEFING

April 22, 2009

Science Center gets $394,000 grant

The Maryland Science Center announced Tuesday that it received a two-year, $394,000 grant to help prepare children for school from the PNC Foundation, the charitable arm of PNC Bank. The science center said it will use the funds to support four Baltimore Head Start Centers - Herring Run Head Start, Metro Delta Head Start, St. Jerome's Head Start and St. Francis Xavier Head Start. The science center will also spend the funds on classroom activities, free admission to the Kids' Room for children and training for Head Start instructors. The center was one of 14 PNC Foundation grant recipients.

Hanah Cho

Cirri re-elected head of steel worker local

John Cirri has been re-elected president of Local 9477 of the United Steelworkers of America, which represents 2,100 workers at the Sparrows Point plant. The three-year term marks Cirri's third election to the post. Other officers elected were Jeff Mikula, vice president; Andy Wright, recording secretary; Emmanuel Jones, financial secretary; John R. Barr, treasurer; Carroll Hemling, guard; Sharnette Green, outside guard; and Pam Addicks, inside guard. Three trustees were also elected: Eddie Bartee Jr., Dexter Harris and Sam Tiburzi.

Andrea K. Walker

M&T 1st-quarter profit is $64 million

M&T Bank Corp. said Tuesday that first-quarter profit fell to $64.2 million from $202.2 million a year earlier. Net income per share fell to 49 cents a share compared with $1.82 a share during the corresponding period a year earlier, the Buffalo, N.Y.-based company said. M&T, the second-largest bank in the Baltimore area, is in the process of buying Baltimore-based Provident Bankshares Corp.

Bloomberg News

IMF says nations need to do more in crisis

WASHINGTON: Losses at financial institutions could approach $4.1 trillion worldwide, the International Monetary Fund said Tuesday as it urged countries to take bolder action to bolster banks or risk an even deeper recession. More capital is needed to cushion against further losses, the IMF's Global Financial Stability Report concluded: an estimated $275 billion in capital for U.S. banks and $600 billion more for European banks. The report and an updated economic forecast due Wednesday will form the basis for three days of meetings set to begin Friday among finance officials from the world's richest countries and major developing countries. The talks are being held as part of the spring meetings of the IMF and the World Bank.

Associated Press

Citi shareholders vent at annual meeting

NEW YORK : Five hours and dozens of angry speakers into Citigroup Inc.'s annual meeting Tuesday, a long line of shareholders still waited at the microphone for their chance to vent. Everything was fair game - including executive pay and the company's decision to sponsor the New York Mets' new baseball stadium, Citi Field. CEO Vikram Pandit tried to appease the group at the New York Hilton hotel, emphasizing that Citigroup is not the company it was a year ago, when it became clear the bank was buckling under the weight of billions of dollars in bad debt.

Associated Press

Lockheed accepts cap on building F-22s

WASHINGTON: A top executive at Lockheed Martin Corp. indicated Tuesday that the company has accepted the Pentagon's proposal to limit production of the F-22 fighter jet, the latest sign that the program might not be revived. Defense Secretary Robert M. Gates has proposed that the Pentagon buy 187 of the planes, short of the 20 to 60 more that Lockheed and its supporters in Congress had hoped for. The Gates plan was endorsed last week by to Air Force officials, who had pushed hard for many more of the costly planes. Lockheed has warned that capping the F-22 could lead to up to 25,000 job losses.

Associated Press

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