Business News brief

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Defense funds OK’d

Congress has approved federal funding for several defense-related projects in Northeastern Pennsylvania. The funds are contained in the Fiscal Year 2010 Defense Appropriations Act that President signed into law Saturday.
Local projects include:
• $3.2 million for Schott North America, Duryea, for the development of high-quality optical glass for military applications.
•$3 million for Medico Industries in Plains Township to enable technological improvements to reduce the time it takes to deliver ammunition to soldiers in the field.
• $2.8 million for General Dynamics Ordinance and Tactical Systems to upgrade the Scranton Army Ammunition Plant to maintain production requirements for war reserve and training ammunition.
Candlewood Suites opens
The five-story, 124-room all-suite Candlewood Suites Hotel is open just off Interstate 81 near Hazleton.
The hotel sees the location and the number of leisure and business travelers that head through the region as major draws that will fill rooms.
“Completion of the Candlewood Hazleton project, particularly in our current challenging business environment, is a significant source of pride to our entire team,” said Clyde Harris, president of Harris Hotel Group and American Hotel Development Partners, which owns and operates the hotel.
AIG exec gets raise
A top executive of American International Group Inc. has been granted a $4.3 million pay-package bump by the troubled insurance giant’s majority owner — the U.S. government — because the executive has decided to remain with the company.
In a letter released by the Treasury Department on Monday, the Obama administration’s pay czar said he was granting the request so that the executive’s long-term compensation package would be comparable to those already granted to AIG’s other top 25 executives.
Ford offers more buyouts
Ford Motor Co. has offered buyout or retirement incentive packages to all of its 41,000 U.S. hourly workers as it tries to further reduce its factory work force.
The buyout package, offered to workers with at least a year of service, includes $50,000 cash and the choice of a $25,000 voucher to buy a vehicle or $20,000 more in cash.