Plan aims to bridge construction deficit: A bipartisan group of senators, joined by both business and labor leaders, is calling for the creation of government-owned but independent infrastructure bank to channel private sector investment into transportation, energy and water projects. U.S. Sen. John Kerry, D-Mass., says the bank could generate as much as $640 billion in its first 10 years to “help bridge the infrastructure deficit that has been plaguing our nation for decades.” Kerry was joined in introducing the legislation by fellow Sens. Mark Warner, D-Va., and Kay Bailey Hutchison, R-Texas, U.S. Chamber of Commerce President Thomas Donohue and AFL-CIO President Richard Trumka. The bank, to be established with federal startup money of $10 billion, would provide loans and loan guarantees for projects at least $100 million in size.
Bookseller looks to close more locations: A judge today granted Borders a 90-day extension to determine how many additional stores it will close as it reorganizes under bankruptcy protection. Borders said in February, when it filed for Chapter 11 reorganization, that it planned to close 200 stores. The chain kept its Baton Rouge location open but announced plans to shut down its New Orleans and Metairie stores. Borders now seeks to close up to 75 more stores, although the number is likely to be closer to 20 or 25, says spokeswoman Mary Davis. The Ann Arbor, Mich., company will receive more time to negotiate with landlords. Borders hopes to have a formal reorganization plan to present to its creditors by early April and plans to exit bankruptcy in August or September. The final number of additional closings will depend on how negotiations with landlords go.
