Vote delayed on loan guarantee for World Trade Center developer

World Trade Center developer Larry Silverstein speaks at an event to update the public on the pace of development at the site in New YorkBy Hilary Russ NEW YORK (Reuters) - The board of the Port Authority of New York & New Jersey on Wednesday delayed a scheduled vote on whether to provide $1.2 billion in loan guarantees to World Trade Center developer Larry Silverstein, the latest holdup for the project. The request from Silverstein, who needs Port Authority backing to secure a construction loan for 3 World Trade Center, the complex's next skyscraper, recently became entangled in a debate over the agency's mission after the "Bridgegate" scandal rocked New Jersey Governor Chris Christie's administration. Wednesday's delay came after the Port Authority's chief of staff told the board he had not yet brokered a good enough deal to recommend approval. The loan guarantee is meant to be part of an agreement that would provide hundreds of millions of dollars more to the Port Authority and allow it to foreclose on the $2.4 billion tower if Silverstein cannot pay debt service costs.



Homeowner: 2 teens shot were 'vermin,' not human

Byron Smith, center, makes his way through security at the Morrison County Courthouse, Monday, April 21, 2014, in Little Fall, Minn. The 65-year-old faces two counts of premeditated first-degree murder for the killings of Haile Kifer, 18, and Nick Brady, 17, who broke into his home on Thanksgiving Day 2012. (AP Photo/The Star Tribune, Elizabeth Flores) MANDATORY CREDIT; ST. PAUL PIONEER PRESS OUT; MAGAZINES OUT; TWIN CITIES TV OUT.LITTLE FALLS, Minn. (AP) — Jurors listened Wednesday as a man called two teenagers who broke into his central Minnesota home "vermin" on an audio recording shortly after fatally shooting them.



US weighs clemency for inmates jailed for 10 years

Deputy Attorney General James Cole concludes his news conference at the Justice Department in Washington, Wednesday, April 23, 2014. Cole announced the new standards that will be considered in deciding whether to recommend clemency for certain non-violent drug prisoners. Wednesday's announcement is part of an ongoing effort to trim the nation’s prison population and help convicts who were given what the Obama administration says were unduly harsh sentences for drug crimes. (AP Photo/Susan Walsh)WASHINGTON (AP) — The Obama administration is encouraging many nonviolent federal prisoners to apply for early release — and expecting thousands to take up the offer. It's an effort to deal with high costs and overcrowding in prisons, and also a matter of fairness, the government says.



Facebook 1Q results soar; CFO to step down

FILE - This Tuesday, July 16, 2013 file photo shows a sign at Facebook headquarters in Menlo Park, Calif. Facebook reports quarterly earnings on Wednesday, April 23, 2014. (AP Photo/Ben Margot, File)NEW YORK (AP) — Facebook's earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.



Apple to boost share buyback and split stock

Pedestrians walk by a window display featuring the iPhone 4 at an Apple Store on May 9, 2011 in San Francisco, CaliforniaApple on Wednesday said that it plans to buy back an additional $30 billion worth of shares and split its stock. The moves backed by the Apple board were announced as the California company reported a profit of $10.2 billion on $45.6 billion in revenue in the first three months of this year. The earnings figures came with Apple chief Tim Cook hinting that new products are on the way from the maker of iPhones, iPads, iPods, and Macintosh computers. "We’re eagerly looking forward to introducing more new products and services that only Apple could bring to market."





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