Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Missouri offers disability account * Missouri is launching a tax-free savings account to help families financially support people with disabilities.

Treasurer Eric Schmitt announced the program Monday in St. Louis. It allows people with disabilities or their families to open tax-exempt savings accounts to pay for related expenses.

The savings won't count toward total assets when determining eligibility for Medicaid or other benefits. However, Supplemental Security Income benefits will be suspended when an account's assets exceed $100,000.

Individuals can make tax-deductible contributions of as much as $8,000 to the accounts. Married couples can give up to $16,000.

Schmitt's 12-year-old son Stephen, who has disabilities, will open the first account, said Garrett Poorman, the treasurer's spokesman.

PPG raises bid for Dutch company * PPG raised its offer to $28.8 billion for AkzoNobel, saying it was making "one last invitation" to the Dutch coatings company's board. Akzo has rebuffed two prior offers from PPG.

PPG Chief Executive Michael McGarry told Bloomberg that he plans to go hostile, taking the offer directly to investors, if there is no agreement by June 1.

Jimmy Choo is for sale * JAB Holding Co. is unwinding its luxury holdings, putting shoemakers Jimmy Choo and Bally International up for sale to focus on its food and beverage operations.

JAB owns 68 percent of Jimmy Choo, whose shares rose 11 percent in London. The Luxembourg holding company's recent focus has been on coffee and pastries, including a deal this month to buy Panera Bread Co.

GM lawsuits can proceed * The Supreme Court on Monday turned away General Motors' attempt to block lawsuits over faulty ignition switches. An attorney representing hundreds of plaintiffs said the decision exposes GM to around 1,000 lawsuits and between $5 billion and $10 billion in liabilities. …

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