Maine jobless rate up, but still under New England’s

The Maine Labor Department says the state’s unemployment rate in March was 7.6 percent, little change from February’s 7.5 percent and down from 8.3 percent a year earlier.

Acting State Labor Commissioner Laura Boyett also said Wednesday that the number of unemployed totaled 52,800 in March, down 5,000 from a year ago.

The Labor Department says Maine’s preliminary figures compare favorably to the New England average, 8.1 percent.

New job, raise and bonus for former CEO at Google

Eric Schmidt, Google’s former CEO, is getting a big raise.

In his new role as Google’s executive chairman, Schmidt will earn a annual base salary of $1.25 million, the company said in an SEC filing.

That isn’t all. Schmidt is eligible for some bonuses too.

“Effective as of April 4, 2011, Eric will receive an annual base salary of $1.25 million and a target bonus of 400 percent of his base salary,” Google said in the filing. “Eric’s actual bonus payment for 2011 can range from zero to a maximum of $6.0 million.”

As chief executive, Schmidt took Google from a rising search engine to being one of the most valuable companies worldwide, all for a salary of $1 a year from August 2001 until he stepped down earlier this month.

Bank of America to spin off its private equity business

Bank of America Corp. is planning to spin off its private equity business by the end of the second quarter.

The Charlotte, N.C. bank inherited the private equity business, BAML Capital Partners, when it acquired the brokerage Merrill Lynch in 2008. BAML Capital Partners, which manages $5 billion in assets, will be spun off into a separate company that will be run by its existing management.

Formerly known as Merrill Lynch Global Private Equity, the business invests in growing companies and takes part in leveraged buyouts.

Cut in bad-loan costs helps profit results for Wells Fargo

Wells Fargo & Co. reported a 48 percent jump in first-quarter profit Wednesday as costs to account for bad loans fell for the fifth consecutive business period.

But the nation’s fourth-largest commercial bank by assets generated fewer mortgage banking fees.

Loan demand stalled from the year-earlier period, undercutting revenue growth.

Dish Network, EchoStar held in contempt by judges

A panel of federal appeals judges has found Dish Network and EchoStar in contempt of court for failing to abide by an injunction barring them from using technology patented by TiVo in older Dish set-top boxes.

The judges are sending the case back to a lower court to determine whether a work-around technology being used by Dish in newer boxes still infringes on TiVo’s patents.

Wednesday’s ruling by the 12-judge panel for the U.S. Court of Appeals for the Federal Circuit – with five judges dissenting in part – marks the latest turn in a seven-year patent fight.