GM wants gov'ts to help pay $4.9 bn restructuring AP (November 23, 2009) BRUSSELS (AP) - General Motors Co. on Monday asked European governments to help pay most of the euro3.3 billion ($4.9 billion) it needs to restructure its struggling European operations.
Salix Pharmaceuticals completes stock offering AP (November 23, 2009) NERALEIGH, N.C. (AP) - Salix Pharmaceuticals Ltd. said Monday it completed its public offering of 5.5 million shares of common stock.
Rigel shares rise on RBC analyst upgrade AP (November 23, 2009) NEW YORK (AP) - Rigel Pharmaceuticals Inc. rose after an RBC Capital Markets analyst recommended buying shares of the drug developer based on his expectations the company will announce news of a partnership for a key drug candidate.
13 charged with mortgage and loan fraud in Oregon AP (November 20, 2009) EUGENE, Ore. (AP) - A federal grand jury in Eugene has indicted 13 people on mortgage and loan fraud charges arising from the collapse of a central Oregon development company.
Dr. Pepper Snapple board OKs $200M buyback AP (November 20, 2009) PLANO, Texas (AP) - Dr. Pepper Snapple Group Inc. said Friday that its board has approved the repurchase of up to $200 million of its outstanding shares over the next three years.
TD Ameritrade offering $1.25B in senior notes AP (November 20, 2009) NEW YORK (AP) - Online retail brokerage TD Ameritrade Holding Corp. said Friday that it will sell $1.25 billion in senior unsecured notes in a public offering and use proceeds to retire debt and stagger the maturity of its long-term bonds.
Starwood Hotels to move HQ from New York to Conn. AP (November 19, 2009) STAMFORD, Conn. (AP) - Starwood Hotels & Resorts Worldwide Inc. says it will move its headquarters from White Plains, N.Y., to Stamford, Conn., in January 2012, with the help of millions of dollars in incentives from the state of Connecticut.
AP says 90 layoffs this week reach payroll goal AP (November 19, 2009) NEW YORK (AP) - The Associated Press said Thursday it laid off 90 news employees worldwide this week to reach its goal of cutting annual payroll costs by 10 percent.
Tyson Foods names Donnie Smith as CEO AP (November 19, 2009) SPRINGDALE, Ark. (AP) - Tyson Foods Inc. promoted Donnie Smith to president and CEO on Thursday. He takes over leadership of the world's largest meat producer from interim President and CEO Leland Tollett.
Panera Bread board OK's share buyback program AP (November 18, 2009) RICHMOND HEIGHTS, Mo. (AP) - Panera Bread Co. said Wednesday that its board approved a three-year share buyback program of up to $600 million.
Citi raises salaries for CFO, global markets head AP (November 18, 2009) NEW YORK (AP) - Citigroup Inc. said its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year.
Bloomberg hires Time deputy to lead BusinessWeek AP (November 17, 2009) NEW YORK (AP) - Bloomberg L.P. says it is hiring Time magazine deputy managing editor Josh Tyrangiel to become the editor of BusinessWeek when it takes over the magazine next month.
Union says Verizon laying off 1,000 AP (November 17, 2009) NEW YORK (AP) - The largest union for Verizon Communications Inc. workers said the phone company is laying off more than 1,000 employees in Washington, D.C., Maryland and Virginia.
Lazard names insider Jacobs as CEO and chairman AP (November 17, 2009) NEW YORK (AP) - Lazard Ltd. is naming Kenneth M. Jacobs as CEO and chairman, choosing a longtime executive at the investment advisory firm to fill vacancies from last month's sudden death of Chairman and CEO Bruce Wasserstein.
Ex-BofA exec says had no role in Merrill bonuses AP (November 17, 2009) WASHINGTON (AP) - The former top attorney of Bank of America Corp. will testify to Congress Tuesday that he wasn't involved in crafting the bank's agreement to let Merrill Lynch pay billions of dollars in bonuses to its employees, before being abruptly fired last December on the CEO's orders.
Computer security co. Fortinet plans IPO this week AP (November 17, 2009) NEW YORK (AP) - Fortinet Inc. plans to go public Wednesday in an initial public offering, giving investors a chance to tap a network security provider with sales expected to grow.
GMAC CEO Alvaro de Molina steps down AP (November 17, 2009) NEW YORK (AP) - GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
Foreign demand rises for long-term US assets AP (November 17, 2009) WASHINGTON (AP) - Foreign demand for long-term U.S. financial assets rose in September as China and other countries boosted their holdings of Treasury securities.
Geithner: must rebalance global economic growth AP (November 17, 2009) WASHINGTON (AP) - Treasury Secretary Timothy Geithner said Tuesday the global economy is moving toward a recovery but countries can't rely on U.S. consumers to serve as the engine of worldwide growth.
Ex-HealthSouth CEO's house, lots to be auctioned AP (November 17, 2009) BIRMINGHAM, Ala. (AP) - A $4 million estate in central Alabama that belonged to former HealthSouth chief executive Richard Scrushy is going to be auctioned next month.
Bristol-Myers splits off Mead Johnson Nutrition AP (November 16, 2009) NEW YORK (AP) - Bristol-Myers Squibb Co. is splitting off its holdings in infant formula maker Mead Johnson Nutrition Co. in order to focus on its biopharmaceutical business.
Eli Lilly head of research, development to retire AP (November 13, 2009) NEW YORK (AP) - Eli Lilly & Co. said Friday its science and technology head will retire. The drugmaker hired the chief researcher at AstraZeneca PLC to replace him.
Wal-Mart offers clothes vendors new payment option AP (November 13, 2009) SAN FRANCISCO (AP) - Wal-Mart Stores Inc., the world's biggest retailer, is offering its clothing vendors a faster way to get paid.
Pulte Homes CFO exercises expiring stock options AP (November 13, 2009) BLOOMFIELD HILLS, Mich. (AP) - Homebuilder Pulte Homes Inc. said Friday that its chief financial officer, Roger A. Cregg, raised his stake by exercising stock options that were set to expire.
Coventry says Michael Stocker is joining board AP (November 13, 2009) BETHESDA, Md. (AP) - Health insurer Coventry Health Care Inc. said Friday that Michael Stocker, the chairman of New York City Health and Hospitals Corp., will join its board of directors.
Report: Motorola looking at selling unit AP (November 12, 2009) NEW YORK (AP) - Motorola Inc. is seeking to sell its largest division, which makes equipment for cable and wireless companies, according to a report Wednesday.
Buffett, Gates to answer student questions in NY AP (November 12, 2009) OMAHA, Neb. (AP) - Billionaires Warren Buffett and Bill Gates will meet with Columbia University business students on Thursday and answer their questions about business and life.
Disney shuffles deck at struggling studio AP (November 12, 2009) LOS ANGELES (AP) - Marking a renewed focus on the proliferation of ways that movies are delivered to consumers, The Walt Disney Co. has elevated its home video chief to a new distribution role covering all formats.
Applied Materials to cut 1,300 to 1,500 jobs AP (November 11, 2009) SANTA CLARA, Calif. (AP) - Applied Materials is laying off 1,300 to 1,500 people over the next year and a half to cut costs as the company grapples with a downturn in business.
Auto parts supplier Lear issues 2009 sales outlook AP (November 11, 2009) SOUTHFIELD, Mich. (AP) - Auto parts supplier Lear Corp., which emerged from bankruptcy protection two days ago, said Wednesday it expects sales this year will total $9.5 billion, well below last year's results.
Smithfield Foods, Toll Brothers are big movers AP (November 11, 2009) NEW YORK (AP) - The following stocks were among those that moved substantially or traded heavily Wednesday on the New York Stock Exchange:
Report: AIG CEO ready to quit over pay constraints AP (November 11, 2009) NEW YORK (AP) - After just three months as head of embattled insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company can pay employees, according to a published report.
FirstMerit buying 24 branches of First Bank AP (November 11, 2009) AKRON, Ohio (AP) - FirstMerit Corp. said Wednesday that it will enter the Chicago-area banking market by buying 24 branches and $1.2 billion in deposits from First Bank for about $42 million.
Former Wal-Mart CEO joins private equity firm AP (November 10, 2009) NEW YORK (AP) - Lee Scott, former Wal-Mart Stores Inc. CEO and president, has joined the private equity firm Solamere Capital as an operating partner and a member of its investment committee.
BofA CEO says financial industry recovery slow AP (November 10, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp.'s outgoing CEO Ken Lewis said Tuesday that the economy may be improving but the recovery in the financial industry remains slow.
Large NYC employers getting swine flu vaccine AP (November 05, 2009) NEW YORK (AP) - Some of New York City's largest employers - including Wall Street firms like Goldman Sachs and big universities - have started receiving doses of the much-in-demand swine flu vaccine for their at-risk employees.
BofA says credit environment remains difficult AP (November 05, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp. on Thursday reiterated that the current credit environment will remain difficult into next year, as unemployment is likely to continue to rise.
Insurer Cigna's 3Q profit grows 92 percent AP (November 05, 2009) INDIANAPOLIS (AP) - Managed care company Cigna Corp.'s third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a discontinued business that hurt the insurer last year.
Expanded tax breaks for money-losing companies AP (November 05, 2009) (AP) - The Senate has voted to expand a tax break for money-losing companies as part of a bill to extend and expand a tax credit for homebuyers and unemployment benefits for people without jobs for more than a year. How the business tax break would work:
NetJets Inc. to lay off 495 pilots nationwide AP (November 05, 2009) COLUMBUS, Ohio (AP) - Private air service NetJets Inc., unit of Warren Buffett's Berkshire Hathaway Inc, says it will lay off up to 495 pilots nationwide because of a drop in demand.
Lax laws allow US companies to be used for crimes AP (November 05, 2009) WASHINGTON (AP) - Lax state laws allow arms traffickers, drug kingpins and money launderers to use U.S. companies to hide their illicit activities from investigators, government officials said Thursday.
Scripps to get majority stake in Travel Channel AP (November 05, 2009) CINCINNATI (AP) - Scripps Networks Interactive Inc. said Thursday it will take a 65 percent stake in Cox Communications Inc.'s cable-television network Travel Channel, which reaches about 95 million U.S. households.
GM boss: Opel to pay for most of its restructuring AP (November 05, 2009) DETROIT (AP) - General Motors Co. CEO Fritz Henderson said Thursday its European Opel unit will pay for most of the $3 billion it needs to restructure.
Merck, now No. 2 drugmaker, set for future buys AP (November 04, 2009) TRENTON, N.J. (AP) - The new Merck & Co. has become the world's second-biggest drugmaker overnight with a huge acquisition, but it still has a fat wallet and plans more wheeling and dealing.
Delphi Automotive creates new board of directors AP (November 04, 2009) NEW YORK (AP) - Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol.
Microsoft lays off 800 more workers worldwide AP (November 04, 2009) REDMOND, Wash. (AP) - Microsoft Corp. says it is cutting 800 more jobs. That's in addition to the 5,000 layoffs it announced in January.
Judge: Mich. man can sue store he robbed AP (November 04, 2009) MOUNT CLEMENS, Mich. (AP) - A Michigan judge says a man who claims he was chased, shot and beaten by workers at a store he'd just robbed can sue the men. But only if he comes up with $10,000 within two weeks.
A growing PayPal could soon overshadow parent eBay AP (November 04, 2009) SAN FRANCISCO (AP) - Most people know eBay Inc. for its online marketplace, where deals abound on everything from gadgets to antique furniture. But soon, eBay's biggest business will likely be PayPal, the online payments service that has been growing steadily even as the economy has stumbled.
Delphi Automotive creates new board of directors AP (November 04, 2009) NEW YORK (AP) - Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol.
2 Ford Motor senior executives to retire AP (November 03, 2009) DEARBORN, Mich. (AP) - Ford Motor Co., which surprised the market by posting a third-quarter profit, said Tuesday that two of its senior executives are retiring.
Dow names CFO Merszei to overseas posts AP (November 03, 2009) MIDLAND, Mich. (AP) - Dow Chemical Co. on Tuesday said chief financial officer Geoffery Merszei will leave that post and take on the roles of president of Dow Europe, Middle East and Africa, chairman of Dow Europe and executive vice president of The Dow Chemical Co.
GM posts 1st monthly sales gain in almost 2 years AP (November 03, 2009) DETROIT (AP) - GM reported its first monthly gain in U.S. sales in almost two years while Toyota and Ford also improved, a sign the auto industry it starting to crawl back from a yearlong slump.
Banks face Feb. 1 deadline from Fed on pay plans AP (November 03, 2009) WASHINGTON (AP) - The nation's biggest banks face a February deadline for submitting employee compensation plans to the Federal Reserve, according to people with knowledge of the process.
Belo falls to loss on charges, declining ad sales AP (November 03, 2009) DALLAS (AP) - TV station owner Belo Corp. fell to a third-quarter loss, hurt by the weak advertising market and a one-time accounting charge.
Osiris gets $15M milestone payment from NuVasive AP (November 03, 2009) NEW YORK (AP) - Osiris Therapeutics Inc. said Tuesday it received a $15 million payment from NuVasive Inc., the final milestone fee linked to the sale of Osiris' bone graft stem cell business.
Berkshire Hathaway OKs 50-for-1 split of B-shares AP (November 03, 2009) NEW YORK (AP) - Warren Buffett's Berkshire Hathaway Inc. is sending a plan to split the iconic company's Class B shares to a shareholder vote as part of its plan to buy the Burlington Northern Santa Fe Corp.
Kraft profit falls nearly 40 percent in Q3 AP (November 03, 2009) NORTHFIELD, Ill. (AP) - Kraft Foods says slower sales and lower prices on food cut its third-quarter profit nearly 40 percent from a year earlier, but the company raised its forecast for the year.
3Par names Michael Clair to its board AP (November 03, 2009) FREMONT, Calif. (AP) - Virtual storage provider 3Par on Tuesday named Michael M. Clair to its board as an independent outside director.
Johnson & Johnson sets restructuring, plans charge AP (November 03, 2009) NEW YORK (AP) - Johnson & Johnson said Tuesday it will trim layers of management, cut thousands of jobs, and set other restructuring moves in order to save up to $900 million next year.
Obama: Private, public sectors must create jobs AP (November 02, 2009) WASHINGTON (AP) - President Barack Obama said Monday the public and private sectors must find more ways to create jobs to continue the nation's climb out of an economic recession.
Microsoft CEO: IT spending won't fully recover AP (November 02, 2009) SEOUL, South Korea (AP) - Microsoft CEO Steve Ballmer said Monday corporate spending on information technology will not recover to levels seen in recent years before the global economic slowdown.
Author Ken Auletta searches for the Google story AP (November 02, 2009) (AP) - "Googled: The End of the World as We Know It" (The Penguin Press, 336 pages, $25.95), by Ken Auletta. Google is best understood in terms of billions. Three billion searches are conducted daily on the site. Company revenues last year exceeded $22 billion. It spent $1.76 billion for YouTube and $3.2 billion for the digital ad company DoubleClick.
Helped by swine flu, Clorox 1Q profit rises 23 pct AP (November 02, 2009) CHICAGO (AP) - The Clorox Co. said Monday profit rose 23 percent in its fiscal first quarter, as consumers paid higher prices and stocked up on disinfecting products because of worries about the flu.
Former AMD chief leaves current job AP (November 02, 2009) SUNNYVALE, Calif. (AP) - Hector Ruiz, former CEO of chip maker Advanced Micro Devices Inc., is leaving his job with a spinoff company after a published report linking him to the Galleon Group insider trading case.
Ford surprises with $1B profit; sees profit in '11 AP (November 02, 2009) DEARBORN, Mich. (AP) - Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
Court seems unlikely to get involved in fee fight AP (November 02, 2009) WASHINGTON (AP) - Several Supreme Court justices seemed unsympathetic to calls for the court to get involved in setting fees for mutual funds, a common form of retirement investment.
Mercury General declares dividend of 59 cents AP (November 02, 2009) LOS ANGELES (AP) - Mercury General Corp. on Monday said its board declared a quarterly dividend of 59 cents, up a penny above the prior year's payout.
SEC staff issues acctg. guidelines for oil cos. AP (October 30, 2009) WASHINGTON (AP) - To help energy companies meet a requirement of providing more detailed information to investors when reporting oil and natural gas reserves, federal regulators issued new accounting guidelines Friday.
Health care businesses at risk in House overhaul AP (October 30, 2009) WASHINGTON (AP) - The health care overhaul bill produced by House Democrats would impose an array of new taxes, fees and government mandates on major players in the health industry, including insurers, doctors and drugs and medical devices makers.
Las Vegas Sands posts wider 3Q loss as taxes rise AP (October 29, 2009) LAS VEGAS (AP) - Casino operator Las Vegas Sands Corp. on Thursday reported a larger third-quarter loss as gambling markets continued to struggle, taxes increased and the company pressed ahead on developing a resort in Singapore.
Pfizer shareholders to get vote on executive pay AP (October 29, 2009) NEW YORK (AP) - Drugmaker Pfizer Inc. said Thursday its shareholders will have input on compensation for company executives starting in 2010.
Sun CEO's pay package cut by a third in '09 AP (October 29, 2009) SAN FRANCISCO (AP) - The value of Sun Microsystems Inc. CEO Jonathan Schwartz's latest pay package dropped 37 percent from last year as the company lost more than $2 billion and was in such dire financial shape that it was forced to put itself up for sale.
PerkinElmer profit tumbles on lower sales AP (October 29, 2009) WALTHAM, Mass. (AP) - PerkinElmer Inc., which supplies equipment and services to pharmaceutical and other companies, says third-quarter profit and sales fell, but the CEO said he was seeing encouraging signs.
Lazard: Wasserstein options lead to $86.5M charge AP (October 28, 2009) NEW YORK (AP) - Two weeks after the sudden death of its CEO Bruce Wasserstein, Lazard Inc. said it will record an $86.5 million charge in the fourth quarter to cover stock options granted to him that will vest posthumously.
Dr. Pepper Snapple finance chief to retire AP (October 27, 2009) PLANO, Texas (AP) - The chief financial officer of Dr. Pepper Snapple Group Inc. will retire at the end of March, the soft drink maker said Tuesday.