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The Buzz on Business
03/07/2008 23:52 The Buzz On Business Modesto Bee
UNITEDHEALTH TO CLEAN HOUSE: UnitedHealth Group Inc. cleared its decks of bad news, announcing
a lower profit outlook, a restructuring that will trim 4,000 jobs
and a $900 million payout to settle a class-action lawsuit over
options backdating. UnitedHealth said its restructuring would
change operations on every level to focus more on regional
coverage. The new UnitedHealth will be "simpler, leaner and
faster," Chief Executive Stephen J. Hemsley said. Analysts saw the
announcements as perhaps the end of a long rough patch for
UnitedHealth, the nation's second-largest health insurer. Shares in
UnitedHealth Group fell 38 cents, or 1.5 percent, to $25.25 in
afternoon trading. MICROSOFT, YAHOO A POSSIBILITY? Unable to strike a deal on its own, Microsoft Corp. reportedly is hoping to snap up... // Modesto Bee 02/07/2008 23:19 The Buzz On Business Modesto Bee
MIXED DAY ON WALL STREET: Wall Street began the third quarter with an erratic session and
modest gain Tuesday after a mix of news made it clear the country
is still deep in economic problems but might have some positive
trends, including some better than expected sales for General
Motors Corp. Prices rose early in the session, turned sharply lower
for much of the day and then recovered in late afternoon. The
uneven performance wasn't surprising; some bargain hunting was to
be expected after a dismal first half, and in particular, a dismal
June. The session brought more discouraging news for investors: Oil
rose again toward record high levels, a report showed that U.S.
manufacturers are still under duress, and Ford Motor Co. said its
June sales tumbled. LEAD PAINT COMPANIES OFF THE HOOK:... // Modesto Bee 01/07/2008 23:09 The Buzz On Business Modesto Bee
FLIGHT SCHOOL SHUT DOWN: An unpaid water bill has grounded a Merced County flight school
for aspiring aviators, possibly for good. A county spokesman said
the commercial flight school at a decommissioned Air Force base in
Atwater didn't pay its water bill in May. That blunder forced the
eviction of the 100 students from dormitories at Castle Commerce
Center. Many students had come from India to train at the school
and were going back after the evictions. County officials
temporarily grounded the embattled American School of Aviation in
early June when attorneys said the school lacked liability
insurance. Managers now say the school likely will be sold or
relocated. COUNTRYWIDE SUED AGAIN: Countrywide Financial Corp., the nation's largest mortgage lender, was sued Monday by Florida... // Modesto Bee 01/07/2008 06:37 More rumors of a Chrysler sale, bankruptcy Autoblog
30/06/2008 20:46 Chrysler refutes bankruptcy rumors Automotive Business Review
"The rumor is without merit. There is no basis for the rumor,"
Chrysler spokesman, Dave Elshoff, was quoted as saying. It is claimed that liquidity concerns have been surrounding the company following declining sales, which accelerated in June, owing to the rising fuel prices and consumer defection from trucks and sport utility vehicles. "Right now in the auto industry, we are seeing a lot of changes. There are a lot of issues in the economy... // Automotive Business Review 28/06/2008 08:57 Chrysler: Bankruptcy rumors are "without merit" TruckTrend Magazine
During last year's 80 percent takeover of the automaker by Cerberus from Daimler AG, Chrysler was given a $2 billion dollar credit line to utilize in its restructuring -- $1.5 billion of which is derived from Daimler -- that could be drawn from until August of this year. Recently, Chrysler has done so at a fixed interest rate of seven percentage points above the London Interbank standards. Fueling many of the rumors concerning Chrysler's financial demise was a leaked company memo issued by CEO Bob Nardelli that admitted sales figures are worse than anticipated and that the company is struggling to find car buyers. Chrysler has recently cut models from its lineup, focused its... // TruckTrend Magazine 28/06/2008 06:25 Yahoo Reorganizes in Bid to Restore Order FOXBusiness
Under the new pecking order announced Thursday, Yahoo (YHOO)executive vice presidents Hilary Schneider and Ash Patel are being given expanded responsibilities over the Sunnyvale-based company's products and sales teams. Yahoo also is reorganizing its technology division in an effort to use its computing power more effectively and improve the coordination between its product developers and engineers. This is the third time in 19 months that Yahoo has redrawn its management chart as it tries to snap out of a financial malaise that has ravaged its stock price, jeopardized its independence... // FOXBusiness 28/06/2008 05:08 Chrysler: Bankruptcy rumors are "without merit" MotorTrend Magazine
"The rumor is without merit. There is no basis for the
rumor," spokesman for Chrysler Dave Elsoff said. During last year's 80 percent takeover of the automaker by Cerberus from Daimler AG, Chrysler was given a $2 billion dollar credit line to utilize in its restructuring -- $1.5 billion of which is derived from Daimler -- that could be drawn from until August of this year. Recently, Chrysler has done so at a fixed interest rate of seven percentage points above the London Interbank standards. Fueling many of the rumors concerning Chrysler's financial demise was a leaked company memo issued by CEO Bob Nardelli that admitted sales figures are worse than anticipated and that the company is struggling to find car buyers. Chrysler has recently cut models from its lineup , focused its... // MotorTrend Magazine 28/06/2008 03:02 Yahoo is setting up new chain of command Daily Press
SAN FRANCISCO - Yahoo Inc. is setting up a new chain of command amid the turmoil triggered by
the embattled Internet icon's snub of Microsoft Corp. 's $47.5 billion takeover bid. Under the new pecking order announced Thursday, Yahoo Executive Vice Presidents Hilary Schneider and Ash Patel are being given expanded responsibilities over the Sunnyvale, Calif.-based company's products and sales teams. Schneider, a former newspaper executive, has... // Daily Press 28/06/2008 02:34 Chrysler Denies Bankruptcy, Welcomes Iacocca WDIV
"This rumor is false and without merit whatsoever," company spokeswoman Shawn Morgan said, adding that it does not reflect the company's financial situation. "We are categorically denying this." Morgan says the Auburn Hills, Michigan-based automaker had to exercise the credit line before Aug. 3 under terms of Cerberus' purchase of an 80 percent stake in Chrysler from Daimler in August of 2007. The borrowing of $1.5 billion from Daimler and $500 million from Cerberus is not an indication that the company is having cash flow problems, Morgan said. Chrysler has insisted that it ended last year with $9 billion in cash and is exceeding its financial targets. But sales through the first five months of the year are down 19 percent from the same period last year, and sales of its... // WDIV 28/06/2008 01:48 CAW backs off, but won't give up Calgary Herald
28/06/2008 01:46 CAW backs off, but won't give up Canada.com
28/06/2008 00:16 Canada union acknowledges Oshawa plant to shut National Post
Canadian autoworkers acknowledged that General Motors Corp's
decision to close a Oshawa, Ontario, truck plant next year was
irrevocable, a union leader said on Thursday after a meeting with
company officials. "Are we accepting it? Eventually, if someone keeps hitting you over the head with a sledgehammer, you're going to wake up," said Buzz Hargrove, president of the Canadian Auto Workers, said at the union's headquarters. Hargrove said GM told the union it may decide to build a new model in its Oshawa car plant, where the new Chevrolet Camaro muscle car is set to begin production, but he added the situation looked bleak. "We talked about putting together an incentive program that will help with the downsizing of the Oshawa operation over the next four or five years," said... // National Post 28/06/2008 00:11 Chrysler Denies Rumors Of Bankruptcy Filing WMTW
27/06/2008 23:59 Yahoo shakes up chain of command Santa Rosa Press Democrat
Yahoo Inc. is setting up a new chain of command amid the turmoil
triggered by the embattled Internet icon's snub of Microsoft
Corp.'s $47.5 billion takeover bid. Under the pecking order announced Thursday, Yahoo executive vice presidents Hilary Schneider and Ash Patel are being given expanded responsibilities over the Sunnyvale-based company's products and sales teams. Schneider has moved up the ranks since she joined Yahoo in September 2006.... // Santa Rosa Press Democrat 27/06/2008 23:53 CAW backs off, but won't give up Canada.com
27/06/2008 23:52 Pipeline capacity still adequate Sarnia Observer
27/06/2008 23:07 CAW backs off, but won't give up Canada.com
TORONTO - Canadian autoworkers acknowledged that General Motors
Corp's decision to close a Oshawa, Ontario, truck plant next year
was irrevocable, a union leader said on Thursday after a meeting
with company officials. "Are we accepting it? Eventually, if someone keeps hitting you over the head with a sledgehammer, you're going to wake up," said Buzz Hargrove, president of the Canadian Auto Workers, said at the union's headquarters. Hargrove... // Canada.com 27/06/2008 22:25 Pipeline capacity still adequate Chatham Daily News
27/06/2008 22:10 Yahoo Shuffles Management Team Trading Markets
Jun 27, 2008 (financialwire.net via COMTEX) -- YHOO | Quote | Chart | News | PowerRating -- June 27, 2008 (FinancialWire) Yahoo (NASDAQ: YHOO | Quote | Chart | News | PowerRating ) (Current Market Cap: US$29.40 Bil.) is setting up a new chain of
command following turmoil triggered by the Internet icon's snub of
Microsoft's (NASDAQ: MSFT | Quote | Chart | News | PowerRating ) $47.5 billion takeover bid. Some of the changes included Yahoo executive vice presidents Hilary Schneider and Ash Patel being given expanded responsibilities over sales and product divisions within the company. Yahoo also reorganized its technology division in an effort to use its computing power more effectively and improve the coordination between its product developers and engineers. The changes marked the third... // Trading Markets 27/06/2008 21:37 Chrysler denies it filed for bankruptcy Toledo Blade
DETROIT - A spokesman for Chrysler LLC denied yesterday that the
privately held automaker had filed for bankruptcy, saying the
company had ample liquidity. "The rumor is without merit," Chrysler spokesman Dave Elshoff said.
"There is no basis for the rumor." Chrysler, which lost $1.6 billion in 2007, has said it ended the
year with $9 billion in cash. Its U.S. sales are down 23 percent so
far this year. The rumor of a Chapter 11 filing drove down prices for the
automaker's loans yesterday, according to Reuters LPC. Stephen Pope, chief global market strategist at Cantor Fitzgerald
in London, said rumors of a Chrysler bankruptcy filing prompted
auto stocks in Europe to "slip quickly" yesterday. Fitch Ratings cut ratings Wednesday for both Chrysler, now
controlled by Cerberus Capital... // Toledo Blade 27/06/2008 21:07 Bankruptcy buzz untrue, Chrysler says Fort Wayne Journal Gazette
American Airlines officials have told employees that the carrier
expects to cut about 8 percent of management and support jobs at
the nations biggest airline as it copes with record-high jet
fuel prices. The cuts will apply to all levels of management and probably be based on how critical the persons job is, Faye Wright, the managing director of flight services, told employees in an e-mail obtained by The Associated Press. In a letter this... // Fort Wayne Journal Gazette 27/06/2008 19:43 Chrysler denies rumors of bankruptcy filing, welcomes Iacocca Toledo Blade
AUBURN HILLS, Mich.— Faced with persistent speculation that
it was planning to file for bankruptcy protection, Chrysler LLC on
Thursday issued a statement denying the rumor and saying it has
plenty of cash. The denial came on the same day the company welcomed ex-Chairman
Lee Iacocca back into its fold with a rally with employees at its
Auburn Hills headquarters. The 83-year-old Iacocca said the
automaker would survive its current woes, just as it did when he
helped save it from bankruptcy in the early 1980s. Thursday's speculation apparently originated in Europe and came just two days after Chrysler exercised a $2 billion line of credit from Cerberus Capital Management LP and Daimler AG. "This rumor is false and without merit whatsoever," company spokeswoman Shawn Morgan said, adding... // Toledo Blade 27/06/2008 19:34 Yahoo’s shake up fuels shareholder fears TheNewsTribune.com
Yahoo Inc. is setting up a new chain of command amid the turmoil triggered by the embattled Internet icon’s snub of Microsoft Corp.’s $47.5 billion takeover bid. Under the new pecking order announced Thursday, Yahoo executive vice presidents Hilary Schneider and Ash Patel will have expanded responsibilities over the Sunnyvale, Calif.-based company’s products and sales teams. Schneider, a former newspaper executive, has moved up the ranks since joining Yahoo in September 2006. Patel has played a key role in developing many of Yahoo’s most popular products, including its finance section and instant messaging service, since joining the company 12 years ago. Yahoo also is reorganizing its technology division in an effort to use its computing power more effectively and improve... // TheNewsTribune.com 27/06/2008 18:09 Yahoo shakes up its management San Francisco Chronicle
27/06/2008 18:08 The Buzz on Business Modesto Bee
PANEL HEARS HONEYBEE CONCERNS: A record 36 percent of U.S. commercial honeybee colonies have been
lost to mysterious causes this year and the worse may be yet to
come, experts told a congressional panel Thursday. The year's
honeybee colony losses are about twice what's usually seen after a
typical winter, scientists warn. Despite ambitious new research
efforts, the causes remain a mystery. "We need results," pleaded
California beekeeper Steve Godlin. "We need a unified effort by
all." The escalating campaign against what's generically called
colony collapse disorder includes more state, federal and private
funding for research. Publicity efforts are getting louder -- a
costumed Mr. Bee was seen wandering around Capitol Hill this week
-- and lawmakers are becoming mobilized. On Thursday,... // Modesto Bee 27/06/2008 17:50 Chrysler denies bankruptcy plans Windsor Star
27/06/2008 16:48 Yahoo Shakes Up Its Executive Ranks Washington Post
Under the new order, announced yesterday, executive vice presidents
Hilary Schneider and Ash Patel are being given expanded
responsibilities over Yahoo's products and sales divisions. Yahoo also is reorganizing its technology unit in an effort to use its computing power more effectively and improve the coordination between product developers and engineers. This is the third time in 19 months that Yahoo has redrawn its management chart as it tries to snap out of a down financial period that has hurt its stock price, jeopardized its independence and demoralized employees. In the other two shake-ups since November 2006, Dan Rosensweig, the operating chief, and chief executive Terry Semel resigned. This time, both of Yahoo's top executives -- co-founder and chief executive Jerry Yang... // Washington Post 27/06/2008 16:14 Yahoo shakes up management team Straits Times
SAN FRANCISCO - YAHOO is setting up a new chain of command amid the
turmoil triggered by the embattled Internet icon's snub of
Microsoft's US$47.5 billion (S$64.8 billion) takeover bid. Under the new pecking order announced on Thursday, Yahoo Executive Vice-Presidents Hilary Schneider and Ash Patel are being given expanded responsibilities over the Sunnyvale-based company's products and sales teams. Ms Schneider, a former newspaper executive, has been moving up the ranks since she joined Yahoo in September 2006. Mr Patel has played a key role in developing many of Yahoo's most popular products, including its finance section and instant messaging service, since joining the company 12 years ago. Yahoo also is reorganising its technology division in an effort to use its computing power... // Straits Times |
