Thread: Business News

Another bummer for Mr. & Mrs. Average Consumer is... who saves grocery the darned reciept after you annotate the checking account register? Ouch.

Originally Posted by fabijo

And ConEd is limiting the amount of reimbursement to $7000 for businesses that lost food and $300 to residents that had spoiled food - but you need to show receipts.

I'm expecting ConEd's stocks to go down when their summer earnings reports come out. After the big drop might be a good time to buy. Stock symbol: ED

Northwest, Mechanics Union to Resume Talks
The union representing Northwest Airlines mechanics who have been on strike for nearly a year said Thursday that contract talks will resume Aug. 15. Neither side has attached any preconditions, said Jeff Mathews, spokesman for the Aircraft Mechanics Fraternal Association bargaining committee. There have been no talks since November. AMFA struck on Aug. 20, 2005, and Northwest imposed a new contract on those who crossed the picket line. Most of the striking mechanics have lost their jobs. But union members in December voted down a contract offer that would have officially switched their status from on strike to laid off. That would have made them eligible for state unemployment benefits.
http://news.moneycentral.msn.com/pro...727&ID=5904010

Mazda Profit Surges Nearly 16-Fold
TOKYO - Mazda Motor Corp. said profit surged nearly 16-fold in the April-June quarter from a year earlier as solid sales of its minivan and sport convertible models in the U.S. and Europe offset sluggish domestic sales. The Japanese affiliate of Ford Motor Co. posted a group net income of 6.61 billion yen ($57 million US) in the quarter ended June 30, up from the 419 million yen it posted a year earlier. Healthy sales of the Mazda5 minivan and Mazda MX-5 Miata sports car in the American and European markets lifted revenues, the company said. The weakening of the yen against other major currencies also helped to boost revenues, it said.
http://news.moneycentral.msn.com/pro...727&ID=5904011

DaimlerChrysler Profit More Than Doubles
DETROIT - Fueled by a turnaround at Mercedes-Benz, DaimlerChrysler AG's second-quarter profit more than doubled from the previous year, but the numbers would have been far better without a dramatic slump at the Chrysler Group. Overall, the automaker on Thursday reported earnings of $2.3 billion in the April-June period, compared with $942 million in the second quarter of 2005.
http://news.moneycentral.msn.com/pro...727&ID=5900394

Bristol-Myers Announces Probe; Profit Off
NEW YORK - Bristol-Myers Squibb Co. said Thursday it is the subject of a criminal antitrust probe over a pending deal with a generic drug maker involving its best-selling product, Plavix, and reported a 33 percent drop in second-quarter profit. Bristol-Myers' shares fell nearly 8 percent after it announced the U.S. Department of Justice had launched an investigation into a settlement awaiting regulatory approval it reached with Apotex Inc. to keep a generic version of blood-thinner Plavix off the market until at least 2011.
http://biz.yahoo.com/ap/060728/earns_drugs.html?.v=2

Intel Unveils New Chips, Slashes Prices
California - Intel Corp. launched its biggest product revamp in six years Thursday, unveiling 10 microprocessors that are expected to help the world's largest chip maker retake ground lost to smaller competitor Advanced Micro Devices Inc. The Core 2 Duo microprocessors, which are being rolled out gradually over the next month, are Intel's first desktop and mobile chips to feature a blueprint designed to deliver significantly better performance while requiring less power and kicking off less heat. Also Thursday, Intel slashed prices as much as 61 percent on some of its older chips -- a move likely to put more pressure on AMD and result in lower prices for consumers.
http://biz.yahoo.com/ap/060727/intel...but.html?.v=12

Negotiators struggle to reach deal on pensions system overhaul
WASHINGTON - Agreement on major pension overhaul legislation was jeopardized late Thursday by an angry split between the House and Senate on whether to include popular tax credits in the bill. House Republicans, demanding the tax measures be excluded from the bill, boycotted a meeting called by the chairman of the House-Senate conference, Sen. Mike Enzi, R-Wyo. Enzi had hoped to win approval of a compromise plan, months in the making, that would allow passage of the pension bill before Congress departs for the August recess. Senate Finance Committee Chairman Charles Grassley, R-Iowa, speaking at a meeting attended by 10 senators and two House Democrats, asked House Republicans "why you wouldn't have guts enough to come forth and cast a vote." Grassley contended that House Republicans were part of a deal he made earlier in the year to attach the tax credits to the pension bill. "I'll continue to keep my word even if I am knifed in the back."
http://www.usatoday.com/money/compan...pensions_x.htm

Originally Posted by Fivetears

Business News

Payless is determined to put a fashionably shod foot forward
NEW YORK — Fifth Avenue is famous for such foo-foo retailers as Gucci, Tiffany and Salvatore Ferragamo. Joining the club — just down the street with its grand opening Friday: Payless "Fashion Lab." Payless —Fashion Lab? Well, it's not officially called Fashion Lab. At least, not yet. That's an unofficial nickname that company executives have assigned to what may be the shoe giant's grandest experiment: a serious toehold in the world of fashion. Why shouldn't the big kahuna of the $47 billion shoe industry strut some fashion in the design of its shoes and stores? How else can it continue to sell one of every 10 pairs of shoes purchased in America?
http://www.usatoday.com/money/indust...ess-usat_x.htm

Aldila, Callaway Golf shares in the rough
LOS ANGELES — Shares of golf equipment maker Aldila lost nearly half their value Thursday after a sharp drop in sales fueled investor fears that interest in golf is waning in the USA. Callaway Golf's stock was also in the rough, a day after the company posted quarterly earnings that missed Wall Street expectations as it works to restructure its business. Shares of Aldila fell 45% to $14.21 & Callaway shares fell over 6% to $11.70 in afternoon trade on the New York Stock Exchange. Bearish golf investors have long pointed to the sport's aging demographic, high cost to play, and statistics pointing to slowing trends as proof that the days of growth are over.
http://www.usatoday.com/money/indust...-27-golf_x.htm

Cadillac unveils new ads to grab attention of luxury buyers
Cadillac's new advertising strategy is about life, liberty and the pursuit of a new campaign. It's been four years since General Motors' luxury brand began featuring Led Zeppelin's '70s hit Rock and Roll in TV ads. The spots, part of its Break Through campaign, were widely credited with helping to breathe new life into a stodgy nameplate. On Wednesday, Cadillac unveiled its new ad campaign called Life. Liberty. And the Pursuit, which it plans to launch formally today. Cadillac is fighting to appeal to American customers at a time when foreign luxury brands are making gains. Cadillac's new-vehicle sales in the USA fell 21% to 23,265 in the first half of this year compared with the year-ago period, while overseas brands Mercedes-Benz and Lexus saw sales increases of 14% and 6.3%, respectively.
http://www.usatoday.com/money/advert...cadillac_x.htm

Metallica to sell 4 albums on iTunes
LOS ANGELES — Hard rockers Metallica, who long refused to make available individual songs from its albums for sale online, has begun doing so on the iTunes Music Store. Beginning on Tuesday, the band put up four of its records —Kill 'Em All, Ride The Lightning, Master of Puppets and ...And Justice For All— for sale on U.S. and Canadian versions of the popular online music retailer. Fans may buy tracks a la carte for 99 cents or purchase the albums, starting at $9.90.
http://www.usatoday.com/tech/product...a-itunes_x.htm