Business intelligence
Yahoo Inc and Google Inc have drastically scaled back the scope of their search advertising deal, a person close to the discussions said on Monday, in a last-ditch effort to win U.S. antitrust approval.
The woes facing the world’s biggest premium brand automaker followed the worst month in 25 years for the industry in the United States, BMW’s largest market, including big setbacks for U.S. giants General Motors (GM.N: Quote, Profile, Research, Stock Buzz) and Ford (F.N: Quote, Profile, Research, Stock Buzz).
With all three Detroit-based automakers in dire straits and seeking a Washington bailout, the moment finally has arrived for a radical reinvention of America’s domestically owned auto industry. Which means letting the Detroit Three reorganize under bankruptcy protection, from which several smaller, more nimble and competitive firms would emerge, no longer prisoner to Detroit’s hidebound, century-old decision-making traditions.
Retirement accounts already battered by a steep market decline may get hit again as several companies suspend or reduce their 401(k) match to save cash.
A St. Louis maker of heat-resistant products has filed for Chapter 11 bankruptcy protection, in hopes that it can better manage the legal liabilities it assumed about 13 years ago. The Christy Refractories Co. LLC filed its petition last week in the bankruptcy court in St. Louis because of mounting asbestos lawsuits, according to a court filing.
The leaders of General Motors, Ford, Chrysler and the president of the United Auto Workers union came to Capitol Hill Thursday to discuss billions of dollars more in financial help for the companies, which have struggled under a weakened economy.
British Airways PLC yesterday reported a first-half net loss of 49 million pounds ($77 million U.S.), as record fuel prices and a global slowdown hit its bottom line.
Piramal Glass, a glass-bottle maker based in India, plans to temporarily lay off 40 percent of the work force at its Park Hills, Mo., factory to offset tough economic conditions, a company official said Tuesday.
