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Goodyear Workers Vote on Whether to OK New Deal That May End 3-Month Long Strike at Tiremaker
AKRON, Ohio - A three-month long strike by about 14,000 Goodyear employees could be nearing an end on Thursday as workers vote on whether to accept a new contract that the world's third largest tire producer hopes would help make it more competitive. If accepted, the contract could mean shutting a plant in Texas that employs 1,100 people and the creation of a $1 billion health care fund for retirees of Goodyear Tire & Rubber Co. Goodyear and the United Steelworkers union tentatively settled on a three-year labor pact Dec. 22 that would cover 12 Goodyear plants in 10 states and would end the strike that began Oct. 5.
http://biz.yahoo.com/ap/061228/goodyear_steelworkers.html?.v=20
 
Apple Shares Fall on Stock Options Probe Worries, New Questions About CEO Jobs
SAN JOSE, Calif. - Shares of Apple Computer Inc. had another wild ride Thursday after new details of a federal investigation into the company's stock options practices raised questions about the role played by its charismatic CEO, Steve Jobs. Citing unnamed people familiar with the matter, the Financial Times reported that Jobs received 7.5 million stock options in 2001 without the required board authorization and that documents were later falsified to indicate otherwise.
http://biz.yahoo.com/ap/061228/apple_stock_options.html?.v=13
 
Layoffs Imminent at Philadelphia Inquirer
The Philadelphia Inquirer is expected to announce today (Jan 3rd) that it will lay off 68 to 71 employees, or about 17 percent of the newsroom staff, just seven months after a group of local businessmen took over the newspaper and its sister publication, The Daily News. The Daily News is exempt from this round of cuts. The announcements began last night as editors called employees at home. The news will become official today when top editors begin a series of meetings with each department. With The Inquirer’s advertising revenue and circulation down, employees have known for months that layoffs were coming and have been finding their place on the seniority list so that they could try to make plans.
http://www.nytimes.com/2007/01/03/b...f07d094df235&ei=5089&partner=rssyahoo&emc=rss
 
Automakers Spend Big at Detroit Show, Hoping That Vehicle Buyers Will Do the Same
The exhibits - at a cost of more than $200 million - and the scores of new models on display are designed to impress car executives, analysts, reporters and the general public alike and help fill auto showrooms in 2007. The smell of fresh paint and sawdust and the buzz of power tools filled the air Tuesday, five days ahead of the start of the show's media preview. Touring reporters dodged construction workers and stacks of lumber as show co-chairmen Bob Thibodeau Jr. and Carl Galeana guided them around the 750,000-square-foot show hall.
http://biz.yahoo.com/ap/070102/detroit_auto_show.html?.v=14
 
Goodyear Employees Return to Work After Strike; Tire Maker Says Full Production Is Weeks Away
CLEVELAND - Goodyear Tire & Rubber Co. workers returned Tuesday after a three-month strike, with the world's third-largest tire maker saying it could be weeks before full production resumes. Jack Hefner, vice president of Steelworkers Local 2 in Akron, said Tuesday that workers were happy to be back. "Morale, I would say, is (they are) glad to be back to work," he said. But there was tension at the Sun Prairie, Wis., plant where some workers said managers smiled and waved their paychecks at the picket lines.
http://biz.yahoo.com/ap/070102/goodyear_steelworkers.html?.v=12
 
Shoney's Restaurant Chain to Be Acquired
NASHVILLE, Tenn. - An Atlanta-based company that operates Church's Chicken restaurants is acquiring Shoney's Restaurants for an undisclosed amount. Royal Hospitality Corp., an affiliate of Royal Capital Corp., said it will take over all 282 Shoney's restaurants from Shoney's LLC., which is owned by an affiliate of Dallas-based Lone Star Funds. Best known for its breakfast bar, Shoney's has 282 locations in 18 states, 230 of which are owned by franchisees. Royal expects to complete the acquisition of the 52 company-owned Shoney's restaurants by the end of the month. The restaurants will continue to be called Shoney's, and the chain's headquarters will remain in Nashville.
http://biz.yahoo.com/ap/070102/shoney_s_acquisition.html?.v=5
 
Rising Cost of Soy Bean Oil Pushes Industry to Explore Animal Fats As Biodiesel Fuel Source
DEXTER, Mo. - Jerry Bagby is typical of the oil men who are prospecting for a fortune in the Midwestern biofuels boom. He's convinced there's oil in these hills - and he's found a well that no one else is using. Bagby and a longtime friend have cobbled together $5 million to build a new biodiesel plant on the lonely croplands outside this southeast Missouri town. They're betting they can hit paydirt by exploiting a generally overlooked natural resource that's abundant in these parts -chicken fat.
http://biz.yahoo.com/ap/070102/biodiesel_chicken_fat.html?.v=14
 
Nabors warns profit to miss estimates
NEW YORK - Nabors Industries Ltd. warned on Wednesday its fourth-quarter earnings would fall short of Wall Street estimates as weakening gas prices cooled demand for its drilling rigs. The world's largest land-based oil and gas driller now sees earnings at 95 cents to $1 a share. Analysts, on average, were expecting earnings of $1.11 before one-time items, according to Reuters Estimates. Nabors expects 2006 earnings to be between $3.53 and $3.58 a share. Analysts, on average, look for $3.70.
http://news.yahoo.com/s/nm/20070103/bs_nm/nabors_outlook_dc_2
 
Wal-Mart to change worker scheduling system: report
NEW YORK - Wal-Mart Stores Inc. will start moving many of its 1.3 million workers from predictable shifts to a system based on how many customers are in stores at a given time, The Wall Street Journal reported on Wednesday. Wal-Mart will start making the changes this year with the help of a new computerized scheduling system. The move promises more productivity and consumer satisfaction, but could demand more flexibility and availability from workers in place of reliable shifts and predictable pay checks. Wal-Mart started using the system for some workers, including cashiers and accounting-office personnel, last year. http://news.yahoo.com/s/nm/20070103/bs_nm/walmart_scheduling_dc_3
 
AMD Warns Chip Price War Hurting Profits.
SAN FRANCISCO - Once again, Advanced Micro Devices Inc. will have to prove it can withstand the heat being applied by its larger rival, Intel Corp. Investors, who pushed AMD shares (AMD) down as much as 12% Friday after the company issued a profit warning, have grown skeptical that it can. The stock is now down more than 55% since March, when Intel first signaled it was being hurt by AMD in the market for server chips. Ironic as it sounds, investors sold off AMD shares on that news because many guessed that Intel would cut prices to win back share in a lucrative market. Those fears of a price war turned out to be well-founded, and AMD blamed its reduced forecast on lower sales prices for microprocessors used in PCs and data-server networks.
http://foxnews.smartmoney.com/bn/ON/index.cfm?story=ON-20070112-000901-1634
 
Citrus Freeze Leaves Thousands Jobless
SANGER, Calif. - The deep freeze that has destroyed some $1 billion worth of California citrus could also mean months of unemployment for thousands of farmworkers, packers and truck drivers during what is already a lean season for those who work in agriculture, industry officials say. Some 12,500 workers are directly employed in the citrus industry in California's San Joaquin Valley. Hundreds more truckers carry the fruit to docks to be shipped around the world. In winter months, the citrus industry provides thousands of jobs in Fresno County, which employs more farmworkers than any other California county, according to federal statistics. But even during a normal year, about 40 percent of farmworkers in the county risk going hungry during the winter, according to the California Institute for Rural Studies.
http://biz.yahoo.com/ap/070117/citrus_disaster.html?.v=21
 
Morgan Stanley Readies Saudi Joint Venture
NEW YORK - Morgan Stanley said it will launch a banking joint venture this quarter with The Capital Group, a Saudi Arabian investment bank based in Riyadh. Although Morgan Stanley prefers to run its own operations, it picked a partner because the Saudi marketplace is heavily dependent on local knowledge, said Georges Makhoul, president of the New York-based firm's Middle East and North African businesses. The companies did not disclose terms of the transaction but said the venture will be known as Morgan Stanley Saudi Arabia. The joint venture will provide investment banking, capital markets, asset management and private wealth management services exclusively in Saudi Arabia.
http://foxnews.smartmoney.com/bn/ON/index.cfm?story=ON-20070117-000942-1610
 
Southwest ends in-flight gambling
Southwest Airlines, the largest US domestic carrier, has ruled out luring passengers with in-flight gambling but pledged to introduce alternative new products to counter slowing revenue growth. The Dallas-based carrier, which on Wednesday reported its 34th consecutive year of profitability, provided the template for the global explosion in low-cost airlines such as Ryanair and EasyJet, which are now pioneering efforts to introduce onboard gaming and mobile phone calls.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20070117&ID=6352724
 
Pilots attack executive pay at American
Pilots at American Airlines on Wednesday attacked the "windfall" share options being made to senior executives in a sign of lingering labour unrest at the largest US carrier by revenues. The Allied Pilots' Association claimed the value of the options due to be paid in April could match or exceed American's annual profit for 2006 – its first surplus in six years – in a display of militancy analysts said could undermine future cost-cutting efforts.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20070117&ID=6352723
 
NCAA March Madness 07 from EA Sports Ships to Stores Today
Fans can now defend their home court and bring the crowd into the game like never before with NCAA(R) March Madness(R) 07, after Electronic Arts ERTS shipped the No. 1 selling college basketball videogame to stores throughout North America today. Rock the house, stifle your opponents with smothering defense, and create turnovers that lead to easy transition baskets as you punch your ticket to the Final Four(R). NCAA March Madness 07 features Adam Morrison of the NBA Charlotte Bobcats on its cover and is available on the Xbox 360(TM) video game and entertainment system and the PlayStation(R)2 computer entertainment system. Last year Morrison led the NCAA(R) in Division I men's basketball scoring and was selected third overall by Charlotte in the NBA Draft.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=BW&Date=20070117&ID=6354139
 
FAA Asks GE to Fix Engine Problems
WASHINGTON - Certain engines made by General Electric Co., and used in aircraft operated by JetBlue Airways Corp., need permanent repairs or could result in "an in-flight engine shutdown and possible damage to the airplane," the Federal Aviation Administration said Wednesday. But GE has been aware of the problem affecting 38 planes since last year, released an interim fix in September and there are no aircraft currently flying that have not had the issue addressed, said FAA spokeswoman Alison Duquette. When the FAA certifies two-engine airplanes, the manufacturers must prove the aircraft can operate with only one engine.
http://news.moneycentral.msn.com/ca...=6353507&industry=IND_AEROSPACE_DEFENSE&isub=
 
Senators launch attack on US drug companies
The US drug industry came under attack in the US Senate on Wednesday when the chairman of the powerful Senate judiciary committee, Democrat Patrick Leahy, introduced a bipartisan bill that would stop branded drugmakers from making lucrative deals with their generic rivals to stay out of the drug market. Senator Leahy and others accused the branded drugmakers of colluding with generic companies to carve up the market for popular drugs – at the expense of US consumers. Generic drugs are typically 70 to 80 per cent cheaper than their branded counterparts, and encouraging their use is seen as crucial to containing the US healthcare crisis.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20070117&ID=6352722
 
Time Inc. Lays Off More Than 250
Time Inc. began laying off more than 250 people today at its top magazines, including its most profitable title, People, which said it was shutting down its Washington, Miami and Chicago bureaus entirely. Other layoffs were being announced this morning at each of Time Inc.’s magazines, and were likely to amount to about 2 percent of the company’s worldwide staff of 11,000. Time, the flagship magazine, was poised to lose about 70 people, and Sports Illustrated was expecting several losses as well. The layoffs and cost-cutting comes as Time Inc., the nation’s biggest publisher, seeks to expand its branded properties on the Web, where the company sees its future.
http://www.nytimes.com/2007/01/18/b...c142c4e904d7&ei=5089&partner=rssyahoo&emc=rss
 
Motorola to Cut 3,500 Jobs After 4Q Profit Falls 48 Percent
...after misjudgments on pricing and sales forecasts for its high-end phones contributed to its least profitable quarter since 2004. The move came as the world's No. 2 cell-phone maker reported a 48 percent decline in fourth-quarter earnings, to $624 million, on a steep drop in profitability in the handset business.
http://biz.yahoo.com/ap/070119/earns_motorola.html?.v=25
 
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