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NEWS ABOUT: business

EU Fines Intel Record $1.45B

Chip maker paid firms to use its chips, commission says

(Newser) - The EU is fining Intel $1.45 billion for violating antitrust laws—a record amount that far exceeds the €497 million ($680 million) fine levied against Microsoft in 2004, the BBC reports. The EU competition commission said Intel paid manufacturers and a retailer to give its chips a leg... More »

Sweeter Perks Make Up for Falling CEO Pay

Free bodyguards, life insurance, travel rise despite public outcry

(Newser) - While average CEO compensation dropped 7% in 2008, packages of fringe benefits rose by the same amount, the AP reports. Higher-ups at big companies received perks that ranged from a personal car (complete with driver) to free life insurance to flights on the company jet. One CEO received $400,000... More »

Businesses Give Obama High Marks

Reservations linger; cap-and-trade, labor, taxes cause concerns

(Newser) - Barack Obama’s seemingly tireless efforts to revive the economy have gone over well with business leaders, and the stimulus in particular has been a big hit, BusinessWeek reports. “We’re happy with the general outlines of what he’s done,” says John Castellani, president of the Business... More »

In Jarrett, Wall St. Finds Direct Line to Obama

Firms salute efforts of White House 'consigliere'

(Newser) - Valerie Jarrett wears many hats in the White House: “If there’s a consigliere, it’s Valerie,” says the head of President Obama’s transition team. Lately, however, the longtime family friend has chiefly been Obama’s ambassador to big business, Bloomberg reports. She “picks the brains”... More »

'I Made a Mistake' Buying Tribune Co.: Zell

Canny investor admits he backed a losing horse

(Newser) - Sam Zell is famous for his business acumen. He made a near-psychic call to sell his office-property company for billions just months before the market tanked. But the magnate now tells Bloomberg another deal he made was as boneheaded, in retrospect, as the Equity Office Properties deal was prescient: buying... More »

What If I Don't Feel Like Filing?

Christopher Beam explores the potential evader's options

(Newser) - With millions of Americans enduring long lines at the post office today to file their tax returns, Christopher Beam of Slate can’t help wonder: What would happen if you simply didn’t file? The answer is probably not much—7 million Americans declined to file last year, and only... More »

Fla. AG Sues Makers of Vick Chew Toy, Caylee Doll

Profits did not go to charity as promised

(Newser) - Florida’s attorney general filed suit today against the firm that has shown astoundingly poor taste in two merchandise items: a Michael Vick dog chew toy and Caylee Anthony doll, Reuters reports. Showbiz Promotions said profits from both would go to animal shelters and the National Center for Missing and... More »

Washington Post Cuts Daily Business Section

(Newser) - The latest newspaper to cut back on business coverage and stock listings is the Washington Post, Reuters reports. The paper will stop publishing a standalone daily business section and beef up its Sunday section, according to an internal memo. The executive editor spun the cuts as a move to integrate... More »

New Search Engine Won't Delete Google

(Newser) - A British math whiz plans to roll out a revolutionary search engine this year, but that doesn't mean Google is doomed, Saul Hansell writes in the New York Times. “Google is a company,” while the search engine "is a technology," Hansell writes, responding to a blog... More »

Couple Buys Black-Owned Only in 'Ebony Experiment'

(Newser) - A Chicago family is trying to use its household spending to invest in the black community by buying exclusively from black-owned businesses for 1 year, the Tribune reports. The Andersons’ ambitious “Ebony Experiment” has them driving 14 miles for groceries (and farther for other stuff) and has earned hate... More »

College Grads Facing Worst Job Market in 7 Years

Experts say situation unlikely to improve by fall

(Newser) - Employers will hire 22% fewer graduates this spring compared to last year—making this year’s dropoff the largest since the 9/11 attacks and the dot-com bust devastated the economy in 2002, BusinessWeek reports. And the situation could worsen, with 46% of employers unsure if hiring levels will rebound by... More »

Dissed By Town, Va. Landlord Opens Sex Shop

Risqué tenant ruffles feathers in staid Old Town Alexandria

(Newser) - Revenge is a dish best served cold—and for one Virginia landlord, at a sex shop, the Washington Post reports. Michael Zarlenga spent $350,000 renovating his hunting and fishing store in historic Old Town Alexandria, only to have the town nix his plans at the last minute. Broke and... More »

Rocky Mountain News Ends Publication Tomorrow

(Newser) - The Rocky Mountain News, the oldest paper in Colorado and perhaps the longest-running business in Denver, will print its last edition tomorrow, the Denver Post reports. The news comes after its owner spent months fruitlessly searching for a buyer. “The operating conditions have become increasingly difficult,” the CEO... More »

Back-Room Consensus: Require Health Insurance for All

Kennedy leads meetings with industry

(Newser) - A series of unprecedented back-room meetings among the biggest players in health care is close to a consensus: Any new legislation will require that every American have insurance, the New York Times reports. The next part, of course, is trickier: figuring out how to enforce it, how to make it... More »

Missing, Not Missed: CEOs in Obama Cabinet

Prez keeps Wall Street at arm's length, leans on pols, academics

(Newser) - To the multitude of differences between the Obama administration and its predecessors, add the absence of corporate CEOs from Cabinet meetings. The reason is simple, reports Politico: There aren't any. Recent Wall Street-to-Washington catastrophes such as the Bush Treasury Department aren't the only reason, either. "Obama’s more... More »

Smith Is Hollywood's Moneymaking MVP

(Newser) - The Oscars indicate who Hollywood thinks deserves a statue, but if you want to know what insiders really think about stars, start talking money. Forbes did just that, asking industry vets to rank talent based on their ability to make a project pop, from early hype to DVD sales. Here... More »

10 Best Cities for Small Business

(Newser) - Despite tough economic times, an analysis of the country’s 100 largest metropolitan areas offers hope for those looking to launch a small business. Portfolio and BizJournals list the cities that are most conducive:
  1. Raleigh, NC: The only market to rank among the top 10 in many key categories—growth,
... More »

Dems Gird for Fight Over Pro-Labor Bill

'Card check' legislation faces stiff business opposition, Senate fight

(Newser) - House Democrats are about to unveil a bill easing the unionization process, a measure that’s already sparked major backlash, the Hill reports. The Employee Free Choice Act, which President Obama has said he'll sign, would allow workers to skip secret ballot elections to create unions, instead openly signing cards.... More »

Aussies Are World's Rudest Employees

Americans, Britons most easily offended

(Newser) - Australian businesspeople are the rudest in the world—or so says a new study, Reuters reports. Aussies are more likely than their peers in other countries to curse, talk loudly, and take personal calls on the job—actions considered grave violations of workplace etiquette in nations like the US and... More »

Oatmeal Gets Upscale Reheat

Cheap, healthy breakfast an easy sell for chain stores

(Newser) - Oatmeal is getting a trendy makeover, the Wall Street Journal reports. Drawn to the modest meal by its cheap, healthy, and long-lasting ingredients, smoothie chain Jamba Juice added oatmeal to its Chicago menus today before rolling it out across the US in January, while Starbucks began offering the breakfast classic... More »

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