Published: Saturday, July 26, 2008
XM, Sirius satellite radio merger approved
Federal regulators have approved the merger of the nation's only two satellite radio operators, ending a 16-month-long drama closely watched by Washington and Wall Street. Sirius Satellite Radio Inc.'s $3.3 billion buyout of rival XM Satellite Radio Holdings Inc. means 18 million-plus subscribers will be able to receive programming from both services. Executives say it will mean cost cuts that will lead to a first-ever profit for the industry.
Orders for durable goods rise again
The U.S. Commerce Department had two bites of good news about the economy Friday. It reported that a second straight double-digit increase in orders for defense capital goods pushed total orders for big-ticket manufactured products up by 0.8 percent in June, the strongest gain in four months. In a second report, Commerce said sales of new homes dropped 0.6 percent in June, less than half the expected decline.
GE will reorganize to improve earnings
General Electric Co., which owns businesses ranging from light bulbs to NBC television, will restructure into four businesses from six, a move that Chief Executive Officer Jeff Immelt says will focus the company on growth. Immelt has been under pressure to shake up GE since it announced disappointing first-quarter earnings. The move follows GE's plan to consider spinning off its iconic lighting and appliance businesses.
Toyota boosts price of Prius by $500
Toyota Motor Corp. is raising the U.S. suggested retail price of its Prius hybrid by $500 for the 2009 model. The new price is a 2.2 percent increase from the current models. Prices will range from $22,000 for the standard Prius to $24,270 for a touring model, the company's U.S. sales unit said. Bill Kwong, a Toyota spokesman, said the growing cost of commodities is the reason for the increase.
Analyst downgrades debt of big airlines
Standard & Poors has downgraded the debt of some of the nation's largest carriers, saying high fuel prices are likely to cause heavy losses this year at American, United and Northwest airlines. S&P airline analyst Philip Baggaley said that in general, carriers face "a bit greater risk of liquidation" but added, "We think the airlines we've reviewed here are large and viable airlines."
Chains spar over 'Real Deal'
Stop & Shop, the largest supermarket chain in New England, claims in a federal lawsuit that rival Whole Foods violated its trademark and stole its marketing campaign. Stop & Shop claimed in the suit that just weeks after it launched its "Real Deal" ads, Whole Foods began using the phrase "The Real Deal."
From Herald news services
Orders for durable goods rise again
The U.S. Commerce Department had two bites of good news about the economy Friday. It reported that a second straight double-digit increase in orders for defense capital goods pushed total orders for big-ticket manufactured products up by 0.8 percent in June, the strongest gain in four months. In a second report, Commerce said sales of new homes dropped 0.6 percent in June, less than half the expected decline.
GE will reorganize to improve earnings
General Electric Co., which owns businesses ranging from light bulbs to NBC television, will restructure into four businesses from six, a move that Chief Executive Officer Jeff Immelt says will focus the company on growth. Immelt has been under pressure to shake up GE since it announced disappointing first-quarter earnings. The move follows GE's plan to consider spinning off its iconic lighting and appliance businesses.
Toyota boosts price of Prius by $500
Toyota Motor Corp. is raising the U.S. suggested retail price of its Prius hybrid by $500 for the 2009 model. The new price is a 2.2 percent increase from the current models. Prices will range from $22,000 for the standard Prius to $24,270 for a touring model, the company's U.S. sales unit said. Bill Kwong, a Toyota spokesman, said the growing cost of commodities is the reason for the increase.
Analyst downgrades debt of big airlines
Standard & Poors has downgraded the debt of some of the nation's largest carriers, saying high fuel prices are likely to cause heavy losses this year at American, United and Northwest airlines. S&P airline analyst Philip Baggaley said that in general, carriers face "a bit greater risk of liquidation" but added, "We think the airlines we've reviewed here are large and viable airlines."
Chains spar over 'Real Deal'
Stop & Shop, the largest supermarket chain in New England, claims in a federal lawsuit that rival Whole Foods violated its trademark and stole its marketing campaign. Stop & Shop claimed in the suit that just weeks after it launched its "Real Deal" ads, Whole Foods began using the phrase "The Real Deal."
From Herald news services
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