Published: Thursday, September 9, 2010
Business briefs: Amazon buys own music store to fight iTunes
Amazon.com Inc., seeking to expand its position in the music download market against rivals like Apple Inc.'s iTunes Store, has purchased online music retailer Amie Street for an undisclosed amount. In an e-mail to users Wednesday, Amie Street said it has found "a great home" for its site AmieStreet.com with Amazon. The Seattle-based online retailer first invested in the site nearly four years ago, Amie Street said. Amie Street, which is based in Long Island City, N.Y., was founded in 2006. Unlike online music stores like Amazon MP3 and the iTunes Store, the site has allowed users to buy songs that start off free and become increasingly expensive as they rise in popularity. The e-mail said that starting Sept. 22, site visitors will be forwarded to Amazon.com Web pages, and the AmieStreet.com service will be shut down. Users have until that date to spend any credit they have with the site or download any songs they've already purchased.
Oracle offers Hurd $5 million bonus
Oracle Corp. plans to pay newly appointed co-President Mark Hurd a base salary of $950,000 annually and said the ousted Hewlett-Packard Co. CEO is eligible for a target bonus of $5 million in the current fiscal year. Oracle released the details of Hurd's pay package in a filing with the Securities and Exchange Commission on Wednesday. Hurd's pay package includes stock options totaling 10 million shares. The company said Hurd's options will carry an exercise price equal to the market value of the shares on the date they are granted, which the filing did not specify. Oracle said Hurd's bonus for fiscal 2011, which ends in May, is targeted at $5 million but could reach $10 million.
New GM CEO says vehicle quality is key
The new CEO of General Motors Co. told employees that the automaker needs to make cars and trucks that are better than those of competitors such as BMW. Former telecommunications executive Daniel Akerson, in his first webcast to employees since taking over as CEO on Sept. 1, said the company needs to go into "attack mode" to stay ahead of rivals, according to a worker who watched the speech on Wednesday. Akerson told employees that GM needs to keep competitors on their heels.
Consumers reduce credit card use
Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound. Borrowing dropped at an annual rate of $3.6 billion in July, the Federal Reserve reported Wednesday. That marked the 17th drop in credit in the past 18 months. Americans did boost borrowing for auto loans in July but this gain was offset by further reductions in the category that includes credit cards. The latest drop in overall borrowing was slightly higher than economists' expectations.
From Herald news services
Oracle offers Hurd $5 million bonus
Oracle Corp. plans to pay newly appointed co-President Mark Hurd a base salary of $950,000 annually and said the ousted Hewlett-Packard Co. CEO is eligible for a target bonus of $5 million in the current fiscal year. Oracle released the details of Hurd's pay package in a filing with the Securities and Exchange Commission on Wednesday. Hurd's pay package includes stock options totaling 10 million shares. The company said Hurd's options will carry an exercise price equal to the market value of the shares on the date they are granted, which the filing did not specify. Oracle said Hurd's bonus for fiscal 2011, which ends in May, is targeted at $5 million but could reach $10 million.
New GM CEO says vehicle quality is key
The new CEO of General Motors Co. told employees that the automaker needs to make cars and trucks that are better than those of competitors such as BMW. Former telecommunications executive Daniel Akerson, in his first webcast to employees since taking over as CEO on Sept. 1, said the company needs to go into "attack mode" to stay ahead of rivals, according to a worker who watched the speech on Wednesday. Akerson told employees that GM needs to keep competitors on their heels.
Consumers reduce credit card use
Consumer borrowing fell again in July as households cut back on their credit card use for a 23rd consecutive month, adding more drag on an economy struggling to mount a sustained rebound. Borrowing dropped at an annual rate of $3.6 billion in July, the Federal Reserve reported Wednesday. That marked the 17th drop in credit in the past 18 months. Americans did boost borrowing for auto loans in July but this gain was offset by further reductions in the category that includes credit cards. The latest drop in overall borrowing was slightly higher than economists' expectations.
From Herald news services
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