Business Briefly
Published 9:00 pm Wednesday, April 27, 2005
The union for engineers and technicians at the Boeing Co. has filed an unfair labor practice charge against the company in connection with contentious contract talks relating to the sale of Boeing’s Wichita operations to a Canadian buyer. The Society of Professional Engineering Employees in Aerospace accuses Boeing of violating federal labor laws by deciding that workers who don’t take jobs with the new owner, Onex, voluntarily resigned from Boeing. The union is disputing that decision, which it says keeps workers from getting layoff benefits.
Former Tyco CEO denies any abuses
Former Tyco International Ltd. chief L. Dennis Kozlowski took the witness stand Wednesday and denied that he ever abused company loan programs or received a bonus to which he was not entitled. Still, asked by his lawyer why a $25 million bonus from the company did not appear on his 1999 tax return, Kozlowski said he could not explain it.
Starbucks earnings climb 27 percent
Specialty coffee retailer Starbucks Corp. on Wednesday reported a 27 percent increase in profit for the second quarter and raised its earnings outlook for the year. Net income rose to $100.5 million, or 24 cents a share, from $78.9 million, or 19 cents a share, a year ago. The result matched the average estimate of analysts surveyed by Thomson Financial.
Amazon profits drop 30 percent
Sales rose strongly, but net income sagged 30 percent at Amazon.com Inc. on tax expenses and a new fee-based membership program that expands the online retailer’s foray into free shipping even further. Amazon said Tuesday that it earned $78 million in the first quarter, or 18 cents a share, compared with net income of $111 million, or 26 cents a share, a year ago.
Ex-Wal-Mart exec seeks protection
A fired Wal-Mart Stores Inc. vice president said Wednesday he wants the U.S. Attorney’s Office to decide whether he deserves protection under a federal whistle-blower statute. Jared Bowen lost his job last month as the world’s largest retailer disclosed that its former vice chairman, Tom Coughlin, was leaving the Wal-Mart board and that as much as $500,000 had been misspent. Bowen’s lawyer said he had declined to approve expenses submitted by Coughlin and that the act precipitated his firing. Wal-Mart declined to comment.
From Herald staff and news services
