Business briefs: Facebook adds some new items to home page
Published 9:12 pm Friday, October 22, 2010
Worried about missing a birth announcement — or details on what your portly uncle had for lunch? Facebook is tweaking its home page yet again in hopes of making it easier to find information. Among the latest changes is a list of items you might have missed during those rare moments spent away from the online hangout. When you log in to Facebook, you will see what the site deems the most interesting things that happened in the past day in the “News Feed.” These could be photos, status updates or other items. As has been the case previously, what Facebook deems interesting to you will be based on what updates are popular with your friends or how close you are to the person giving the update.
Fed chair seeks regulation overhaul
Federal Reserve Chairman Ben Bernanke prodded Congress on Friday to enact legislation overhauling the nation’s financial regulatory system to prevent a repeat of the banking and credit debacles that had thrust the country into crisis. “With the financial turmoil abating, now is the time for policymakers to take action to reduce the probability and severity of any future crises,” Bernanke said in remarks to a Fed conference in Chatham, Mass. For its part, the Fed has been taking steps to strengthen oversight of banks and sharpen consumer protections. On Thursday it unveiled a sweeping proposal to police banks’ pay policies to make sure they don’t encourage top executives and other employees to take reckless gambles.
Fortune magazine starts redesign
Fortune is embarking on an ambitious redesign of its business magazine, as a vicious advertising slump is forcing the publication to cut the number of issues published and ditch old standbys like CEO covers to become more competitive. Fortune, a publication of Time Inc., said it will be publishing 18 issues a year, down from 25, starting in January. Changes will affect its U.S., European and Asian editions. Staff cuts are possible as well, although the company declined to be more specific. Fortune’s advertising revenue declined 26 percent to $52 million in the third quarter from a year ago, according to the Publishers Information Bureau.
Whirlpool raises profit estimates
Whirlpool Corp., the world’s biggest home appliance maker, raised its profit outlook for the year Friday, saying cost-cutting that has tempered steep sales declines will pay off in the final quarter of the year. Whirlpool forecasts that economic uncertainty will continue to hold down demand for its big-ticket items in the U.S. and Europe, though Asia and Latin America are seeing improvements as those economies rebound. That slumping demand, which has been going on for months, took a toll on the company’s third quarter, as its profit fell 47 percent. Falling home sales have hurt the market for appliances.
From Herald news services
