A Shanghai coffeehouse has unveiled a new name after losing a four-year trademark battle with Starbucks Corp. that came to symbolize China’s struggle to stop rampant product copycats. Shanghai Xingbake Cafe Corp. has changed its name to “Fangyun,” the official Xinhua News Agency said. Seattle-based Starbucks sued Shanghai Xingbake in 2003 over its name, which was identical to the Chinese name of Starbucks.
Northwest ready to exit bankruptcy
Northwest Airlines got approval Friday to emerge from bankruptcy protection into an industry besieged by higher fuel costs and crowded competition. Eagan, Minn.-based Northwest Airlines Corp. announced it would exit bankruptcy on May 31 after a judge approved its reorganization plan. The nation’s fifth-largest airline has cut annual operating costs by $2.4 billion, reduced debt and laid off about 3,000 workers.
Macy’s reports soft quarterly earnings
The parent of Macy’s, Federated Department Stores Inc. reported a first-quarter profit of $36 million, or 8 cents per share, but its adjusted earnings missed Wall Street estimates. Shares of Federated closed up 64 cents at $39.70 in trading Friday. The company has 850 stores in 45 states, including former Bon Marche locations in Washington. On June 1, Federated is changing its corporate name to Macy’s.
French president vows to aid Airbus
France’s new president, Nicolas Sarkozy, promises his government will seek new investors and is ready to inject new cash into Airbus’ parent, European Aeronautic Defence &Space Co. As finance minister in 2004, Sarkozy engineered a rescue plan for engineering giant Alstom that included a 2.5 billion euro state-orchestrated bailout to steer the train and power-plant builder away from bankruptcy. The bailout brought complaints from EU trade officials and questions over Sarkozy’s pro-market credentials. The French state owns 15 percent of EADS. Airbus has suffered from a falling dollar – the currency in which it sell its planes – and two years of accumulated delays to the 555-seater A380, which have wiped more than $6.6 billion off Airbus’ profit forecasts for 2006-2010.
Verizon CEO’s pay may be limited
Verizon Communications Inc. announced Friday the approval of a nonbinding shareholder proposal seeking an advisory vote on executive pay at the telecommunications company. The proposal, which won by a slim majority, would allow shareholders to vote on compensation for top managers such as Chief Executive Ivan Seidenberg, whose pay of $20.2 million last year has drawn some criticism.
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