Ford Motor Co. president and chief executive Jacques Nasser has dismissed as false reports of a management shake-up at the world’s No. 2 automaker. Recent published reports have said a combination of two recalls of Firestone tires, questions regarding the safety of the company’s popular Explorer, and a J.D. Power and Associates report showing a decline in overall quality would trigger a major management shake-up.
Profits of the nation’s commercial banks edged up to a record $19.9 billion in the first quarter from $19.5 billion a year earlier, the Federal Deposit Insurance Corp. reported Thursday. The FDIC noted, however, that much of the gain came from the sale of securities, which totaled $1.2 billion. Without the sales, banks’ net operating income would have been nearly 3 percent lower than in the January-March period of 2000, the agency said.
Wal-Mart Stores Inc. will pay a $1 million fine to resolve charges that it violated environmental laws while building stores in Massachusetts, New Mexico, Oklahoma and Texas. The chain, which builds more than 300 stores a year, also agreed Thursday to better monitor future construction. The Environmental Protection Agency, which had accused the company of illegally discharging dirt from 17 construction sites, said that could cost another $4.5 million.
After almost two months at the negotiating table, the workers who play characters such as Mickey Mouse and Cinderella at Walt Disney World have won an important concession: clean undergarments. Under a tentative contract between Disney and the Teamsters union, the workers will be assigned individual undergarments, which they can take home each night to clean themselves instead of relying on Disney launderers. Some workers had complained about getting lice and scabies.
In the latest sign the worst may be over for the semiconductor industry, chip-making giant Intel Corp. on Thursday said revenue for the second quarter will fall within expectations. The Santa Clara, Calif.-based company said revenue, gross margin and expenses for the three months ending June 30 will fall “slightly below” the middle of the ranges provided in April. Intel said its core microprocessor business continues to show stability and is on target, while its smaller communications and networking segments are weaker than anticipated.
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