As part of a partnership to be announced today, online search leader Google will dispense driving directions at thousands of gasoline pumps beginning early next month. The pumps include an Internet connection and will display Google’s mapping service in color on a small screen. Motorists will be able to scroll through several categories to find local landmarks, hotels, restaurants and hospitals selected by the gas station’s owner. The pump will print out directions.
GM announces $39 billion charge
General Motors Corp. says it will record a $39 billion net noncash charge for the third quarter because of negative changes in its historical three-year cumulative loss. The charge will affect reported net earnings, which are to be announced this morning, the company said. The charge is related to establishing a valuation allowance against deferred tax assets in the U.S., Canada and Germany, the company said in a statement.
Microsoft fires information chief
Microsoft Corp. has fired its chief information officer, saying he violated company policies. A spokesman declined to give the exact reason for the dismissal. Gellos said Stuart Scott was dismissed Friday. He would not elaborate further. According to Microsoft’s Web site, Scott was responsible for the information technology infrastructure. He joined Microsoft in 2005.
Mortgage official reaches settlement
The government on Tuesday reached a $16.4 million settlement with Freddie Mac’s former chief executive for his role in the mortgage finance company’s multibillion-dollar accounting scandal. Leland Brendsel, who was ousted in 2003, agreed to pay $2.5 million in fines to the government, give back $10.5 million in salary and bonuses to Freddie Mac and to waive claims worth $3.4 million against the company.
Yahoo lawyers defend China act
Yahoo Inc.’s chief executive and top lawyer on Tuesday defended their company’s involvement in the jailing of a Chinese journalist. Irate lawmakers accused them of collaborating with an oppressive communist regime. Yahoo Chief Executive Jerry Yang and General Counsel Michael Callahan offered apologies and promises to do better but no specific commitments. Lawmakers insisted that Yahoo along with other companies must use its market strength to change China, not just comply with the government’s demands to gain access to tens of millions of Internet users.
Profits unexpected for food maker
Food processor Archer Daniels Midland Co. surprised Wall Street on Tuesday by reporting stronger-than-expected profits and surging sales despite a slowing of the ethanol boom. Its stock leaped almost 7 percent. ADM’s first-quarter earnings of $441 million were only a modest 9 percent more than in the same period a year ago. But it was able to shatter earnings and sales forecasts despite a drop in prices for ethanol, which had propelled its growth in recent quarters.
From Herald news services
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