Microsoft said Wednesday it is consolidating its Web search and online advertising divisions following two key executive departures. The Redmond-based software maker said the new group will report directly to Kevin Johnson, president of the platforms &services division. Microsoft named Satya Nadella corporate vice president for the new group.
Credit payments slow in January
Credit-card payment performance declined in January, the first such deterioration after several years of improvement, in large part due to a rise in personal bankruptcy filings, according to Moody’s Investors Service. Compared with a year earlier, Moody’s said more credit card balances were written off as uncollectible in January and more borrowers fell behind in their payments.
Shooting flames prompt Ford recall
Ford Motor Co. on Wednesday told dealers to temporarily stop selling certain 2008 F-series Super Duty diesel pickups after receiving reports of flames shooting out of the vehicle’s tailpipe. Ford said it was recalling 37,400 F-Series Super Duty trucks with 6.4-liter diesel engines. There have been no injuries or vehicle fires connected to the recall.
Motorola drops CFO as earnings drop
Motorola Inc. replaced its chief financial officer Wednesday as it slashed its first-quarter sales forecast, blaming weaker-than-expected revenue from its mobile devices unit. Thomas Meredith, 56, was named acting chief financial officer, effective April 1. He replaces David Devonshire, 61, who will retire from the position. Motorola now expects a first-quarter loss of 7 cents to 9 cents per share, including 9 cents per share in charges.
Fed Ex earnings drop 2 percent
FedEx Corp. reported a 2 percent drop in third-quarter earnings Wednesday, blaming the decline largely on an economic slowdown that tested the company’s ability to quickly adjust costs. The shipping company said it also will have to struggle to keep up with a long-range goal of 10 percent to 15 percent growth a year in per-share earnings. But FedEx executives expressed confidence the economy would improve and said the company is well positioned to take advantage of it.
Oil prices rise as gas supplies dip
Crude oil prices edged higher Wednesday after the U.S. government said gasoline inventories dropped for the sixth straight week, keeping worries alive that supplies will be tight going into the peak driving season. Gasoline prices slipped, though, as the government report showed that U.S. refineries ramped up production last week and that crude imports rose – indicating that it’s possible for supplies to catch up before summer demand is in full swing.
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