The U.S. Postal Service reported a net loss of $8.5 billion during the previous fiscal year as falling mail volumes continued to outpace operating cost savings.
The Postal Service has been trying to reform its business practices after the recent economic downturn, increased use of e-mail and competition from FedEx, United Parcel Service and other delivery services have hurt volumes. Get the full story »
General Motors Co. is still accepting investor orders for shares in its initial public offering and is not expected to close the order books until early next week, three people familiar with the matter said on Friday.
The IPO is expected to price around the top end of the range and exercise the full greenshoe, two sources said. Get the full story »
Commercial aircraft manufacturers and airlines must take new steps to protect thousands of jets from serious structural fatigue as they age, according to a rule finalized Friday by U.S. aviation regulators.
The Federal Aviation Administration is requiring manufacturers, including industry leaders Boeing Co. and Airbus, a unit of Europe’s EADS, and airlines to intensify and streamline inspections of the metal skeleton and skin of aircraft. Get the full story »
North Carolina Banking Commissioner Joseph A. Smith Jr. is being tapped by the White House to head the regulatory agency that oversees mortgage giants Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency has been without a permanent director since August 2009. A new director would preside over the mortgage-finance titans just as an intense political battle begins over what should happen to the companies. Get the full story »
Anheuser-Busch Inc. on Friday sued Major League Baseball, accusing it of reneging on an agreement to renew its lucrative sponsorship pact.
The complaint contends that Major League Baseball in April agreed to renew Anheuser’s exclusive malt beverage sponsorship rights for a number of years. Get the full story »
The first Apple computer, along with a letter from founder Steve Jobs, will be up for auction Nov. 23. (AP)
The first Apple computer — together with a letter signed by Apple Inc. CEO Steve Jobs to the original owner — will be sold at a London auction this month.
Described by Christie’s as a “historic relic,” the Apple-1 was introduced in 1976 and sold without a casing, power supply, keyboard or monitor. Get the full story »
Billionaire investor Carl Icahn said he would vote against Blackstone Group’s proposal to buy Dynegy Inc. and would offer a $2 billion line of credit to the struggling power company.
Icahn and hedge fund Seneca Capital, Dynegy’s two largest shareholders, believe Blackstone’s $543 million bid for the company is too low, threatening the deal. Seneca has argued that the company would have more value on its own, but Dynegy has said it could face dire financial problems. Get the full story »
Intel Corp. plans to boost its quarterly dividend by 15 percent, sending its shares higher as investors saw the move as a signal that the world’s largest chipmaker is on track for healthy growth.
The dividend will increase to 18 cents, beginning in the first quarter of 2011. Get the full story »
Discounting boosted quarterly sales at J.C. Penney Co.’s department stores but ate into margins, raising concerns about the company’s approach to win market share from rivals.
The retailer is under pressure to show it can grow after activist investor William Ackman took a 16.5 percent stake last month and said he would discuss how to improve the company’s performance. Penney adopted an anti-takeover “poison pill” soon after. Get the full story »
Shares of Boeing Co. fell more than 2 percent in early trade Friday after Sanford C. Bernstein downgraded the stock on concerns about more potential delays for the high-profile 787 Dreamliner.
The program, already nearly three years behind schedule, could face more delays as the company probes the cause of an electrical fire that forced an emergency landing of a 787 test flight this week. Get the full story »
Greyhound will launch new express bus routes in the Midwest Dec. 1 to take passengers from Chicago to Milwaukee, Madison, Indianapolis and Lafayette.
Tickets start at $1 for the one-stop service, the company said Friday, on new buses that feature reserved seating, free Wi-Fi access, additional legroom and power outlets. Dave Leach, president and CEO of Greyhound said the company is adding the routes in response to Megabus competition and higher demand from travelers looking to hop between popular Midwest cities. Get the full story »
Tribune Co. creditors asked a Delaware judge to let them try to recover millions of dollars awarded to insiders in the year prior to the media company’s bankruptcy, saying they can do a better job than Tribune can.
In a Thursday court filing, Tribune’s official committee of unsecured creditors said it wants current and former Tribune officers and directors to return more than $250 million of awards, including bonuses and restricted stock. Get the full story »
Newsweek, a 77-year-old magazine that once helped set the national news agenda, is linking its future with The Daily Beast, a startup just two years in the making. Beast editor Tina Brown, who led both Vanity Fair and The New Yorker before deciding to give Web publishing a try, will be the editor of both publications.
A war of words is heating up between Wisconsin Gov.-elect Scott Walker and Illinois Gov. Pat Quinn over job creation. The Republican Walker said Thursday he plans to persuade Illinois companies to come to Wisconsin. He says he’ll emphasize that Quinn has proposed massive tax increases.
Walker’s comments come one day after the Democratic Quinn encouraged train maker Talgo Inc. to move south from Milwaukee. Talgo had said it would move from that facility if Wisconsin follows through on its promise to abandon high-speed rail. Get the full story »
