The battling parties in Tribune Co.’s fractious bankruptcy case planned to sit down Monday for another day of mediation aimed at forging a settlement of legal claims surrounding the company’s 2007 leveraged buyout.
But at a status hearing in Delaware before the mediation session began, U.S. Bankruptcy Judge Kevin Carey spent much of his time anticipating how to proceed assuming the mediation fails. Get the full story »
(AP)
Tesla Motors is recalling more than 400 of its battery-powered Roadsters because of the risk that a power cable in the vehicle could short and catch fire.
Palo Alto, Calif.-based Tesla said it had received one report of a 12-volt cable in the vehicle chafing against a panel, causing the cable to short. Get the full story »
U.S. health regulators have requested more data on Johnson & Johnson’s chronic pain treatment before they will approved the product, the company said Monday.
The Food and Drug Administration sent J&J a complete response letter for J&J’s tapentadol extended release tablets. Get the full story »
Consumers aren’t in a spending mood and there is little indication that they will be anytime soon, according to a new poll from Harris Interactive.
Indeed, the market research firm has asked the same set of questions to consumers seven times since the economic crisis began in 2008 and, with few exceptions, the responses have scarcely changed, the New York-based firm said.
The likelihood that consumers will make a big ticket purchase remains low, with 88 percent saying they are “not likely” to buy or lease a new car or truck and 79 percent saying they are “not likely” to buy a computer. Similarly, 90 percent said they are “not likely” to buy a new house or condo. Get the full story »
New orders received by U.S. factories fell by 0.5 percent in August, resuming a downtrend as demand for transportation equipment declined sharply, according to a Commerce Department report on Monday.
Total orders fell to a seasonally adjusted $408.9 billion after an upwardly revised 0.5 percent increase in July and a 0.6 percent fall in June. Economists surveyed by Reuters had forecast a decline of 0.4 percent in August. Get the full story »
Pending sales of previously owned U.S. homes rose more than expected in August to a four-month high, indicating the housing market was regaining some stability after recent steep declines.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in August, increased 4.3 percent, to 82.3, from July. Get the full story »
Microsoft Corp. plans to unveil its Windows Phone 7 on Oct. 11 in a bid to catch up in the mobile phone market.
The software firm announced the launch on its Web site, posting an invitation to the unveiling in New York next Monday. Get the full story »
U.S. chief executives are becoming more confident about the economy, though many worry high employee health care costs and the possible end of Bush-era tax cuts for the wealthiest Americans could hurt businesses.
Vistage International, an organization for chief executives, said on Monday its confidence index edged up to 95.1 in the third quarter from 94.4 in the prior three months. The index is 12 percent above its year-earlier level of 84.9.
The survey, which was conducted between September 14-24 and covered about 1,800 CEOs of small-to-medium sized companies, found that 92 percent of the respondents expected health costs to rise as companies implement the healthcare reform plan, designed to provide insurance to 32 million Americans who don’t have coverage. Get the full story »
Goldman Sachs downgraded Microsoft Corp. on Monday to neutral from buy, and lowered its price target on the software giant to $28 from $32.
Among the reasons for the move, the broker cited “increased caution near-term on a more elongated PC refresh cycle” as well as the threat that some of the notebook market could be cannibalized by tablet PCs, where Microsoft Windows doesn’t yet have a presence. Get the full story »
Sally Beauty Holdings Inc. bought Aerial Co. Inc. for $70 million as the professional beauty supplier looks to expand its footprint in the Midwest.
The Marinette, Wisc.-based Aerial sells professional beauty supplies such as hair and skin-care products to salons and spas. It had about $100 million in revenue last year. Get the full story »
French drugmaker Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share on Monday, taking its $18.5 billion offer direct to shareholders after Genzyme management refused to negotiate. Get the full story »
Global sales of semiconductors grew nearly 33 percent in August to $25.7 billion compared with a year ago, the Semiconductor Industry Association said Monday. Get the full story »
Toshiba Corp. believes it has a solution for television viewers who like 3-D but hate the glasses. The Tokyo-based company on Monday unveiled the world’s first high definition liquid crystal display 3-D television that does not require special glasses — one of the biggest consumer complaints about the technology.
The United States urged European states on Monday to join forces with Washington in pressuring China to change its policies on intellectual property rights and foreign investment. Get the full story »
CME Group Inc.’s daily trading volume rose in September and the third quarter as a whole, the exchange operator said, continuing a trend of growth. Get the full story »
