DETROIT— The state of Michigan on Tuesday urged Detroit pensioners whose benefits will be reduced by the city's bankruptcy restructuring plan to apply for funding if it's necessary to keep them from dropping below the poverty line. Detroit, which officially emerged last week from the largest municipal bankruptcy in U.S. history, is shedding about $7 billion...» Read More
Countrywide Financial, the largest U.S. mortgage lender, said Tuesday it expects to incur a $125 million to $150 million pretax restructuring charge in connection with its plan to eliminate 10,000 to 12,000 jobs to cope with the U.S. housing slump.
Boeing named Pat Shanahan as vice president and general manager of the 787 program, succeeding Mike Bair, who will become vice president of business strategy and marketing for commercial airplanes, both effective immediately.
Medical device maker Boston Scientific is preparing to slash thousands of jobs to counter slumping sales, according to a media report Tuesday.
E.W. Scripps, a television broadcaster and newspaper publisher, said Tuesday it plans to split into two publicly traded companies.
Eight U.S. lawmakers called on the Bush administration on Monday to block a proposed buyout of Massachusetts-based technology group 3Com saying a Chinese company's role in the $2.2billion transaction "threatens the national security of the United States."
Time Warner's Internet unit AOL will eliminate 2,000 jobs as part of an ongoing restructuring to better focus on boosting online advertising, according to a memo obtained Monday by Reuters.
Citigroup CEO Charles Prince will get more time to help turn around the company's fortunes, according to CNBC On Air Editor Charles Gasparino.
Dow Chemical, the largest U.S. chemicals maker, said on Friday it has postponed a meeting with institutional investors that was scheduled for early next month.
Citigroup said it is combining its investment banking and alternative investments units into one division led by a former Morgan Stanley executive.
The chief executive of BP on Thursday outlined a plan to address industry-lagging profitability by slashing management layers, adopting consistent procedures for developing oil and gas fields and reducing "unacceptably high" costs.
Virgin Mobile USA, a venture of Sprint Nextel and Richard Branson's Virgin Group, raised $412.5 million on Wednesday, with an initial public offering that priced at the low end of expectations.
The president of the pilots' union at American Airlines ripped the company's chief executive in a letter that ended with a threat to "see you in court, in the newspapers, and on the picket line."
The charitable trust that controls Milton Hershey's fortune and The Hershey Co., the U.S. chocolate company he founded, said Tuesday it is not satisfied with the company's lackluster performance, and is working to improve it.
US Treasury debt prices were steady early Tuesday as investors looked ahead to the release of minutes from the Federal Reserve's policy meeting last month when the central bank cut benchmark interest rates.
The head of European aerospace group EADS said in remarks published on Tuesday he would propose scrapping the company's management stock option system amid an ongoing insider trading investigation.
The U.S. Food and Drug Administration is preparing to warn physicians about hazards with drugs that use ultrasound imaging machines to enhance the diagnosis of heart problems, the Wall Street Journal reported on its Web site on Sunday.
Momentum has been building toward the United Auto Workers accepting a tentative contract with General Motors, though members at some key locals backed it by narrow margins in results released Thursday.
General Electric said Thursday it will close a number of lighting plants in Brazil and the U.S., as part of a plan to restructure its consumer and industrial division, potentially cutting more than 1,400 jobs in the process.
Alcoa, the biggest U.S. aluminum producer, said Thursday it will sell its packaging and consumer and automotive castings businesses, and restructure its electrical and electronic solutions business.
Kraft Foods plans to turn Oscar Mayer meats into a separate business unit as part of a change the largest North American food company hopes will make all its businesses more accountable, a spokeswoman said Thursday.