Business News Archive - July 25, 2009

JPMorgan Chase, the New York banking giant, plans to raise salaries and hand out bonuses for more than 12,000 bankers around the world, the company says. The move, mirroring similar decisions by Citigroup and UBS, underlines the balancing act banks are employing to stem the loss of talent and public

The General Electric Co. may close its last U.S. plant making incandescent light bulbs next year, the company said. A final decision will be made on the Winchester Lamp Plant in Virginia in 60 days, The Winchester (Va.) Star reported.

Ailing U.S. lender CIT Group has amended the terms of a cash tender offer for $1 billion in bonds it needs to avoid bankruptcy, documents indicate. In a regulatory filing Friday, CIT said it is upping the early-delivery payment per $1,000 principal amount of the floating-rate notes due Aug.

Swedish telecommunications giant Ericsson says it has won an auction for the wireless unit of the bankrupt Canadian company Nortel Networks Corp. Ericsson's bid of $1.13 billion for Nortel Wireless was nearly double its nearest competitor, Nokia Siemens Networks, at an auction Friday in New York, The Toronto Star reported.

GREENVILLE, S.C., July 25 /PRNewswire/ -- For the first time in their long history, Michelin(R) and Harley-Davidson(R) have joined forces to develop the all-new MICHELIN(R) Scorcher(TM) "31" tire, which carries both companies' trademarks on its sidewalls and the signature Harley-Davidson logo carved into the shoulder.

MILWAUKEE, July 25 /PRNewswire-FirstCall/ -- Harley-Davidson roars into 2010 with nine new motorcycle models, the most expansive new-product introduction in the history of the Motor Company.

NAPERVILLE, Ill., July 25 /PRNewswire/ -- More than 70 cyclists in the 2009 STIHL Tour des Trees planted trees along a 500-mile route beginning in New York City's Central Park and winding across the Northeast.

General Motors Co.'s buyout offers to its 54,000 hourly workers poses risks for the employees no matter what they choose, analysts say. The results of the buyout offer, through which GM is hoping to help shed 21,000 jobs by the end of the year, will be released Monday or Tuesday, GM spokeswoman Sherrie Childers Arb told The Detroit News. Although GM's offer included $20,000 in cash and a $25,000 vehicle voucher -- $115,000 for workers with more than 20 years of service -- accepting the buyout would be risky for workers who may be unable to find other jobs or sell their homes in Michigan, the newspaper said. But on the other hand, staying with GM -- even though it has accomplished a dramatic restructuring and received $50 billion in federal aid -- is also risky for workers, said auto analyst Aaron Bragman of IHS Global Insight. GM may be out of bankruptcy, but they're not out of the woods, he told the News.

Word of the Day
  • A dirge; a lamentation for the dead. The custom of singing dirges at funerals was formerly prevalent in Scotland and Ireland, especially in the Highlands of Scotland.
The word 'coranach' comes from the Scottish Gaelic corranach and Irish corānach.