PepsiCo names Jaya Kumar president of Quaker Food & Snacks segmentPURCHASE, N.Y. — PepsiCo Inc., the soft drink and snacks maker, said Monday it named Jaya Kumar president of its Quaker Food & Snacks unit. Venezuela buys ConocoPhillips’ stake in offshore natural gas projectCARACAS, Venezuela — Venezuela’s state oil company has purchased ConocoPhillips’ 40 percent stake in a joint natural gas venture with Chevron Corp. China’s XAC becomes majority owner of Austrian aviation supplier FACC AGVIENNA — China’s Xi’an Aircraft Industry (Group) Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday. Regulators close Michigan bank, small banks in Colorado, Minnesota; marks 98 US bank failuresNEW YORK — Regulators have shut Warren Bank in Warren, Mich., and two small banks in Colorado and Minnesota, boosting the number of failed U.S. banks this year to 98 as loan defaults rise in the worst financial climate in decades. Regulators close Michigan bank, small bank in Minnesota; marks 97 US bank failures this yearNEW YORK — Regulators have shut down Warren Bank in Warren, Mich., and a small bank in Minnesota, boosting the number of failed U.S. banks this year to 97 as loan defaults rise in the worst financial climate in decades. Regulators close Warren Bank in Michigan; 96th US bank closed this yearNEW YORK — Regulators have shut down Warren Bank in Warren, Mich., the 96th U.S. bank failure this year as loan defaults rise in the worst financial climate in decades. ALL BUSINESS: Pay package for new Freddie Mac CFO is sending a disturbing messageNEW YORK — The pay package given to Freddie Mac’s new chief financial officer should have sent a message from Washington to corporate America about how executive compensation standards must change. Instead, it did just the opposite. Sessions: Stop $35 billion tanker competition until Boeing, Northrop pricing data disclosedWASHINGTON — A Senate Republican who backs Northrop Grumman Corp.’s bid for a disputed $35 billion Air Force tanker contract wants to withhold funding until the service resolves a company gripe with the competition. AP sources confirm Comcast is in talks for up to a 51 percent stake in NBC UniversalPHILADELPHIA — Comcast Corp. might spend billions for a stake in NBC Universal, a deal that would transform the nation’s largest cable TV provider into one of the most prominent owners of TV shows, movies and other programming as well. AT&T buys VeriSign security consulting business for undisclosed sumDALLAS — AT&T Inc. said Thursday it has completed a deal to buy VeriSign Inc.’s security consulting business. September US auto sales fall following Cash for Clunkers buying spree over the summerDETROIT — A Cash for Clunkers hangover hit every major automaker except Hyundai last month, pushing down sales and leaving the industry searching for signs of a recovery in October. Philadelphia Newspapers creditors seek right to make “credit bid” at bankruptcy auctionPHILADELPHIA — Creditors hoping to take over Philadelphia’s two main daily newspapers accused the current owners Thursday of trying to “game” the bankruptcy system to keep insiders in control. Cisco uses immense cash hoard to buy Norwegian video-conferencing firm Tandberg for $3 billionNEW YORK — Cisco Systems Inc. tapped its immense cash hoard and announced a deal Thursday to buy Norway’s Tandberg ASA for $3 billion in a bid to dominate the global market for videoconferencing equipment. Smithfield Foods shares fall, CEO sells 100,000 shares for personal reasonsMILWAUKEE — Shares of Smithfield Foods Inc. fell Thursday after the nation’s largest hog producer and pork processor said its CEO sold 100,000 shares this week “to meet personal financial obligations,” according to the company. Frontier Airlines leaves Chapter 11 protection, but still faces stiff competition in DenverFrontier Airlines emerged from bankruptcy protection on Thursday, under new ownership but still facing a tough competitive situation at its Denver base. Cisco agrees to buy Norwegian video-conferencing firm Tandberg for $3 billionNEW YORK — Cisco Systems Inc. tapped its immense cash hoard and announced a deal Thursday to buy Norway’s Tandberg ASA for $3 billion in a bid to dominate the global market for videoconferencing equipment. Citigroup completes sale of Japanese brokerage in $8.7 billion dealTOKYO — Citigroup Inc. has completed the sale of its Japanese brokerage to Sumitomo Mitsui Banking Corp. in a $8.7 billion deal that advances the U.S. bank’s efforts to restructure after big losses on risky investments. After Ken Lewis’ departure, next Bank of America CEO must make Merrill deal pay offNEW YORK — Ken Lewis’ legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn’t: prove that the bank’s messy acquisition of Merrill Lynch & Co. was worth the money. Bank of America CEO Ken Lewis to retire from troubled bank by end of the yearNEW YORK — Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. GM to shut down Saturn after Penske terminates talks with GM on uncertain future assemblyDETROIT — For those who expected General Motors’ once-funky Saturn brand to live on with a new owner, there has been a sad twist. Saturn, once billed as a different kind of car company, appears as dead as Pontiac and Oldsmobile. Treasury says 2 investment firms have raised minimum amounts needed for toxic asset programWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government’s financial rescue effort. Senators writing health overhaul bill reject anti-abortion language sought by conservativesWASHINGTON — In a vote with far-reaching political implications, senators writing a health care overhaul Wednesday rejected a bid to strengthen anti-abortion provisions in the legislation — which could reach the Senate floor in the next two weeks. Kodak CEO Antonio Perez agrees to stay with photography pioneer through 2013ROCHESTER, N.Y. — Eastman Kodak Co.’s chairman and chief executive, Antonio Perez, has agreed to remain at the helm through 2013, the photography products maker said Wednesday. Pfizer’s $68 billion buyout of Wyeth gets clearance in Australia, still awaiting US clearanceNEW YORK — Drug developer Pfizer says the Australian Competition and Consumer Commission approved the company’s $68 billion buyout of rival Wyeth. CIT Group shares plunge in premarket amid report lender is again on brink of bankruptcyNEW YORK — CIT Group Inc. shares plunged Wednesday as the commercial lender is reportedly trying to craft an exchange that would cut its debt and offer bondholders an equity stake in the company in a bid to avoid bankruptcy. Bank of America sells part of Columbia Management to Ameriprise Financial for as much as $1.2BNEW YORK — Bank of America Corp. said Wednesday it is selling the long-term asset management business of one of its units to Ameriprise Financial Inc. Health bill survives challenges from left in Senate Committee, faces new assaults from rightWASHINGTON — A sweeping health overhaul bill has survived a major challenge from the left, but onslaughts loom from the right on thorny issues including abortion and insurance coverage for illegal immigrants. Resolute Energy announces conversion ratio from Hicks Acquisition buyoutDENVER — Oil and gas company Resolute Energy Co. on Tuesday announced the conversion ratio related to its buyout of Hicks Acquisition Company I Inc. Xerox joins race to boost tech offerings with $6 billion deal for Affiliated Computer ServicesNEW YORK — Xerox Corp. said Monday it will buy Affiliated Computer Services Inc. for about $6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings. Pfizer’s $68 billion buyout of Wyeth gets clearance in China, still awaiting US clearanceNEW YORK — Drug developer Pfizer Inc. said Tuesday China’s ministry of commerce approved the company’s $68 billion buyout of rival Wyeth. |
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