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Stocks drop as jobless claims rise unexpectedly
Business Law Info | 2010/08/19 13:11

Stocks fell Thursday after the Labor Department said claims for unemployment benefits rose unexpectedly last week, renewing concerns about the pace of the economic recovery.

The disappointing news about the jobs market came minutes after news that Intel Corp. was acquiring McAfee Inc. The deal, valued at $7.68 billion, helped to cushion the blow from the jump in unemployment benefit claims.

The Dow Jones industrial average fell 29 in early morning trading. Broader indexes also fell.

The two announcements are the latest to provide a conflicting picture of the recovery. Economic reports have regularly shown the pace of a rebound is slowing and companies are skittish about adding new workers. That has hurt stocks on some days in recent weeks. It has also stoked fears about the economy falling back into recession.

At the same time, corporate announcements, including earnings reports for the past six weeks, have largely showed companies are doing well. Mergers and acquisitions activity is often considered a positive sign because it means companies are willing to spend money to grow their businesses and are confident that prospects are improving.



BP Deposits $3 Billion in Spill Fund
Business Law Info | 2010/08/09 14:40

BP PLC said Monday that it has made an initial deposit of $3 billion into a $20 billion spill-recovery fund.

BP said it was making the deposit earlier than the originally scheduled Sept. 30 deadline to show its commitment to restoring the livelihoods of people affected by the worst offshore oil spill in history. The company said it would make an additional $2 billion deposit in the fourth quarter.

In June, BP agreed to set up the fund following a meeting between company Chairman Carl-Henric Svanberg and then-Chief Executive Tony Hayward with U.S. President Barack Obama and senior administration officials.

BP said the account would be administered by a newly established trust overseen by former U.S. District Judge John Martin and by Kent Syverud, dean of the Washington University School of Law. Citigroup Inc. will serve as corporate trustee.

"We are pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the President and the residents and business owners in the Gulf region," Associate Attorney General Tom Perrelli said in a statement. "We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future."



Mich. oil pipeline shut down for work before spill
Business Law Info | 2010/08/04 09:32

Federal regulators say a company shut down a Michigan pipeline for planned maintenance hours before 911 calls about odors in the area where a massive oil spill was reported the next day.

National Transportation Safety Board officials told reporters Monday that Enbridge Inc. shut down its Calhoun County oil pipeline about 6 p.m. July 25. About three hours later, calls started coming in about gas odors in the Marshall area.

But NTSB officials say they can't link the shutdown to the pipeline rupture that dumped hundreds of thousands of gallons of oil into a Kalamazoo River tributary. It hasn't found the cause.

Federal officials say a Consumers Energy worker found oil on the ground on the morning of July 26. Enbridge says it detected the leak that day.



Firms crack down on staffers' posts on social media sites
Business Law Info | 2010/08/02 16:01

Domino's still has nightmares about a prank video posted on the social networking site, YouTube, that got two employees in trouble with the law and tarnished the pizza chain's reputation.

The Ann Arbor-based company became an instant Internet sensation in April 2009 after one franchise employee filmed another sticking cheese inside his nose, sneezing on the food and implying it would be delivered to customers from the store they worked at in Conover, N.C.

Both were fired, and the store closed several months later after sales dropped 50 percent. The two former employees were charged with contaminating food distributed to the public. Michael Setzer, 32, was found guilty and sentenced to 24 months of probation in March. Kristy Hammonds, 31, who was banned last fall from college, is still awaiting trial.

The YouTube episode "certainly was a wake-up call," Domino's spokesman Chris Brandon said. "Now we monitor (social media sites) every day. Someone on my team, it's their full-time job to monitor what's being said."

The episode reflects a growing problem of workers across the country, including in Metro Detroit, who like to gossip about the workplace on social networking sites like Facebook, Twitter and YouTube. This has resulted in employers increasing sanctions against employees.

This year, 21 percent of companies with 1,000 or more workers have disciplined employees for violating social networking policies, compared with 13 percent in 2008, according to a survey by Proofpoint Inc., an e-mail security company in Sunnyvale, Calif. About 9 percent have fired an employee for these violations, more than double from 4 percent two years ago.

"For every case you see in the news, it's really just the tip of the iceberg," said Keith Crosley, director of market development for Proofpoint. "There are many more investigations and breaches that you never hear about."

In at least one case, a worker got into trouble for a photo that seemed to have nothing to do with his job.



Coal companies eye targeting congressional Dems
Business Law Info | 2010/07/29 13:42

A leading Appalachian coal company is asking its counterparts to pool their money for a political offensive against Democrats in Kentucky and West Virginia.

International Coal Group is calling on other mining companies to join an initiative that would take advantage of a U.S. Supreme Court decision loosening restrictions on corporate contributions to political causes.

ICG Vice President Roger Nicholson said in an e-mail that he wants to target Democratic U.S. Reps. Ben Chandler of Kentucky and Nick Rahall of West Virginia, and Democratic U.S. Senate candidate Jack Conway in Kentucky. The e-mail, first reported by the Lexington Herald-Leader, was obtained by The Associated Press on Wednesday.

Nicholson said the Obama administration and the Democratic-controlled Congress are "fiercely anti-coal."



Goldman profit slides on SEC charge, revenue drops
Business Law Info | 2010/07/20 15:25

Goldman Sachs Group Inc. said Tuesday its second-quarter net income dropped 83 percent to $453 million as its trading revenue fell and it booked a charge for its settlement of civil fraud charges with the Securities and Exchange Commission.

The company's revenue fell short of expectations and helped send the stock market falling. Goldman followed IBM Corp. and Texas Instruments Inc., which late Monday reported revenue that disappointed investors.

Goldman's stock dropped $1.89 to $143.79 in morning trading.

Goldman took a $550 million charge to cover the cost of the settlement with the SEC that was announced last week. Earnings were also reduced by a one-time, $600 million charge tied to a new tax on bonuses in Britain.

Excluding the one-time costs, net income after payment of dividends on preferred stock came to $2.75 per share, easily topping the $2.08 analysts forecast. Analysts typically exclude one-time charges from their estimates.

Revenue fell 36 percent to $8.84 billion, short of the $8.94 billion predicted by analysts.

The drop in revenue that a number of companies have reported is unnerving investors, who see it as a sign that the economic recovery is stalling. Banks, however, have their own revenue issues. Goldman's trading revenue fell along with that of competitors including JPMorgan Chase & Co. and Bank of America Corp. that were hit hard by the spring plunge in the stock market. The drop in their revenue is adding to investors' concerns about how new federal regulations will affect banks' ability to profit from trading operations.



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