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 News from eWeek.com



Apple Execs Get Bonuses, Jobs Still at $1
Several senior executives at Apple Inc took home 2007 cash bonuses that doubled their salaries but Chief Executive Steve Jobs maintained his annual pay of $1 and took no additional compensation.

Motorola Forecasts Loss on Struggling Phone Biz
Motorola said it will post an operating loss in the current quarter as recovery in its cell phone business is taking longer than expected, dashing Wall Street expectations.

Yahoo Plans to Cut Hundreds of Jobs: Source
Yahoo is planning to announce cutbacks later this month that will likely lead to hundreds of job losses at the nearly 14,000 employee company, a source familiar with the plan said.

Fed Slashes Interest Rates
The U.S. Federal Reserve slashed interest rates by a hefty three-quarters of a percentage point, the biggest rate cut in more than 23 years, in an emergency bid to lend support to a U.S. economy some fear is on the verge of recession.

Bill Would Help States Ditch Electronic Voting
New Jersey Democrat Rep. Rush Holt recently introduced a measure that would provide financial relief for states that jumped into electronic voting only to find those systems increasingly unreliable.

Sprint to Cut 4,000 Jobs, Close 8 Percent of Stores
Sprint Nextel, the #3 U.S. mobile service, will cut about 4,000 jobs and close 8 percent of its stores, predicting further pressure on its ability to attract subscribers and turn a profit in 2008.

IBM Growth in Americas Slower than Overseas
IBM said that revenue from the Americas rose 5 percent, slower than other regions as overseas units showed the strongest gains, and said computer hardware sales declined.

Time Warner to Test Internet Billing Based on Usage
Time Warner Cable Inc said it is planning a trial to bill high-speed Internet subscribers based on their amount of usage rather than a flat fee, the standard industry practice.

Bernanke Backs Quick Fiscal Stimulus
Federal Reserve Chairman Ben Bernanke threw his support behind efforts to craft a fiscal stimulus package and repeated that the U.S. central bank was ready to act aggressively to counter recession risks.

Brocade Ex-CEO Sentenced to 21 Months in Options Case
Brocade Communications former CEO was sentenced to 21 months in prison for backdating stock-option grants in a scandal that has ensnared scores of U.S. companies and led to billions of dollars of restatements.

Bernanke Faces Grilling on Fiscal Stimulus Stance
Ben Bernanke has tried hard not to follow his predecessor Alan Greenspan into the political arena by commenting on fiscal policy, but the Federal Reserve chief will find it difficult to stay above the fray.

Economic Worries Grow Among Voters: Poll
Voters are growing increasingly concerned about a recession, and the malaise is filtering into their views on the presidential election, according to a Reuters/Zogby poll.

BEA Accepts $8.5 Billion Oracle Offer
Oracle won a three-month-long campaign to buy BEA Systems by raising its bid for the business software maker by 14 percent to $8.5 billion.

Boeing to Announce Further 787 Delay: Report
Boeing Co is close to announcing a further delay to its 787 Dreamliner, The Wall Street Journal reported, threatening to push deliveries of the new, hot-selling plane even further back and increasing the risk of costly penalty payments to airlines.

Apple to Rent Movies on Web, Shows Thin Notebook
Apple will start renting movies over the Internet, Chief Executive Steve Jobs said at MacWorld Expo, moving the iPhone and iPod maker into a very competitive market.

GM, Toyota Battle Turns Electric
Toyota Motor Corp, likely to claim the title of world's biggest automaker later this month from General Motors Corp, threw down the gauntlet to GM in a race for the next "green" car.

Alan Greenspan to Join Hedge Fund
Hedge fund manager John Paulson, who earned billions of dollars last year by betting against the housing market, said that former Federal Reserve board chairman Alan Greenspan will advise his firm.

Weak Retail Sales Fuel Recession Fears
Retail sales fell unexpectedly in December to close out the weakest year at the cash register since 2002, the strongest signal yet that the economy may be sliding into recession under the weight of a housing and credit crisis.

Diebold to Restate Results Following Probe
Diebold said it would restate its financial results for 2003 through 2006 and the first quarter of 2007 after a regulatory review that led it to adopt a new accounting method for recognizing revenue.

Overtime Hours Point to Manufacturing Recession
A drop in factory overtime hours to the lowest level since 2002 does not bode well for the manufacturing sector and has led many to expect widespread job cuts and a recession-plagued economy.


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