Intel Corp. has agreed to buy Infineon Technologies AG's wireless unit for approximately $1.4 billion in cash, the companies said Monday.
The unit will operate as a stand-alone business of Santa Clara-based Intel (NASDAQ: INTC). Infineon's chips are used in smart phones including Apple Inc.'s iPhone 4.
The technology will expand Intel's Wi-Fi and 4G WiMAX offerings and be used in Intel Core processor-based laptops and Atom processor devices, including smart phones, netbooks, tablets and embedded computers.
"The global demand for wireless solutions continues to grow at an extraordinary rate," Paul Otellini, Intel's president and CEO, said in the announcement. "The acquisition of Infineon's WLS business strengthens the second pillar of our computing strategy — Internet connectivity — and enables us to offer a portfolio of products that covers the full range of wireless options from Wi-Fi and 3G to WiMAX and LTE business card design.
The deal is expected to close in the first quarter of 2011, subject to regulatory approvals and customary closing conditions.
It is the second major acquisition for Intel in recent weeks. The company on Aug. 19 announced it had agreed to acquire the security software maker McAfee Inc. (NYSE: MFE) for approximately $7.68 billion.
Looking for health insurance? Find a variety of affordable medical insurance plans.
Maintenance and procedural problems at a Gilead Sciences Inc. manufacturing and distribution facility could land the HIV drug maker a warning letter from the Food and Drug Administration.
In a Securities and Exchange Commission filing Monday, Foster City-based Gilead (NASDAQ: GILD) said a routine FDA inspection of its San Dimas facility in February raised concerns from the agency about maintenance of aseptic processing conditions in the manufacturing area for its AmBisome anti-fungal product. The agency also cited environmental maintenance issues in the warehouse, batch sampling and the timeliness of completion of annual product quality reports.
Gilead, which said it has addressed all of the FDA’s concerns, learned in May that the agency “may be considering” issuing a warning letter as a result of the inspection, according to the SEC filing guaranteed payday loan.
A warning letter could hurt Gilead’s ability to receive export certificates or approvals of regulatory applications associated with “the products at issue,” the company said, and “decrease our revenues and harm our business.”
Gilead makes AmBisome and Cayston, a recently approved inhaled drug to treat cystic fibrosis symptoms, at San Dimas. It also fills and finishes Macugen, an injectable drug marketed by Eyetech Inc. to treat age-related macular degeneration, at the facility.
AmBisome had sales of $155.2 million in the first half, Gilead’s largest-selling drug outside of its antiviral products.
The team at Payday Loan Company is ready to tell anyone yes for a payday loans or cash advance for up to $1000 cash.
A deal with Walgreens gives Capitol Federal Savings Bank 40 percent more ATM locations throughout Kansas.
For the past two years, Capitol Federal has had an agreement with Walgreens stores in the Kansas City area, allowing free ATM access for Capitol Federal customers. The addition of about 40 Walgreens locations throughout Kansas brings the Capitol Federal ATM network in Kansas and Kansas City to about 100 locations. Capitol Federal customers can use these ATMs without surcharges or other transaction fees.
“What this does is give our customers more convenience,” said Frank Wright, electronic banking officer at Capitol Federal. “We’re finding that our customers are very mobile. We have many clients who travel through Kansas, and this allows them more locations to make bank transactions. The deal with Walgreens also helps us offer this service at a lower cost than it would be for us to scout a location and set up a new ATM ourselves.”
Capitol Federal Savings Bank, which is held by Topeka-based Capitol Federal Financial (Nasdaq: CFFN), has 22 branches in the Kansas City area and 45 branches overall. It ranks sixth on the Kansas City Business Journal’s list of top area banks, with a 4.32 percent local market share of deposits — $1.76 billion.
Even during the darkest days of the financial crisis, nearly twenty financial firms managed to shell out an estimated $1.6 billion in "ill-advised" payments to their executives, according to a federal report issued Friday.
In his latest review of compensation practices at companies that were bailed out by American taxpayers, White House pay czar Kenneth Feinberg condemned those companies for how they rewarded employees between late 2008 and early 2009.
"These 17 exercised poor judgment," said Feinberg. "They shouldn’t have made these payments."
The review was part of a previously-announced effort to shed light on whether any of the early recipients of funds under the Troubled Asset Relief Program, or TARP, made excessive payments to employees before Congress passed legislation in February of 2009 requiring greater oversight at bailed-out firms.
Those implicated in Friday’s report included some of the biggest recipients of taxpayer aid. Wall Street investment houses like Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500) were both cited as firms that made excessive payments to executives. More traditional lenders like PNC (PNC, Fortune 500) and Buffalo, NY-based M&T Bank (MTB) were included on the list, as was the troubled insurance giant AIG (AIG, Fortune 500) and small-business lender CIT Group (CIT).
Spokespeople for several of the 17 companies either declined to comment or were not immediately available.
But others said they supported Feinberg’s efforts to reform compensation practices and said they planned to review the proposal.
"Getting our compensation structure right is a priority for us," said a statement issued by a spokesman for Citigroup (C, Fortune 500), which also made the list.
More than 400 companies underwent review, although less than half of that number actually warranted a closer look because their executives made less than $500,000 payday loan. That was the cutoff point that was established when the program was announced last March.
Despite the breadth of the study, it offered few details about the size of payouts made by individual firms, or how much specific executives were paid — although Feinberg said that several people received more than $10 million during that period.
In a briefing with reporters in Washington Friday, Feinberg said the payouts were "not illegal" and not "contrary to the public interest." He added that he did not have the power to force companies to claw back those payments to employees.
"His mandate was very limited," said Alan Levine, an executive compensation and benefits partner with the New York-based law firm Morrison Cohen.
Feinberg did however, encourage the 17 firms to adopt new rules that would allow them to restructure or cancel pay packages in the event of another financial crisis.
"That’s all I can do," he said. Friday’s report represents the latest, and perhaps the last, ruling by Washington’s pay czar.
Last October, Feinberg slashed pay for top executives at the seven companies that were rescued more than once by the federal government — AIG (AIG, Fortune 500), Citigroup (C, Fortune 500) , Bank of America (BAC, Fortune 500), General Motors, GMAC, Chrysler and Chrysler Financial.
Two months later, he capped salaries for lower-level executives at those same firms at $500,000. Both rulings served as a benchmark for employee pay levels in 2010.
His role at the Treasury Department however is expected to quickly come to a close. He was recently appointed to handle claims related to the BP (BP) oil spill.
The Texas Tribune picked up two more leadership staff Monday, including a former Texas Monthly publisher.
April Hinkle spent 21 years as publisher of Austin-based Texas Monthly magazine, working her way up through various director, manager and executive roles. She will now act as business development director for the nonprofit news website, working to secure more corporate sponsorships.
At the same time, former Deloitte Consulting senior consultant Shadi Afshar was hired to lead audience development. The recent McCombs School of Business graduate is charged with increasing Web traffic, recruiting new members and publicizing editorial projects and events.
In January, the Tribune picked board member and former AOL and Examiner.com executive Michael Sherrod as its first publisher. Two months previous, it removed its general manager position close after hiring Austin Technology Council President Alisha Ring.
Former University of Texas star quarterback Colt McCoy is leading an effort to raise $50 million to transform a Temple hospital into a pediatric emergency and care center.
Scott & White Healthcare acquired the King's Daughters Hospital in April 2009, and officials plan to renovate the facility into a medical and surgical pediatric hospital beginning in the fall. It is slated to open in late 2011.
McCoy, who was recently drafted on the NFL's Cleveland Browns, is acting as a spokesperson for the fundraiser.
"Children and their families will no longer have to drive great distances to receive the highest standard of care," McCoy said payday loans. "We all need the support of family and friends during difficult situations and now these kids will be able to stay close to home. It's my privilege to lend my support in making this children's hospital a reality for so many people in my home state."
Scott & White hopes to raise about $35 million before construction and another $15 million after work finishes. The organization was established in 1897 and operates 10 hospitals and more than 60 clinics in Central Texas, including the recently merged Trinity Medical Center in Brenham.
A tepid gain in consumer spending last month could fuel a debate over whether the U.S. and other governments should further stimulate their economies to sustain the recovery.
A report that Americans spent cautiously in May came after world leaders meeting in Toronto over the weekend pledged to reduce government deficits by cutting spending and raising taxes. They did so despite warnings from President Barack Obama that scaling back spending too fast could derail the global recovery.
U.S. lawmakers are wary of approving more stimulus spending in light of record deficits. As a result, millions of Americans could lose unemployment benefits and states could be forced to lay off tens of thousands of workers.
"In our view, it is way too early to apply the fiscal brakes," said Zach Pandl, an economist at Nomura Securities. Cutting off unemployment benefits "is a dangerous way to cut deficits when the economy is still fragile."
Economic growth, which leads to higher tax receipts and less spending on social programs, is the best way to reduce the deficit, Pandl said.
Other economists note that wages and salaries rose 0.5 percent in May, a second consecutive month of strong gains. That is a sign that the recovery can survive without government propping it up lowest fee payday loans.
If the trend in income growth continues, "consumers’ spending power will be bolstered, which will in turn drive economic growth, necessitating less government support," said Dan Greenhaus, chief economic strategist at Miller Tabak.
One thing is certain: Americans are being careful with their money. Consumer spending rose 0.2 percent last month after no change in April, the Commerce Department said Monday.
Consumer spending accounts for about 70 percent of economic activity. But the consumer hasn’t been driving this recovery. Instead, it has depended more on business and government spending, along with exports. In the four quarters following the steep 1981-82 downturn, consumer spending rose by an average of 6.5 percent per quarter. By contrast, even as the economy has grown for the last three quarters, consumer spending rose an average of only 2.5 percent per quarter.
If consumption remains sluggish, the economy may not grow fast enough to generate jobs and quickly bring down the 9.7 percent unemployment rate.
Lawmakers ripped into BP chief Tony Hayward on Thursday, accusing him of being ill-prepared for congressional testimony and not cooperating with an investigation into the Gulf of Mexico oil spill.
In Hayward’s first congressional appearance since the April 20 disaster, lawmakers wanted to know if BP had cut corners in an effort to save money in the run up to the explosion.
Questions during the 7-1/2 hour hearing, which included two recesses, focused on the well’s design and the measures taken while BP was attempting to seal it before it exploded.
"Did BP make a fundamental misjudgment" in using one long piece of well casing instead of many shorter pieces, as other oil companies said they would have done, asked Rep. Henry Waxman, D-Calif.
"I wasn’t involved in that decision," replied Hayward, saying that the single piece was better for the well’s long-term stability.
Waxman produced transcripts from BP’s engineers saying that the single casing was "unlikely to be successful." Waxman said BP went ahead with it anyway to save $7 to $10 million.
Hayward said he was "not prepared to draw conclusions about this accident until the investigation is complete."
"This is an investigation," said Waxman. "Are you cooperating with other investigations? Because they’re going to have a hard time reaching a conclusion if you stonewall them, which it appears you are doing today."
Rep. John Dingell, D-Mich., wanted to know how much it would have cost BP to perform additional tests on the cement in the well.
"I cannot say," said Hayward.
Dingell also wanted to know how much it would have cost to circulate a heavier drilling mud through the pipes, which may have prevented the explosion.
"I cannot say," replied Hayward, again.
"We thought we’d have more candid responses to our questions," said Rep. Bart Stupak, D-Mich. " You’re the CEO, you headed exploration, you know what’s going on."
Criticizing Hayward for his lack of answers became a theme of the meeting.
"Clearly Mr. Hayward is not prepared to answer the questions," said Rep. Joe Barton, R-Texas. "Any one of us could do a better job."
Apology flap
Barton may have been trying to deflect criticism after an earlier incident in which he called BP’s agreement to set up a $20 billion fund for spill victims "a shakedown" by the Obama administration, and apologized to BP.
The comment drew immediate criticism, with Rep. Edward Markey saying the fund is "the American government working at its best," and both the White House and Speaker of the House Nancy Pelosi, D-Calif. issuing statements blasting Barton.
There were reports some Republican lawmakers from Gulf states were asking him to resign as ranking member of the committee, and Republican leaders issued a statement saying "Congressman Barton’s statements this morning were wrong."
Barton later retracted his apology to BP and said he was sorry for using the term shakedown.
"BP is responsible for this accident, should be held responsible, and should in every way do everything possible to make good on the consequences," he said. "If anything I’ve said this morning has been misconstrued in an opposite effect, I want to apologize."
Hayward gets emotional
Tensions in the hearing were apparent before Hayward began testifying, when he was was interrupted by a woman shouting unintelligibly, her face and hands painted with oil.
After a brief struggle with police, she was removed from the room and arrested. U.S. Capitol Police say the woman was charged with unlawful conduct.
Hayward began his testimony by waiving his right to legal counsel.
He struck an emotional tone in his prepared remarks, acknowledging the loss of life and apologizing to residents of the Gulf Coast.
"When I learned that 11 men had lost their lives in the explosion and fire on the Deepwater Horizon, I was personally devastated," he said. "I want to offer my sincere condolences to their family and friends."
He went on to talk about the Gulf Coast economy and environment.
"I want to speak directly to the people who live and work in the Gulf region: I know that this incident has profoundly impacted lives and caused turmoil, and I deeply regret that," he said.
Hayward had been criticized previously for a sometimes callous approach to the disaster, especially the comment a few weeks back that he’d "like his life back" and that the "environmental impact of this disaster is likely to have been very, very modest."
In opening statements short on bluster and long on details, lawmakers outlined a series of steps BP took in the lead-up to the explosion that appeared to put cost above safety.
"Why would a team be sent home before performing a test?" on the well, asked Rep. Mike Doyle, D-Pa., referring to one of the decisions in question. "BP had several warnings, but instead of treating the well with caution, it seems BP was only interested was completing the well quickly and cheaply."
The well exploded 59 days ago, killing 11 workers. Millions of gallons of oil are still spewing into the Gulf, resulting in what some are calling the worst environmental disaster in American history.
According to congressional documents and interviews with workers on the rig when it exploded, it appears BP chose faster, cheaper techniques for drilling this well, sometimes against the advice of their sub-contractors.
Hayward said there was "no evidence of reckless behavior," contradicting President Obama, who referred to the company’s "recklessness" during Tuesday night’s address to the nation.
Hayward also said no BP employees have been laid off as a result of the accident, and that he did not believe cost cutting led to the explosion.
"If there’s any evidence that anybody put costs above safety I will take action," he said.
"I can’t believe you said that," retorted Waxman. "Of course there’s evidence."
– CNN staff contributed to this report
General Motors has banned the use of the Chevy name in all of its corporate communications. From now on, the bow-tie brand will go by its proper name, Chevrolet.
It’s OK if you still call your car a Chevy. It’s just that GM won’t.
The problem, said Alan Batey, vice president of sales for Chevrolet in the U.S., is that in today’s Internet-connected world, documents and Web sites created for an American audience can be read by anyone, anywhere. And the use of two different names for one car brand — Chevy and Chevrolet — can cause confusion abroad.
While Chevy is a popular nickname for the brand in the U.S. and Canada, it’s not used in any of the other 130 or so countries where the brand is sold.
"I get calls from international colleagues asking me ‘What is a Chevy," said German-born GM spokesman Klaus-Peter Martin. "It takes quite a long time to explain to them."
Customers in other countries who want to learn more about Chevrolet and come across the name Chevy on a U.S.-based Web site might think it refers to a separate brand, he said.
But Chevrolet isn’t trying to shun its popular nickname, said Batey. GM still loves Chevy.
"[The nickname] says there’s a rapport and a relationship with the brand," said Batey bad credit payday advance. "We love it when people call us Chevy."
The memo that was sent out to GM employees even asked them not to use the Chevy name in conversation, Batey said. However, the ban on speaking the two-syllable word won’t be strictly enforced.
Existing advertising and corporate communications won’t be changed, he added, but the rule will be enforced in any materials produced from here on out.
Founded in 1911 as the Chevrolet Motor Co., Chevrolet was named for founding partner Louis Chevrolet, an early race car driver.
As part of the company’s push for global consistency, Batey added, more products — such as the upcoming Chevrolet Cruze compact car — will be sold globally using the same model name everywhere. Until now, the automaker often sold similar models under different names around the world.
"The brand is going to become an icon around the world," he said.
Since everyone already knows Chevrolet, Batey said, and everyone in the U.S. knows that it’s Chevy, Americans shouldn’t miss anything.
Clifton Gunderson said it has acquired U.S. Tax Advantage LLC (USTA), an international tax consulting services firm.
Through the acquisition, which was announced Tuesday, Wauwatosa-based Clifton Gunderson will add 14 tax professionals, including partners Mark Gasbarra and Lester Fuwa. USTA has locations in New York, Boston, Chicago, Milwaukee and Houston.
Terms of the transaction were not disclosed.
The acquisition strengthens the talent and resources of Clifton Gunderson’s tax practice, said CEO Krista McMasters payday advance lender. USTA partners and staff have assisted many mid-market and Fortune 500 companies with their international tax requirements, she said.
Clifton Gunderson is the 14th largest U.S. accounting firm and the largest member of HLB International, one of the world’s largest networks of independent professional accounting firms and business advisors.
Powered by WordPress -- XHTML 1.0