Business - Page 2

Reuters - Wal-Mart Stores Inc. , the world's largest retailer, is cutting about 1,000 management positions at its Sam's Club stores, a spokeswoman for the company's warehouse club chain said on Thursday.

Reuters - London-based music company EMI Group appointed former Warner Music Group Chief Executive Roger Ames to lead its North American music division, a company spokeswoman said on Thursday.

Reuters - Mexico's leading retailer Wal-Mart de Mexico, or Walmex, has launched a line of 150 cheap generic drugs, selling for no more than $3.50, in a new bid to boost its appeal as a one-stop shop for clients looking for low prices. More Info...  

Reuters - Ford Motor Co. posted a narrower-than-expected loss on Thursday, helped by cost-cutting and improved results from its European and luxury vehicle operations, sending its shares and bonds up sharply.

FT.com - London equities made strong progress on Thursday, helped by robust overnight gains on Wall Street. Barclays (NYSE:BCS) and Royal Bank of Scotland stayed in the spotlight as their bid battle for control of ABN Amro continued. More Info...  

AP - Washington Mutual Inc. has begun offering a new mortgage and home equity line of credit bundled into a single loan that allows customers to reset interest rates or switch between fixed and adjustable rates up to twice a year without having to refinance. More Info...  

Reuters - Pharmacia and Upjohn Company Inc., a unit of Pfizer Inc. , pleaded guilty to one count of offering a kickback to a pharmacy benefit manager and was sentenced to pay a criminal fine of $19.68 million, federal prosecutors said on Wednesday.

Reuters - Apple Inc. board of directors defended Chief Executive Steve Jobs on Wednesday after the company's former finance chief linked him to the handling of backdated stock options grants.

AP - Sales of new homes, helped by better weather, posted a modest increase in March, but the gain was less than expected and did not dispel concerns about continuing troubles in the housing industry.

Reuters - Apple Inc. said on Wednesday quarterly profit soared 88 percent on lower component costs and sales of MacBook laptops and iPod digital media players, lifting its shares by 8 percent to above $100 for the first time.

AP - Mutual fund investors who held their ground after the stock market's late February pullback didn't have to wait long to see the wisdom of their decision. More Info...  

Reuters - U.S. prosecutors in New York are reviewing stock option grants at BlackBerry maker Research In Motion Ltd. , the company said on Wednesday.

Business

Reuters - The Dow powered to a close above 13,000 for the first time and the broader market rose to its highest level in more than six years on Wednesday, buoyed by a steady parade of strong profit reports and reassuring news on the economy.

FT.com - Wall Street cheered a string of better than expected earnings and a rise in reported capital spending on Wednesday, propelling the Dow Jones Industrial Average through the 13,000 threshold for the first time. More Info...  

Reuters - Apple Inc.'s former finance chief said on Tuesday he relied on Chief Executive Steve Jobs in the handling of backdated stock options, putting the spotlight on the company's co-founder in the scandal.

Reuters - Dutch takeover target ABN AMRO said it would consider a superior proposal to its roughly $87 billion takeover by British bank Barclays Plc -- but that it has no responsibility to actively solicit a rival offer. More Info...  

Business

Reuters - Online retailer Amazon.com said quarterly net profit more than doubled, helped by a lower tax rate and robust sales, and raised its earnings and sales outlook for the year.

AP - Web retailer Amazon.com Inc. said Tuesday its first-quarter profit more than doubled, sending shares up more than 12 percent in after-hours trading. The company also raised its revenue outlook for the year.

Reuters - Computer maker Sun Microsystems Inc. on Tuesday posted a third quarter net profit versus a year-ago loss, but revenue fell shy of analysts' estimates and shares fell about 5 percent.

Reuters - The death of Wal-Mart Stores Inc. heiress Helen Walton will not require sales of a large block of the company's shares, her family said in a statement on Tuesday.