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- Growth in consumer spending slows
WASHINGTON – Shoppers took a break in June, boosting their spending at the slowest pace in nine months as high gasoline prices and fallout from the housing slump made people think twice about buying.
- Johnson & Johnson to cut up to 4,820 jobs
TRENTON, N.J. – Johnson & Johnson said yesterday that it would reduce its global work force by up to 4 percent, or up to 4,820 jobs, to cut costs because of a slump in sales of its heart stents and its No. 2 drug, plus coming patent expirations for key drugs.
- BUSINESS BRIEFING
Deadline for Accredited deal extended
An affiliate of Dallas-based buyout firm Lone Star Funds has extended the deadline of its $400 million tender offer for San Diego's Accredited Home Lenders until Aug. 14. The deadline had been yesterday. Lone Star said about 32.7 percent of shareholders have tendered their shares at the proposed buyout price of $15.10 per share.
- On the move
- U.S. team in China for talks on trade rules
BEIJING – A team of U.S. health officials arrived in Beijing yesterday for talks on tightening controls over food and drug trade, amid tensions triggered by U.S. restrictions on questionable – and sometimes dangerous – Chinese products.
- 'Serving facts' panel proposed for alcohol
NEW YORK – The Treasury Department is considering a new rule that would require companies to put alcohol content, serving sizes and nutritional information on all alcoholic drink packaging.
- EARNINGS ROUNDUP
GM posts profit for 3rd consecutive quarter
General Motors Corp. ran its string of profitable quarters to three yesterday when it announced second-quarter net income of $891 million that came largely from overseas operations.
- U.S. Treasury chief visiting China to discuss economy
BEIJING – U.S. Treasury Secretary Henry Paulson met yesterday with Chinese officials in hopes of defusing congressional demands for sanctions over currency and trade disputes, but a key leader said Beijing already is taking action and is constrained by poverty.
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