Boeing announces plan to build more planes
Boeing Co plans to increase the production rate on its hot-selling 737 narrowbody plane to 42 per month, starting in 2014, the company said on Wednesday. The world’s second-largest plane-maker after EADS unit Airbus produces 31 1/2 737 airplanes per month and expects to increase to 35 per month in early 2012, 38 per month […]
SEC proposes expanded level of scrutiny for brokerages
The U.S. Securities and Exchange Commission proposed expanding scrutiny of how brokerages handle trillions of dollars in client assets in a measure that reflects the enduring regulatory impact of Bernard Madoff’s Ponzi scheme. SEC commissioners voted 5-0 today to seek comment on a rule that would increase disclosures required of broker-dealers who hold investor funds, […]
New Michigan law changes taxes and withholding on retirement income
Jay A. Kennedy and Mary Jo Larson, attorneys, Warner Norcross & Judd LLP
Departure prompts leadership changes at JPMorgan Chase
NEW YORK — JPMorgan Chase & Co. on Tuesday said the head of its international business will retire from the bank early next year in a realignment that will expand responsibilities for other executives. JPMorgan Chase announced the departure of Heidi Miller a year after she was named president of international operations. The 58-year-old previously […]
Lockheed Martin to slash 1,200 jobs in space systems unit
BETHESDA, Md. – Lockheed Martin is cutting nearly 8 percent of jobs in its space systems unit, a move that will improve efficiencies but affect workers in California and Pennsylvania. The company on Tuesday said about 1,200 employees would be removed in a combination of voluntary and involuntary layoffs. Most of the workers belong to […]
Investors should approach Pandora IPO cautiously
NEW YORK – Investors eager to rush in on Pandora Media Inc.’s Wednesday stock listing may want to take a moment to figure out how the Internet radio service will make money in the years ahead. Pandora shares will start trading in the wake of a spate of initial public offerings for Internet companies that […]
Apple retail executive to lead J.C. Penney
J. C. Penney announced on Tuesday that its chief executive of seven years, Myron E. Ullman III, is stepping aside, to be replaced by Ron Johnson, the top retail executive for Apple. Mr. Ullman will hand over the chief executive reins to Johnson on Nov. 1, and Ullman will become executive chairman of the company. […]
Dr. Reddy's Mexican arm receives FDA warning letter
(MoneyControl.com) — Drug maker Dr. Reddy’s Laboratories on Tuesday said its Mexican arm has received a warning letter from the U.S. health regulator for violation of current goods manufacturing practice regulations. Industrias Quimicas Falcon de Mexico SA has received a warning letter — on four counts — from the U.S. Food and Drug Administration, Dr […]
JPMorgan ousts home-lending chief after foreclosure lapses
June 14 (Bloomberg) — JPMorgan Chase & Co., the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. “Dave Lowman and I have decided he will leave the firm,” Frank Bisignano, the head of home-lending, said today in an internal employee […]
Google, SolarCity in $280 million deal to fund solar homes
NEW YORK (CNNMoney) — Google and rooftop solar power company SolarCity announced a $280 million investment deal Tuesday, the largest such deal for home-based solar power systems in the United States. The investment will give San Mateo, Calif-based SolarCity the funding to build and lease solar power systems to a 7,000 to 9,000 homeowners in […]