September 15, 2008 |
A Russian passenger jet's right engine caught fire before the plane crashed here Sunday, killing all 88 people on board, investigators said. The Boeing 737-500, which was preparing to land, came down on the outskirts of the western city, just a few hundred yards from small wooden houses and apartment buildings. Officials said no one on the ground was killed. Flight 821, operated by an Aeroflot subsidiary, carried 82 passengers and six crew members, Aeroflot said. Aeroflot executives said the plane was circling at about 3,600 feet in "difficult weather conditions," including low cloud cover and rain, when it lost contact with ground controllers.
July 22, 2008 |
German software maker SAP said Monday that it would shut down TomorrowNow, a subsidiary that provided support for Oracle Corp. software and was accused of stealing information from Oracle. Bryan, Texas-based TomorrowNow was formed by former engineers at PeopleSoft Inc., with the idea of providing less expensive software support to PeopleSoft customers. SAP bought TomorrowNow in 2005, about the same time that Redwood City, Calif.-based Oracle completed its $11.1-billion purchase of PeopleSoft.
January 24, 2008 |
A Florida company won the rights to Axium International Inc.'s staffing subsidiary at a federal bankruptcy auction Wednesday, two weeks after the Hollywood payroll service provider abruptly folded. MPS Group Inc., a provider of staffing and consulting services, won the auction after its bid of $8.075 million was approved by a bankruptcy judge during a three-hour proceeding in downtown Los Angeles. The publicly traded Jacksonville, Fla.
October 23, 2007 |
Wal-Mart Stores Inc. said Monday that it would spend $875 million to take full ownership of its money-losing Japanese subsidiary, Seiyu Ltd., as the U.S. retailer struggled to speed up management changes and revive slumping performance in the world's second-largest economy. Reversing losses in Japan would be an added boost to Wal-Mart's already fast-growing international business at a time when growth in its home market is flagging. Wal-Mart, which owns a 50.9% stake in Seiyu, will pay $1.
October 17, 2007 |
E.W. Scripps Co. said Tuesday that it planned to split into two publicly traded media companies, one focusing on its cable operations and online shopping services and the other on its newspaper business and television stations. Scripps stock jumped after the announcement. Under the plan, Scripps shareholders would receive stock in Scripps Networks in the form of a tax-free dividend.
September 15, 2007 |
Marsh & McLennan Cos. said Brian Storms, chief executive of Marsh Inc., the insurance brokerage's main operating subsidiary, had been ousted, effective immediately. "We now need a different set of leadership and operational skills to complete the successful transformation of Marsh," Marsh & McLennan CEO Michael Cherkasky said. Cherkasky, who took the helm of the world's largest insurance brokerage in 2004, said he would act as CEO of Marsh on an interim basis.
August 31, 2007 |
Chevron Corp. of San Ramon, Calif., said it agreed to sell its credit-card operations to General Electric Co. Terms were not disclosed.
August 16, 2007 |
Home Depot Inc. said that it and the private equity firms that had agreed to buy its Home Depot Supply unit had delayed the proposed closing date of the deal to Aug. 23 from today. Last week the home improvement retailer said that it was in discussions with the buyers -- Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice -- about restructuring the agreement.
July 7, 2007 |
KB Home can sell its French home-building division, Kaufman & Broad, to private equity fund PAI Partners, European Union regulators ruled. Los Angeles-based KB Home, one of the largest U.S. home builders, said the sale of 50.01% of the unit would net it $783.2 million.
June 20, 2007 |
Internet music retailer Sony Connect Inc. is eliminating some positions as part of a restructuring plan to shift resources to other online services, but it intends to continue operating, the company said. The Sony Corp. unit denied a report that suggested the job cuts were a prelude to shutting down its music service in a matter of weeks. Sony Connect is shifting emphasis to other network services, specifically one for users of the PlayStation game console, the company said.