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GM gets OK to buy part of Delphi with U.S. aid
General Motors Co. said it had received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi Corp., the automaker's former parts division.
The automaker said in a Securities and Exchange Commission filing that the Treasury Department granted the release of $1.7 billion to acquire "a membership interest" in the new Delphi that emerged from bankruptcy protection.
GM will use $1.1 billion to buy Delphi's global steering business and four parts manufacturing facilities.
COURTS
Dish, EchoStar appeal TiVo case
Dish Network Corp. and EchoStar Corp. asked a federal appeals court to throw out a judge's order that the companies stop using a digital-video recording service that he said infringed a TiVo Inc. patent.
Attorneys for Dish, the second-biggest U.S. satellite-television provider, tried to convince a panel of the U.S. Court of Appeals for the Federal Circuit in Washington that it had changed its technology enough to no longer infringe TiVo's patent. TiVo said the changes were insufficient.
Wal-Mart payout to workers OKd
Wal-Mart Stores Inc. won final approval of a settlement paying as much as $85 million to hourly workers who sued over allegations of unpaid wages.
U.S. District Judge Philip M. Pro in Las Vegas approved the settlement, under which Wal-Mart will pay $65 million to $85 million.
The workers said the Bentonville, Ark., company violated wage-and-hour laws by denying them rest breaks and manipulating time cards to "shave" their pay.
TECHNOLOGY
Ex-CEO of AMD to leave spinoff
Hector Ruiz, former chief executive of chip maker Advanced Micro Devices Inc., is leaving his job with a spinoff company after a published report linking him to the Galleon Group insider trading case.
GlobalFoundries Inc., also a chip manufacturer, says Ruiz will take a voluntary leave from his position as chairman before officially resigning Jan. 4.
The Wall Street Journal reported last week that Ruiz was the executive fingered by the U.S. attorney's office in Manhattan for leaking insider information to Danielle Chiesi, one of six people arrested in the Galleon case.
Ruiz is not a defendant in the case.
CONSUMER GOODS
Flu fears help lift profit at Clorox
Clorox Co. said fiscal first-quarter profit rose 23% after consumers bought disinfecting wipes to ward off flu.
Net income climbed to $157 million, or $1.11 a share, from $128 million, or 90 cents, a year earlier, the Oakland company reported. Sales fell less than 1% to $1.37 billion.
-- times wire reports
General Motors Co. said it had received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi Corp., the automaker's former parts division.
The automaker said in a Securities and Exchange Commission filing that the Treasury Department granted the release of $1.7 billion to acquire "a membership interest" in the new Delphi that emerged from bankruptcy protection.
GM will use $1.1 billion to buy Delphi's global steering business and four parts manufacturing facilities.
COURTS
Dish, EchoStar appeal TiVo case
Dish Network Corp. and EchoStar Corp. asked a federal appeals court to throw out a judge's order that the companies stop using a digital-video recording service that he said infringed a TiVo Inc. patent.
Attorneys for Dish, the second-biggest U.S. satellite-television provider, tried to convince a panel of the U.S. Court of Appeals for the Federal Circuit in Washington that it had changed its technology enough to no longer infringe TiVo's patent. TiVo said the changes were insufficient.
Wal-Mart payout to workers OKd
Wal-Mart Stores Inc. won final approval of a settlement paying as much as $85 million to hourly workers who sued over allegations of unpaid wages.
U.S. District Judge Philip M. Pro in Las Vegas approved the settlement, under which Wal-Mart will pay $65 million to $85 million.
The workers said the Bentonville, Ark., company violated wage-and-hour laws by denying them rest breaks and manipulating time cards to "shave" their pay.
TECHNOLOGY
Ex-CEO of AMD to leave spinoff
Hector Ruiz, former chief executive of chip maker Advanced Micro Devices Inc., is leaving his job with a spinoff company after a published report linking him to the Galleon Group insider trading case.
GlobalFoundries Inc., also a chip manufacturer, says Ruiz will take a voluntary leave from his position as chairman before officially resigning Jan. 4.
The Wall Street Journal reported last week that Ruiz was the executive fingered by the U.S. attorney's office in Manhattan for leaking insider information to Danielle Chiesi, one of six people arrested in the Galleon case.
Ruiz is not a defendant in the case.
CONSUMER GOODS
Flu fears help lift profit at Clorox
Clorox Co. said fiscal first-quarter profit rose 23% after consumers bought disinfecting wipes to ward off flu.
Net income climbed to $157 million, or $1.11 a share, from $128 million, or 90 cents, a year earlier, the Oakland company reported. Sales fell less than 1% to $1.37 billion.
-- times wire reports
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