Around the business world
AOL to cut payroll by 5,000 as it restructures it business: NEW YORK – AOL said it will drop as many as 5,000 employees, or a quarter of its global work force, within six months as the company restructures its business to draw more online advertising dollars. The announcement came a day after the Time Warner Inc. unit said it would no longer charge high-speed Internet customers for e-mail and other services.The heat’s on Ford as it studies all its turnaround options: DETROIT – Over the past two days Ford has announced one of the largest recalls ever and doubled the size of its second-quarter loss. It also hired a Wall Street merger and acquisitions whiz, cementing the idea that everything is on the table as the nation’s second-largest automaker works to accelerate its North American turnaround.Retailers report solid sales in July: NEW YORK – Worried retailers got a reprieve in July, scoring solid sales gains as searing heat in much of the country sent consumers back into the stores in search of summer clothes. But the outlook for the back-to-school season remained uncertain amid higher gasoline prices and rising interest rates.Factory orders pick up in June: WASHINGTON – Orders to the nation’s factories are up strongly, and retailers are reporting solid sales as well, encouraging signs for the economy.Stocks slip as investors grow wary of inflation: NEW YORK – Inflation-wary investors pushed stocks modestly lower after the nation’s interest rate outlook gets muddled by slower economic growth domestically and a pair of rate hikes abroad.European interest rate increases: FRANKFURT, Germany – The European Central Bank boosted its key interest rate by a quarter percentage point to 3 percent, the fourth such increase in eight months as it tries to curb inflation. It follows a similar move earlier in the day by the Bank of England.Wal-Mart’s banking on Mexico: MEXICO CITY – The Mexican unit of Wal-Mart Stores Inc. filed for a banking license with local regulators, the latest retailer to enter the realm of financial services in Mexico in recent years.GM’s going greener: DELTA TOWNSHIP, Mich. – General Motors Corp. showed off its new assembly plant in the Lansing area, billed as the most environmentally friendly auto facility in the world. The plant will use 25 percent recycled materials, and there’s a roof that collects rainwater to flush toilets.Tourists wary of Mexico: MEXICO CITY – Human heads wash up on Acapulco’s beaches. Protesters hassle visitors in the colonial town of Oaxaca. And in Mexico City, leftist presidential supporters turn the elegant Reforma Avenue into a sprawling protest camp. Political unrest and drug violence are making tourists think twice about Mexico.Sprint’s stock slumps after it lowers guidance: KANSAS CITY, Mo. – Declining profit, lowered earnings guidance and a raft of execution issues at Sprint Nextel Corp. sent the wireless carrier’s stock to a new 52-week low. Sprint is struggling to attract and retain higher-paying subscribers, making it hard to gain on leading cellular providers Cingular and Verizon.Big international banks flock to Dubai: DUBAI, United Arab Emirates – A land rush is under way in Dubai with more than three dozen financial firms setting up offices in its futuristic new financial district since it began issuing commercial licenses in 2004. U.S. and international companies have opened offices in the 110-acre district, a Vatican-like enclave on the Persian Gulf that is governed by western-style financial laws enforced by its own courts and judges and uses the dollar as official currency.Pentagon wins another funding increase: WASHINGTON – Concerns about Army combat readiness and illegal immigrants crossing the Mexican border lead the Senate to add almost $15 billion to an already huge Pentagon spending bill.Vail Daily, Vail, Colorado
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