Citigroup, Inc. is cutting 11,000 jobs from its workforce (or about four percent) and taking a $1 billion fourth-quarter charge. According to Michael Corbat, Citi’s new chief executive, the top priority is to ensure Citi becomes more efficient. The bank has been facing an increase in pressure to reduce costs in order to boost returns. […]
Ford Motor Co. is recalling 16,000 Fusions and 73,000 Escape SUVs with the 1.6-liter, four-cylinder engines due to the possibility of engine fires. No other vehicle models without this type of engine are affected. According to the company, the engine overheats and causes a fire while the vehicles were being used. No injuries have occurred. […]
Local small businesses throughout the U.S. benefit from the third annual Small Business Saturday movement. In 2010, American Express began the movement with the emphasis of supporting businesses that are run locally. According to business owners, it’s not just about helping them out; the community sees the benefits of it. On North Shore streets, people […]
Hostess Brands, the manufacturer of Twinkies, Ding Dongs and Wonder Bread, announced, that even with a mediator’s help, it was unable to come up with a new labor agreement with its bakery workers union. Union officials say the company indicated it would move forward with its plans to liquidate the business. Bakers Union secretary-treasurer David […]
Hostess Brands said if bakers don’t accept the new contract by end of the day Thursday, the company will have to go into liquidation. According to Greg Rayburn, Hostess CEO, the company does not have the financial resources to endure the national strike. If liquidation takes place, approximately 18,000 workers will be out of a […]
Microsoft is facing a false advertising lawsuit, which claims its Surface’s storage space has a 32GB storage space but is alleged to only have 16GB. According to the Associated Press, the lawsuit comes from Andrew Sokolowski, a California lawyer, who said he purchased the device with the understanding that he came with 32GB of storage […]
The Federal Communications Commission (FCC) has ordered AT&T, Inc. to pay a $700,000 fine and send its customers, who were overcharged on their smartphone plans, refunds. The FCC investigated the company after it received numerous complaints about the U.S. wireless carrier switching users to its more expensive monthly subscriptions without their knowledge or consent. The […]
Say ta-ta to long iconic instant messaging chat tool Windows Live Messenger. Microsoft is set to retire it come 2013 and encourages its users to use the voice-over Internet Protocol Skype. According to Microsoft’s President of Skype Division Tony Bates, the two software programs are joining together. Messenger will retire in every country of the […]
Game developer Zynga recently announced its plans on cutting five percent of its workforce. Founder Mark Pincus sent an email to his staff saying the company was closing its Boston studio and thinking about closing studios in Japan and the UK. He wrote the decision was an effort to reduce costs. Zynga is the creator […]
Kodak inkjet printer lovers will soon find themselves out of luck. Kodak, in response to its bankruptcy organization, is ending its line of consumer inkjet printers in 2013. Kodak recently made the announcement, saying its primary focus was on selling printing, packaging and other amenities to companies. The company said it would continue to sell […]