Print

Former General Mills CEO Kinney Dies At Age 96

Written by Associated Press (85) on . Posted in Money

PHOENIX (AP) - E. Robert Kinney, a former chief executive of General Mills who earlier in his career was instrumental in popularizing fish sticks, has died. He was 96.

A statement from General Mills says Kinney died last week in Arizona.

Kinney was a food company executive for most of his career. He had a successful stint in leading Gorton's of Gloucester.

The Minneapolis company's success in the fish stick business prompted General Mills Inc. to acquire Gorton's in 1968.

Kinney served as president and chairman of General Mills from 1977 to 1981.

He led the company during a time of rapid growth that included acquisition of licensing rights to Yoplait yogurt.

Print

J.C. Penney Post Big 1Q Loss

Written by Associated Press (85) on . Posted in Money

NEW YORK (AP) - J.C. Penney Co. is reporting a first-quarter big loss on a 16 percent revenue plunge as the chain continues to reel from the turnaround plan implemented by its former CEO Ron Johnson, who was ousted last month.

The company, based in Plano, Tex. said it lost $348 million, or $1.58 per share, for the three month period ended May 4. That compares with a loss of $163 million, or 75 cents per share a year ago.

The company posted revenue of $2.63 billion.

Analysts had expected a loss of $1.06 per share on revenue of $2.66 billion.

The results mark five straight quarters of big quarterly losses and revenue declines since Johnson launched an overhaul that ended up turning off shoppers.

Print

Use Of Internet And Cellphones Soars In Brazil

Written by Associated Press (85) on . Posted in Money

BRASILIA, Brazil (AP) - A government survey says the number of Brazilians using the Internet and cellphones has soared more than 100 percent since 2005.

The IBGE statistics agency says that between 2005 and 2011, the number of people aged 10 or more with access to the Internet increased 144 percent. The number of cellphone users increased 107 percent.

The agency said Thursday that 78 million Brazilian used the Internet in 2011, compared to 32 million in 2005. In 2005, 56 million Brazilian had cellphones. That number rose to 115 million six years later.

Survey coordinator Cimar Azeredo attributes the rise in Internet and cellphone users to "increased purchasing power, easier access to credit and lower prices."

Print

Wash. State Releases Draft Rules For Legal Pot

Written by Associated Press (85) on . Posted in Money

SEATTLE (AP) - Officials in Washington state are taking their first stab at setting rules for the state's new legal weed industry.

Among the preliminary draft regulations released Thursday: They want to track marijuana plants from "seed to store," and while they're putting a cap on the number of retail stores in each county, they're not planning to limit the number of licensed pot growers or processors.

Voters last November made Washington and Colorado the first states to legalize the sale of taxed marijuana to adults over 21 at state-licensed stores. Washington's Liquor Control Board has spent nearly the past eight months developing rules for the industry.

Print

Labor Group Says Apple Making Progress At Foxconn

Written by Associated Press (85) on . Posted in Money

WASHINGTON (AP) - A labor group hired by Apple Inc. to assess working conditions at three manufacturing plants in China, where its products are made, says conditions are improving. But employees are still working more hours than the country's legal limit.

The Fair Labor Association said Thursday that Apple's largest supplier, Foxconn, has made all recommended improvements to working conditions that were due by the end of December.

The group says there have been "notable increases" in workers' participation in union committees. Foxconn has reduced work hours, though not enough to comply with the Chinese legal limit of 40 hours per week, which it is scheduled to do by July.

Foxconn is also known as Hon Hai Precision Industry Co. Apple joined the Fair Labor Association in January 2012.

Area 4141 First Alert App120x60going-greenIt's The LawConnect With KidsMaking Middle Georgia GreatMy 41.2! Your Entertainment Station