Ford's profit-sharing checks worth $9,300
The Ford Motor Co. on Thursday reported a strong fourth-quarter and full-year profit, enough to trigger record $9,300 profit-sharing checks for about 52,700 United Auto Workers members. The automaker reported net income of $1.9 billion in the fourth quarter and $7.4 billion for the year. Revenue was $40.3 billion for the quarter and $149.6 billion for the year. Pretax profit in the final three months was $2.6 billion, contributing to $10.8 billion for the year. The company made money in every region except South America, with records in North America and Asia Pacific. Europe is back in the black for the first time since 2011. The key figure for autoworkers is the $9.3 billion pretax profit earned in North America because the profit-sharing formula, negotiated with the UAW, awards $1 for each $1 million in North American profit.
Struggling Yahoo to exit Mexico, Argentina
While some Yahoo investors want to say goodbye to Chief Executive Marissa Mayer, Yahoo itself said, "Hasta la vista" to Mexico and Argentina. The troubled Internet search and media company said Thursday it would close what a spokeswoman called "small, sales-focused offices" in Mexico City and Buenos Aires, abandoning the two Latin American markets ahead of what is expected to be a closely watched fourth-quarter earnings report next week. Word of the planned international exits first came via a Yahoo company memo sent to employees, and obtained by the San Jose Mercury News. In that note, Yahoo called the decision "difficult," but hinted that the Mexican and Argentine markets weren't performing up Yahoo's standards.
McDonald's to test more all-day breakfast
Basking in the fanfare over its all-day breakfast menu, McDonald's is pushing its operational limits by testing the addition of another morning favorite to the lineup: the McGriddle. The world's biggest burger chain plans to start offering an expanded all-day breakfast menu that adds McGriddle and biscuit sandwiches in 72 restaurants in Tulsa, Okla. starting Feb. 1. The test comes after customers complained about the absence of the McGriddle when McDonald's launched a limited all-day breakfast menu in October. McDonald's expects the test to last for two to three months before deciding how to proceed. McDonald's is riding high from its biggest quarterly U.S. sales jump in nearly four years, boosted by all-day breakfast menu and unseasonably warm weather.
Las Vegas newspaper replaces publisher
The Las Vegas Review-Journal has a new publisher recruited and hired by the family of billionaire casino mogul Sheldon Adelson, who secretly bought the newspaper last fall in a sale that has been heavily scrutinized over transparency concerns. The owners said Thursday in a statement that Craig A. Moon has been appointed publisher of Nevada's largest newspaper, effective immediately. Moon was the publisher of USA Today from 2003 to 2009. A career executive with Gannett publishing, he also led newspapers in Tennessee, Arkansas and Florida. No reason was given for the sudden replacement of Jason Taylor, who was publisher for just six months.