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Fugitive in Bayou hedge funds case surrenders
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A hedge fund swindler who set off a nationwide manhunt when he faked his suicide to avoid reporting to prison surrendered Wednesday to police in Southwick, Mass. Samuel Israel III, 48, later appeared in federal court for a hearing in Springfield, Mass., where a judge ordered him returned to New York. Israel disappeared June 9, hours before he was to begin a 20-year prison term for his role in the collapse of the Bayou hedge funds.
L.A. Times to trim staff, paperThe Los Angeles Times plans to cut 250 positions, including 150 jobs in the print and online news departments, amid a continuing industrywide slump in ad sales, the paper's editor said Wednesday. Russ Stanton said the paper will undergo a makeover by fall that will cut pages by 15 percent per week, eliminate some sections and trim story lengths. The editorial staff of 876 people will shrink about 17 percent by Labor Day.
Job cuts planned at Milwaukee newspaperMilwaukee Journal Sentinel publisher Journal Sentinel Inc. plans to cut its workforce by about 10 percent, or 130 employees, as ad sales drop. The company, a unit of Journal Communications Inc., will complete the cuts through firings, buyouts and attrition, it said Wednesday in a prepared statement.
Time Warner Cable looks at buyback, dividendTime Warner Cable Inc., poised to split from Time Warner Inc., may consider a stock buyback or dividend after reducing debt taken on with the spinoff from its parent, Chief Financial Officer Robert Marcus said. The second-largest U.S. cable-TV company will focus on expanding its main business and reaching a debt target by the end of 2009, Marcus said Tuesday.
Microsoft Office subscriptions to be offeredMicrosoft Corp. will begin selling its Office programs to consumers on a subscription basis starting in mid-July. The software bundle, which also includes Microsoft's Live OneCare computer security software, will be sold at nearly 700 Circuit City stores for $70 per year. Subscription pricing for software has become commonplace in businesses, but is a relatively new concept for consumers. The Microsoft Equipt bundle includes Word, Excel, PowerPoint and OneNote, plus OneCare and a handful of existing free Windows Live applications. Buying those programs the traditional way would cost about $200.
Former Airbus CEO charged in insider tradesFrench judges filed preliminary charges in Paris on Wednesday against former Airbus CEO Gustav Humbert as part of an investigation into alleged insider trading, an official said. Humbert, who was released on bail of $553,000, is the third former executive at Airbus or its parent, EADS, to face charges in the investigation. Humbert and others sold large share packages before delays to the company's superjumbo A380 were announced.
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Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.