Cabela's picks Remington CEO as new chief Outdoor outfitter Cabela's has chosen the chief executive of gun maker Remington Arms' parent company to succeed Dennis Highby as its new CEO. Monday, the Nebraska-based retailer said Thomas Millner, 55, will become president and CEO.
Feds go after assets held by Madoff's wife Bernard Madoff's wife could theoretically claim more than $100 million in assets -- and should forfeit it all, according to federal prosecutors. The move by prosecutors in New York seeks court help in recovering $22 million in Madoff property, all of which is solely in Ruth Madoff's name, except for one $3 million property. It also seeks $82 million in cash and securities, $10 million in furnishings and $10 million for boats.
Alcoa plans moves to raise capital, slash costs Aluminum producer Alcoa Inc. plans to cut its quarterly dividend, sell $1.1 billion worth of shares in a public offering and cut costs by more than $2.4 billion annually by 2010 to cope with the economic downturn.
Accounting board to vote on asset-value rule The Financial Accounting Standards Board, pressured by lawmakers to change the fair-value rule blamed for worsening the financial crisis, proposed permitting companies to use "significant judgment" in valuing assets. Companies would be able to apply the revised rule to their first-quarter financial statements, Chairman Robert Herz said Monday in a meeting at the U.S. accounting rulemaker's Norwalk, Conn., headquarters. The board is set to vote on the proposal April 2.
U.S. factories operate at historically low level The Federal Reserve reported Monday that industrial output dropped by 1.4 percent last month. The weakness included a 0.7 percent fall in manufacturing output, which pushed the operating rate at U.S. factories down to 67.4 percent of capacity last month, the lowest level on records that date to 1948.
Seattle paper goes online-only When the Seattle Post-Intelligencer transforms to an Internet-only operation Wednesday, it'll try to do something it failed to do for years as a newspaper: make money. With a much smaller staff, SeattlePI.com is trying to become Seattle's main news portal. New York-based Hearst Corp., a privately held company that has lost money on the P-I since 2000, said it'll publish the last print edition today and let many of the P-I's 181 employees go.
Homebuilding gauge stuck in 'dismal' range A key gauge of homebuilders' confidence remained near historic lows in March, according to a survey released Monday. The National Association of Home Builders/Wells Fargo housing market index stood at 9, one point off the all-time low hit in January. Index readings lower than 50 indicate negative sentiment about the market.
Mortgage fraud levels increase Mortgage fraud rose last year, though fewer loans were issued nationwide, according to an industry study released Monday. Fraud jumped 26 percent from 2007, the study concluded, based on data collected from roughly 60 percent of the nation's lenders as well as mortgage insurance companies and mortgage investors. The study was prepared by the Mortgage Asset Research Institute, an arm of LexisNexis, for the Mortgage Bankers Association.
