Don't buy iPhone 4, Consumer Reports saysConsumer Reports said it will not recommend Apple Inc.'s newest iPhone because of reception problems caused by its antenna design. After the iPhone 4 went on sale in June, buyers started complaining that holding the gadget a certain way could cause reception to fade and calls to drop. Apple has said that any phone will lose signal strength when gripped in certain ways. But Consumer Reports said it tested several phones that use AT&T's network, and only the iPhone 4 seemed to have the reception issue.
YMCA slims down to just one letter: 'the Y'The YMCA is now known officially as just "the Y." The Chicago-based U.S. nonprofit announced that it is changing both its logo and name to "the Y," marking its first branding change in 43 years. The switch comes after more than two years of research indicated many people don't understand what the group does. Officials with the Y say they hope the new logo will be more inviting. The new name applies to the group nationally, but individual locations will still be referred to as YMCAs.
Bank regulators broaden FDIC's authorityFederal bank regulators have agreed to give the Federal Deposit Insurance Corp. unlimited authority to investigate banks, clarifying the agency's power that was in question during the financial crisis. The FDIC's board approved the agreement between the insurance agency and regulators at the Federal Reserve and the Treasury Department. It clearly spells out the FDIC's authority to make special examinations of banks. It was approved 5-0.
Aon to buy HR consultant Hewitt AssociatesInsurance conglomerate Aon Corp. has agreed to buy human resources specialist Hewitt Associates for $4.9 billion in a cash-and-stock deal that would nearly triple the size of its consulting business. The deal, assuming it is approved by regulators, is the company's biggest ever and dramatically expands its push into human resources consulting worldwide. Aon is the world's largest insurance broker; Hewitt, based in Lincolnshire, Ill., has more than $3 billion in annual revenue and 23,000 employees in 32 countries.
Delta penalized over feeder flight disclosureThe U.S. Transportation Department is hitting Delta Air Lines with a $40,000 penalty for failing to tell some customers that their flights would be operated under the "Delta Connection" name. Some Delta flights are operated by feeder airlines with the "Delta Connection" name painted on the plane. Delta's own website, as well as other ticket vendors, correctly showed the airline operating the flight, but did not tell travelers it would be under the "Delta Connection" name. The government says the mistake could confuse travelers.
J&J to buy endovascular firm MicrusJohnson & Johnson said it will pay $480 million for medical device maker Micrus Endovascular, adding a range of treatments for stroke and brain aneurysms. Johnson & Johnson said it will pay $23.40 per share, marking a 5.5 percent premium to Micrus' closing price on Friday. Both companies' boards approved the deal, though it still needs shareholder approval. It is expected to close during the second half of 2010. Micrus, based in San Jose, Calif., focuses on devices aimed at treating stroke and aneurysms. Revenue reached $91.1 million in the fiscal year ended in March.
Avon to expand jewelry business with dealAvon Products Inc., a direct seller of beauty products, agreed to buy Silpada Designs for at least $650 million in an effort to expand its jewelry business, the company said. Silpada, based in Lenexa, Kan., is a direct seller of sterling silver jewelry in the U.S., Canada and the U.K. Avon said Silpada will continue to operate as a standalone business with its existing 32,000 independent sales representative. Silpada co-founders Bonnie Kelly and Teresa Walsh, CEO and co-founder Jerry Kelly and the entire Silpada management team will stay with the company.
Special dividend planned at WeyerhaeuserWeyerhaeuser plans to distribute $5.6 billion to shareholders through a special dividend, the company said, a required step in Weyerhaeuser's path to becoming a real estate investment trust. Company shares jumped more than 8 percent, or $3.04, to $38.88 before the market opened. Weyerhaeuser, one of the world's largest lumber and wood products companies, has been pressured by investors for years to lower its income tax rate, about 35 percent, by becoming a REIT.
