Invitations go out for expected iPad unveilingApple Inc. is expected to introduce the newest iteration of its popular iPad tablet computer at an event in San Francisco next week, according to an invitation the Cupertino, Calif., tech giant sent to the media Tuesday. The invitation from Apple has an image of a finger touching an iPad calendar icon displaying the number "7" with the tagline "We have something you really have to see. And touch." The event will take place March 7 in San Francisco.
Consumer confidence up more than expectedA widely watched barometer of consumer confidence surged in February to its highest level in a year as Americans took note of improving job prospects among friends and family and falling unemployment, which is now at a three-year low. The Conference Board's consumer confidence index now stands at 70.8, significantly higher than the expected 63. A reading of 90 or above indicates a healthy economy. But the index has not reached that level since December 2007, when the recession began.
LightSquared CEO out; Falcone joins boardLightSquared Inc. said Chief Executive Sanjiv Ahuja resigned after regulators this month blocked its proposed wireless venture. Ahuja, who has been LightSquared's only chief executive, will be replaced temporarily by co-chief operating officers Doug Smith and Marc Montagner. Philip Falcone, the billionaire backing the venture, will join the company's board.
Subaru supplants Honda atop CR car rankingsSubaru was named top automaker in Consumer Reports magazine's annual rankings as Honda, last year's leader, fell to fourth. Subaru, a unit of Fuji Heavy Industries Ltd., received 75 of 100 points, Consumer Reports said. The Tokyo-based company earned its score for building "dependable, all-wheel-drive vehicles with simple interiors," the magazine said.
Affluent business will be key, J.P. Morgan saysJ.P. Morgan Chase & Co., the largest U.S. bank by assets, said about 70 percent of customers with less than $100,000 in deposits and investments will be unprofitable after regulations that cap lenders' fees. "I'm trying to give you a proxy for what the banking industry has to look forward to if you don't take into account business bank clients and getting more of the affluent wealth wallet," Todd Maclin, chief executive of consumer and business banking, said at an investor presentation.
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