Tensions high as customers swarm IndyMac Police ordered angry customers lined up outside an IndyMac Bank branch in California to remain calm or face arrest Tuesday as they tried to pull their money on day two of the failed institution's federal takeover. At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac. Federal regulators seized IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corp. Deposits to $100,000 are fully insured by the FDIC.
Rubbermaid maker to cut jobs, raise prices The increasing cost of plastic ingredients is prompting Newell Rubbermaid Inc. to lay off workers, scrap some of its basic home and office products and raise prices on other items by as much as 22 percent. The announcement Tuesday, along with a lower projection for full-year earnings, sent shares of the maker of Rubbermaid storage gear to an all-time low of $14.90 in midday trading. They closed at $15.61, up 17 cents or 1.1 percent. CEO Mark Ketchum said the company hasn't yet determined how many of its 22,500 employees will lose their jobs. The company is to release second-quarter results July 31.
Volkswagen ramps up U.S. efforts with plant Volkswagen picked Chattanooga, Tenn., for a U.S. assembly plant that will employ about 2,000 workers and make a new midsize sedan as part of a plan to triple sales in the United States by 2018. Europe's biggest automaker plans to invest about $1 billion in the plant. The announcement came on a day the euro soared to a new high against the dollar, which has made goods exported from Germany more expensive in the United States.
Costs hurt Huggies maker's earnings outlook Kimberly-Clark Corp., the maker of Huggies diapers, said earnings will fall below its forecast this year as record oil and commodity prices increase costs. The Irving, Texas-based company said costs, including the price of oil and natural gas, will rise more than twice as fast as it expected this year. Shares of Kimberly-Clark declined $3.79, or 6.4 percent, to $55.01 Tuesday, the steepest decline since October 2002.
Google won't give YouTube viewers' identities In a concession to privacy complaints, Viacom Inc. won't be told identities of individuals who watch video clips on the video-sharing site YouTube. Viacom and other copyright holders have agreed to let YouTube mask user IDs and Internet addresses when Google Inc.'s online video site hands over viewership records in a $1 billion lawsuit accusing YouTube of enabling copyright infringement. A federal judge ordered the database produced in a July 1 ruling.
