Friday, November 02, 2007

BUSINESS DIGEST

COMPUTERS

Dell gets back in compliance with Nasdaq rules after filing

Dell Inc. announced Thursday it is back in compliance with Nasdaq stock market rules after filing its delinquent financial reports Tuesday.

The company said it had received a letter from the Nasdaq board saying it had fulfilled the listing requirements. The stock exchange had notified Dell of possible de-listing. As expected, though, the exchange gave Dell a reprieve while the company's board completed its accounting investigation.

With the investigation complete, Dell filed its delinquent reports Tuesday. In them, the company detailed a range of adjustments to its books for a 17-quarter period beginning in early 2002.

Dell reduced its earnings a total of $92 million over the period in question. It previously had reported earnings of more than $12 billion over that time. The reduction amounts to 3 cents per share from the $4.78 per share it had previously reported. The company also reduced revenue $359 million over the period from the previously reported $196.2 billion.

The adjustment to its bottom-line earnings was less than half the $205 million Dell spent on the yearlong board investigation, which discovered evidence of accounting misconduct and forced the restatements.

AUTOMAKERS

Chrysler to cut about 15%

of its workforce to save costs

DETROIT — Chrysler LLC said it plans to cut as many as 12,000 jobs, or up to 15 percent of its work force, as part of an effort to slash costs and match slowing demand for some vehicles.

The automaker will cut 8,500 to 10,000 hourly jobs and 2,100 salaried jobs through 2008. The cuts come in addition to the 13,000 layoffs Chrysler announced in February as part of a massive restructuring plan.

AIRLINES

American raises U.S. round-trip

fares $20; competitors follow

NEW YORK — American Airlines sparked a new round of widespread airfare increases by raising U.S. round-trip prices $20, the biggest in a recent series of increases.

The nation's biggest carrier said it raised fares in an attempt to recover some of the costs associated with the rising price of crude oil and jet fuel.

Delta Air Lines and Alaska Airlines followed with their own increases.

COMMUNICATIONS

Imus' radio show is returning to morning drive in New York

NEW YORK — Shock jock Don Imus will return to the airwaves Dec. 3 after eight months of a well-paid hiatus created by a racist and sexist remark that once seemed certain to permanently silence his broadcasting career.

Citadel Broadcasting Corp. made the announcement Thursday, confirming long-rumored reports that Imus was coming back to morning drive time on New York-based WABC-AM.

Compiled from staff and wire reports.