Business & Finance

FedEx Corp. said it plans to cut as many as 14,000 jobs at its package-delivery unit. Workers are being offered early retirement and voluntary severance, in a reduction that the Memphis, Tenn., company said will save up to $190 million a year.

IBM Corp.'s accounting practices are under investigation by the Securities and Exchange Commission (SEC), the computer hardware giant revealed Monday. A spokesman said IBM is cooperating with the inquiry into some 2000-2001 revenues, which is believed to stem from a separate SEC probe of a customer of its electronic cash-register subsidiary.

PeopleSoft Inc. agreed to pay $1.5 billion in stock for rival J.D. Edwards & Co., in a merger that will create the world's second-largest producer of business-management software. PeopleSoft is based in Pleasanton, Calif; J.D. Edwards is in Denver.

Deeply troubled nuclear power plant operator British Energy reported a pretax loss of $7 billion for its 2002 business year and forecast more problems over the coming months due to falling electricity rates. The largest share of the deficit was accounted for by a $5.9 billion write-down of the value of the operator's nine plants. The company, which was privatized six years ago, is restructuring with the help of a $320 million government bailout.

PNC Financial Services Group agreed with the Justice Department to pay $115 million in restitution and other penalties to avoid prosecution for securities fraud. It also promised to cooperate in a continuing investigation of the matter; otherwise, prosecution can be reinstated. PNC is accused, through a subsidiary, of trying to hide $762 million in nonperforming loans and investments. PNC is based in Pittsburgh and has more than 600 branches in Pennsylvania, Delaware, New Jersey, Ohio, and Kentucky.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK