Business & Finance
The US unit of DaimlerChrysler AG announced the recall of 2.7 million older models Tuesday to fix a potential problem with floor-mounted gear shifts. The order covers such cars as the 1993-1999 Chrysler 300M, Chrysler Concorde, Chrysler LHS, Dodge Intrepid, and Eagle Vision. A day earlier, General Motors, the world's No. 1 automaker, said it is recalling more than 800,000 cars due to a power-steering defect.
Rayovac Corp., the third-largest maker of alkaline batteries, announced it will shift its headquarters from Madison, Wis., to Atlanta, which offers faster access to its international markets. But it will not abandon Wisconsin, a statement said, moving in the "office operations" and a research and development unit of Remington Products, the electric shaver company it acquired last September. Remington's Bridgeport, Conn., base will be closed by year's end with the loss of 217 jobs, the statement said. Rayovac also manufactures flashlights and lanterns.
Citing the popularity of digital cameras, Eastman Kodak Co. said it will stop making advanced photo system (APS) cameras and 35mm reloadable-film cameras in North America and Western Europe by the end of the year. The company is focusing instead on its core film and photo-finishing business. Kodak's Advantix APS cameras account for about half of the 2.5 million units sold annually worldwide. By contrast, 12.5 million digital cameras were sold in the US alone last year, according to the Photo Marketing Association.
Yahoo! Inc. announced a new auction service for online buyers and sellers in China in partnership with that country's leading Internet portal, SINA. The companies said they'll also offer fixed-price sales to the estimated 78 million Internet users there. Both functions are expected to be in operation by midyear, a SINA executive said, with the strongest initial traffic in consumer electronics and women's clothing. Financial terms of the deal were not disclosed. eBay Inc., the world's largest online auction site, does not operate in China, although it has invested a reported $150 million in an online auctioneer there.