Financial
Mulally puts the focus back on Ford's cars, trucks PDF  | Print |  E-mail
Written by DEE-ANN DURBIN, AP Auto Writers TOM KRISHER, AP Auto Writers   
Wednesday, 08 January 2014 07:07

DEARBORN, Mich. (AP) — All eyes will be on Ford's new vehicles — not its CEO — at the Detroit auto show next week.

CEO Alan Mulally finally put to rest rumors that he will leave Ford to run Microsoft. Mulally said Tuesday he'll stay at the Dearborn-based automaker through at least the end of this year.

"I would like to end the Microsoft speculation because I have no other plans to do anything other than serve Ford," Mulally told The Associated Press in an interview.

With that, Mulally ended months of speculation that had already clouded the debut of the new Mustang last month and threatened to overshadow next week's widely expected unveiling of a new F-150, plus the launch of 23 new vehicles this year. Mulally wouldn't say whether he had talked to Microsoft about the CEO job, but said the speculation had been a distraction for Ford.

"You don't have to worry about me leaving," Mulally said.

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JPMorgan settles Madoff fraud claims for $1.7B PDF  | Print |  E-mail
Written by LARRY NEUMEISTER, Associated Press TOM HAYS, Associated Press   
Tuesday, 07 January 2014 11:22

NEW YORK (AP) — JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges accusing the bank of ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, federal authorities said Tuesday.

The government said the $1.7 billion represented the largest ever bank forfeiture and the largest Department of Justice penalty for a Bank Secrecy Act violation. The settlement includes a so-called deferred prosecution agreement that requires the bank to acknowledge failures in its protections against money laundering but also allows it to avoid criminal charges. No individual executives were accused of wrongdoing.

The deal was announced by the office of U.S. Attorney Preet Bharara, who scheduled an afternoon news conference to detail the agreement to resolve criminal charges: two felony violations of the Bank Secrecy Act in connection with the bank's relationship with Bernard L. Madoff Investment Securities, the private investment arm of Madoff's former business.

Under the agreement, the criminal charges will be deferred for two years as JPMorgan admits to its conduct, pays the $1.7 billion to victims of Madoff's fraud and reforms its anti-money laundering policies, prosecutors said in a release.

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Cheesy shortage: Kraft says Velveeta running low PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 07 January 2014 15:57

NEW YORK (AP) — Playoff parties may have one fewer dip option this year.

Kraft Foods says some customers may not be able to find Velveeta cheese over the next few weeks. A representative for the company, Jody Moore, didn't give any reasons for the apparent shortage, saying only that they happen from time to time given the "nature of manufacturing."

She noted that the lack of availability is more noticeable because of the seasonal demand during the NFL playoffs. The company has been airing TV commercials featuring a recipe for a chili con queso dip made with Velveeta.

Moore says it should be a short-term situation and that Kraft hasn't yet heard from any customers who are having problem finding the products. She did not say whether the company experienced a similar shortage last year.

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Denny's to develop restaurants in Middle East PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 07 January 2014 07:44

SPARTANBURG, S.C. (AP) — Denny's has signed a franchise deal with Advance Investment LLC to develop 30 of its restaurants in the Middle East over the next 10 years.

The restaurant operator said Tuesday that Advance Investment, an affiliate of Food Quest Restaurant Management LLC, will have exclusive rights to open Denny's restaurants in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Kuwait, Egypt, Lebanon, Iraq and Jordan. The first such restaurant is expected to open in the UAE in 2015.

Denny's Inc. President and CEO John Miller said in a statement that this is the company's first major expansion in the Middle East. Denny's opened its first international restaurant in Acapulco, Mexico in 1966. The company now has nearly 1,700 restaurants worldwide.

Denny's shares finished at $6.91 per share on Monday.


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