Financial
Textron: Too soon to say if Beechcraft faces cuts PDF  | Print |  E-mail
Written by JIM SALTER, Associated Press   
Saturday, 28 December 2013 06:57

Textron Inc.'s CEO said Friday that his aviation company's $1.4 billion purchase of Beechcraft Corp. will require "restructuring and optimization of costs." But how the deal will affect thousands of employees at Beechcraft's home base in Kansas, and elsewhere, remains unclear.

Textron, Cessna Aircraft's parent company, announced late Thursday that it was purchasing Wichita, Kan.-based Beechcraft in a merger of big players in aviation. On Friday, a Textron spokesman said it was too early to speculate on workforce size or plant consolidations.

Civic leaders seemed optimistic in Wichita, where Beechraft is one of the linchpin businesses with about 3,300 employees. The company emerged from bankruptcy earlier this year.

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1.3 million losing unemployment benefits Saturday PDF  | Print |  E-mail
Written by BRADLEY KLAPPER, Associated Press   
Friday, 27 December 2013 15:58

WASHINGTON (AP) — More than 1 million Americans are bracing for a harrowing, post-Christmas jolt as extended federal unemployment benefits come to a sudden halt this weekend, entailing potentially significant implications for the recovering U.S. economy and setting up a tense battle when Congress reconvenes in the new year.

For families dependent on cash assistance, the end of the federal government's "emergency unemployment compensation" will mean some difficult belt-tightening as enrollees lose their average monthly stipend of $1,166.

Jobless rates could drop, but analysts say the economy may suffer with less money for consumers to spend on everything from clothes to cars. Having let the "emergency" program expire as part of a budget deal, it's unclear if Congress has the appetite to start it anew.

An estimated 1.3 million people will be cut off when the federally funded unemployment payments end Saturday.

Some 214,000 Californians will lose their payments, a figure rising to more than a half-million by June, the Labor Department said. In the last 12 months Californians received $4.5 billion in federal jobless benefits, much put back into the local economy.

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Apple CEO's compensation rises slightly to $4.3M PDF  | Print |  E-mail
Written by The Associated Press   
Saturday, 28 December 2013 06:55

CUPERTINO, Calif. (AP) — Apple CEO Timothy Cook received a compensation package valued at nearly $4.3 million this year, up slightly from 2012.

Cook's pay for fiscal 2013, which ended in September, consisted of $1.4 million in salary and a bonus of $2.8 million, according to a regulatory filing Friday. Cook's compensation also includes $52,721 in company contributions to his 401(k) account, life insurance premiums and a vacation cash-out.

The year's pay was relatively modest compared with 2011, when he took the company's helm. That year, Apple's board set him up with a sign-on grant of 1 million shares, and his total compensation amounted to $378 million. In 2012, Cook's compensation package was $4.2 million, according to the filing.

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Target: Customers' encrypted PINs were stolen PDF  | Print |  E-mail
Written by Retail Writer Mae Anderson Technology Writer Barbara Ortutay   
Friday, 27 December 2013 15:46

ATLANTA (AP) — Target said Friday that debit-card PIN numbers were among the financial information stolen from millions of customers who shopped at the retailer earlier this month.

The company said the stolen personal identification numbers, which customers type in to keypads to make secure transactions, were encrypted and that this strongly reduces risk to customers. In addition to the encrypted PINs, customer names, credit and debit card numbers, card expiration dates and the embedded code on the magnetic strip on back of the cards were stolen from about 40 million credit and debit cards used at Target between Nov. 27 and Dec. 15.

Security experts say it's the second-largest theft of card accounts in U.S. history, surpassed only by a scam that began in 2005 involving retailer TJX Cos.

Target said it doesn't have access to nor does it store the encryption key within its system, and the PIN information can only be decrypted when it is received by the retailer's external, independent payment processor.

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