Business Digest

BUSINESS DIGEST

July 30, 2008

Nation

Retailing

Starbucks cutting 1,000 non-store jobs

Starbucks Corp., which already plans to shut 600 stores, said yesterday that it was also cutting almost 1,000 non-store jobs as part of its bid to re-energize the brand and boost its profit by cutting costs. In a letter to all employees, Chief Executive Officer Howard Schultz said the gourmet coffee chain is reducing the number of positions and partners across the country. The jobs being cut are in addition to the layoffs from the store closures.

Media

Newspaper Web sites draw 12% more users

Newspaper Web sites attracted 12 percent more visitors in the quarter that ended June 30, an industry group said yesterday. Newspaper sites had a combined average of 66.4 million unique U.S. visitors per month in the quarter that ended June 30, up from 59.2 million a year ago, according to the Newspaper Association of America. The online reach of newspapers increased to 40.2 percent of total Web users, up from 37.3 percent last year, the study reported.

Regulation

Former Enron official paying $31.5 million

Lou L. Pai, the chairman and chief executive of Enron Corp.'s retail energy division, agreed to pay $31.5 million to settle charges that he used inside information to illegally profit from sales of thousands of shares of company stock in 2001, the Securities and Exchange Commission said yesterday. The Securities and Exchange Commission said the deal one of the largest ever with an individual for alleged illegal insider trading. The settlement includes a $1.5 million civil fine and $30 million in restitution plus interest.

Earnings

Colgate-Palmolive profit rises 19%

Colgate-Palmolive said yesterday that second-quarter profit rose 19 percent to $493.8 million, or 92 cents a share, from $415.8 million, or 76 cents, a year ago.

U.S. Steel profit more than doubles

United States Steel Corp. said yesterday that second-quarter profit rose to $668 million, or $5.65 per share, from $302 million, or $2.54 per share, last year.

The Associated Press and Bloomberg News contributed to this report.

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