Daily Briefing

daily briefing

December 05, 2008

Under Armour to supply SEC tourney apparel

Sports apparel company Under Armour Inc. said yesterday that it has reached an agreement to provide apparel to athletes competing in any Southeastern Conference championships, starting this year.. The NCAA allows athletes who participate in SEC championship games to receive a gift on behalf of the conference for playing in the game. Under Armour will provide the apparel that will serve as these gifts. The Baltimore company did not disclose financial details of the multiyear agreement.

Andrea K. Walker

Utility project OK'd to avert blackouts

PJM Interconnection LLC, operator of the high-voltage power network extending from New Jersey to Chicago, has approved $1.6 billion of improvements to help avert blackouts. The projects include a new transmission line in northern New Jersey planned by Public Service Enterprise Group Inc. and an upgrade to a project that will deliver power to Maryland's Eastern Shore by Pepco Holdings Inc., owner of Washington's electric utility, PJM said today in a statement. The New Jersey project will ease a network bottleneck expected to develop by 2013, the Norristown, Pa.-based grid operator said.

Associated Press

DuPont to slash 2,500 jobs, cut contractors

DOVER, Del. : Chemical manufacturer DuPont said yesterday that it will cut 2,500 jobs and will not turn a profit in the fourth quarter as a severe slowdown in the automotive and construction markets eats away at chemical sales. DuPont also said it will release 4,000 contractors by the end of this year, with additional contractor reductions expected in 2009, and will implement work schedule reductions and redeploy more than 400 employees on projects to reduce working capital and operating costs.

Associated Press

AT&T to drop 12,000 jobs, 4% of work force

NEW YORK : Pressured by the economic turmoil and the mounting loss of traditional phone customers, AT&T Inc. is cutting 12,000 jobs, about 4 percent of its work force. The Dallas-based telecommunications company, the nation's largest, said the job cuts will begin this month and run throughout 2009. The company also plans to lower its capital spending next year, and one analyst estimates that reduction could be as much as $2 billion. The 300,000-person company has announced layoffs several times over the past few years, including in April, when it said it would eliminate 4,600 jobs, but it has been hiring at the same time.

Associated Press

Mortgage rates drop to lowest since January

WASHINGTON: Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market. Mortgage finance giant Freddie Mac reported yesterday that average rates on 30-year fixed-rate mortgages dropped to 5.53 percent this week. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent. Further drops could be on the way if the government launches an industry-backed plan to lower the rate on a 30-year mortgage to 4.5 percent by spending hundreds of billions to buy mortgage-backed securities issued by Fannie Mae and Freddie Mac.

Associated Press

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