Daily Briefing


April 15, 2009

Economy heightens retirement worry

DES MOINES, Iowa : Rising costs and uncertainty about the economy have workers less confident in their ability to save enough money to retire comfortably, say the authors of a study released Tuesday. Even though workers are saving more and expecting to work longer to improve their chances of a happy retirement, there's still a disconnect. The survey shows many are failing to plan appropriately and making incorrect assumptions about retirement income. The new survey by the nonpartisan Employee Benefit Research Institute reveals only 13 percent of U.S. workers say they're very confident they'll have enough money to retire comfortably.

Associated Press

SEC reviewing BofA over Merrill bonuses

CHARLOTTE, N.C. : The Securities and Exchange Commission is examining whether Bank of America Corp. should have informed shareholders about Merrill Lynch bonuses earlier. Bank of America shareholders approved the bank's purchase of Merrill Lynch on Dec. 5, but most were surprised to learn in January that Merrill had rushed out $3.6 billion in bonuses to its employees, even as it lost more than $27 billion over the year.


Intel says PC sales improve

SAN FRANCISCO : Intel Corp.'s first-quarter profit blew past Wall Street's grim forecasts as the chip maker's CEO proclaimed Tuesday that personal computer sales "bottomed out" and have started recovering. Intel's optimistic comments were notable because it was the first technology company to report earnings for the first three months of the year. However, Intel disappointed investors by not giving specific revenue guidance. It's not yet clear whether people are buying significantly more PCs, or whether Intel is mainly benefiting from computer makers replenishing their chip inventories, which had been whittled to low levels. Intel shares were down 76 cents, 4.8 percent, at $15.25 in after-hours trading.

Associated Press

Former Qwest chief heads to prison

DENVER: Two years after his conviction, former Qwest chief executive Joe Nacchio reported to a federal prison in Pennsylvania on Tuesday to start a six-year sentence for insider trading while he appeals his conviction to the Supreme Court. Nacchio was convicted in 2007 of 19 counts of insider trading. Prosecutors said he sold $52 million worth of stock in 2001 based on nonpublic information that Qwest Communications International Inc. faced trouble meeting its sales targets. Denver-based Qwest is the primary telephone provider in 14 mostly Western states. Nacchio still faces a lawsuit by the Securities and Exchange Commission accusing him and others of financial fraud.

Associated Press

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