BUSINESS BRIEFS
More shopping as gas prices dip
Advertiser News Services
WASHINGTON — Bolstered by falling gasoline prices, consumers headed back to the malls to shop in September. And with confidence rebounding sharply this month, strong sales are forecast for the all-important holiday period. Overall, retail sales fell by 0.4 percent in September, the Commerce Department reported yesterday. But that decline was skewed by the good news that gasoline prices plummeted last month, sending sales at service stations down by a record 9.3 percent. Excluding service stations, retail sales posted a solid increase of 0.6 percent, the government said, as consumers used the money they saved on gasoline to spend on other items.
JURY: WAL-MART MUST PAY $78.5M
PHILADELPHIA — Wal-Mart Stores Inc., the world's biggest retailer, must pay at least $78.5 million for violating Pennsylvania labor laws by forcing employees to work through rest breaks and off the clock, a jury found yesterday.
The jury awarded the exact amount the plaintiffs sought, rejecting Wal-Mart's claim that some employees chose to work through breaks and that the loss of a few minutes' pay here or there was insignificant. Payments to each plaintiff are expected to range from about $50, on up to a few thousand dollars, depending on how long they worked for the company, plaintiffs' lawyer Michael Donovan said. Wal-Mart must pay the plaintiffs' legal fees on top of the award.
GE PROFITS RISE IN THIRD QUARTER
HARTFORD, Conn. — General Electric Co. said yesterday its profit rose 6 percent in the third quarter as a strong performance in its infrastructure and appliance businesses offset weakness in its NBC Universal operations.
The earnings results for company whose products range from light bulbs to power generation turbines and TV programs matched Wall Street expectations, and revenue came in ahead of expectations. But GE shares fell 24 cents to close at $35.98 yesterday on the New York Stock Exchange. The stock had traded between $32.06 and $36.48 over the previous 52 weeks.
SHARP, FUJITSU RECALL BATTERIES
TOKYO — Japanese electronics makers Sharp and Fujitsu announced plans yesterday to recall laptop batteries made by Sony, adding to an already massive global recall of the batteries that are at risk of overheating and catching fire.
Sharp Corp. said it was recalling 28,000 Sony-made battery packs for seven laptop models plus separately sold batteries, all for domestic Japanese use, said company spokesman Hiroshi Takenami. He said the company so far has received no reports of accidents such as those in the United States. Another electronics maker, Fujitsu, also said it would replace 51,000 more laptop batteries around the world made by Sony Corp., following a similar move earlier this month covering 287,000 Sony-made laptop batteries worldwide.
