BUSINESS BRIEFS
Wolfowitz says he'll stay on job
By Advertiser Staff and News Services
WASHINGTON — Embattled World Bank President Paul Wolfowitz said yesterday he will continue to lead bank efforts to reduce global poverty, resisting calls to step down over his involvement in securing a huge pay increase for a close female friend.
The steering committee for the bank and the International Monetary Fund, meeting in Washington, said in its closing communique that the Wolfowitz issue was "of great concern to us all" and called on the bank board looking into the matter to finish its work.
MICROSOFT URGES GOOGLE REVIEW
WASHINGTON — Microsoft said yesterday that Google's proposed purchase of Internet advertising company DoubleClick raises antitrust and privacy concerns that deserve careful review by authorities.
The $3.1 billion acquisition, announced late Friday, would combine the largest providers of online advertising and create a dominant force, Microsoft said. Spending on Internet advertising rose 17 percent last year from 2005, to $9.8 billion, far faster than advertising for traditional media, according to research firm TNS Media Intelligence.
FORTUNE 500 LIST OF COMPANIES OUT
The Fortune 500 ranking of the biggest U.S. companies is out today. The magazine, which has been tracking corporate revenue and profit for 53 years, says that U.S. companies are enjoying "the most sumptuously profitable period" in the history of its list.
Profits for the Fortune 500 jumped 29 percent in 2006 to $785 billion, far above the previous peak of $444 billion at the height of the dot-com boom in 2000.
Wal-Mart — again — became the largest corporation, based on revenue. Wal-Mart had 2006 revenue of $351.1 billion, up 11.2 percent. No. 2 ExxonMobil had 2006 revenue of $347.3 billion. Exxon still remains the most profitable U.S. company.
