BUSINESS BRIEFS
Yahoo to offer users new opt-out features for ads
Associated Press
SAN FRANCISCO — Yahoo Inc. said yesterday it will give users more choices to opt out of customized advertising in response to congressional concerns about consumer data protection on the Web.
Yahoo said the new opt-out features will be available to consumers by the end of August.
The company said it is unveiling the new features in response to questions sent to 33 firms the House Energy and Commerce Committee on how Internet user data is used in online advertising.
In a prepared statement, Anne Toth, Yahoo's head of privacy and vice president for policy, said. "We understand that there are some users who prefer not to receive customized advertising and this opt-out will offer them greater choice."
Congress recently has expressed greater concern about the growth of online advertising and consumer privacy, especially in light of heightened competition among tech giants such as Yahoo, Google Inc. and Microsoft Corp.
PRODUCTIVITY UP, BUT AT SLOWER PACE
WASHINGTON — The efficiency of America's workers grew at a slightly slower pace in the spring as companies sought to produce more with leaner workforces. Workers' compensation growth slowed, too.
The Labor Department reported yesterday that productivity — the amount an employee produces for every hour on the job — grew at an annual rate of 2.2 percent during the April-to-June quarter. That was down from a 2.6 percent growth rate logged in the first three months of this year.
Economists were forecasting productivity to pick up slightly to a 2.7 percent pace.
MCDONALD'S POSTS 8% GAIN FOR JULY
NEW YORK — Despite a tough U.S. economy, McDonald's Corp. posted an 8 percent gain in July same-store sales yesterday as hungry consumers worldwide lined up for breakfast items and the classic Big Mac sandwich.
Many consumers have cut back on eating out amid economic weakness and rising gasoline prices, but business at the Golden Arches held up well in July, especially in the U.S.
Same-store sales, or sales at stores open at least 13 months, grew 6.7 percent in the U.S. Same-store sales are a key indicator of restaurant performance because the measure growth at existing locations rather than newly opened ones.
GM TO PAY $303M ON INVESTOR CLAIMS
NEW YORK — General Motors Corp. and its auditor have agreed to pay $303 million to settle claims that the automaker misled shareholders about its finances.
Under the settlement, GM would pay $277 million to investors, while its auditor, Deloitte & Touche LLP, would pay $26 million, pending approval from U.S. District Judge Gerald Rosen in Detroit.
The 2-year-old class-action lawsuit claimed that GM misstated and mischaracterized its revenue, earnings and cash flow, artificially inflating the company's stock price and debt securities.
SEC INVESTIGATING COUNTRYWIDE
LOS ANGELES — The Securities and Exchange Commission has escalated its scrutiny of Countrywide Financial Corp. into a formal investigation, according to a regulatory filing by Bank of America Corp.
The document, filed Thursday, did not specify what aspect of the lender the SEC's probe is focused on, although regulators launched an informal inquiry into Countrywide Chairman and CEO Angelo Mozilo's stock trades last fall.
Bank of America, which finalized its acquisition of Countrywide last month, also noted in the filing that Countrywide has responded to subpoenas from the SEC.
Representatives for Charlotte, N.C.-based Bank of America and Countrywide declined to comment beyond the filing yesterday.
A call to an SEC spokeswoman in California was not immediately returned.
