BUSINESS BRIEFS
700 new jobs in tech sector
Advertiser Staff and News Aervices
Hawai'i's private technology sector added about 700 new jobs in 2005, an increase of 5.4 percent from 2004, reversing several years of modest decline, according to a report released today by the Department of Business, Economic Development & Tourism.
The technology sector workforce totaled an estimated 13,813 jobs in 2005.
FORD LOSES $5.8 BILLION IN 3RD QUARTER
DEARBORN, Mich. — Ford Motor Co.'s blue oval continued to bleed red ink in the third quarter, with the company posting a $5.8 billion loss yesterday due to sagging North American sales and huge costs associated with a massive restructuring plan.
It was the largest quarterly loss in more than 14 years for the nation's second-biggest automaker, and company officials predicted things would get worse in the fourth quarter as market share drops and Ford pays for further plant closures to bring its manufacturing in line with lower demand for its products.
WAL-MART CUTS BACK ON STORES
NEW YORK — Wal-Mart Stores Inc. will slow the pace of new store openings next year in what analysts called a nod to Wall Street calls for greater focus on rekindling faltering sales and earnings growth at its existing 6,700 stores worldwide.
Wal-Mart also told analysts yesterday, the first day of its two-day investor meeting, that it would sharply reduce the rise in capital spending next year, helped by a flattening in inflation of construction and land costs and by opening fewer new stores.
IBM, AMAZON IN PATENT FIGHT
BOSTON — IBM Corp. alleged in two lawsuits that important components of Amazon.com Inc.'s massive retailing Web site were developed and patented many years earlier at IBM.
Amazon, which this year will sell $10 billion worth of everything from books and CDs to pet supplies and jewelry, is accused of infringing on five IBM patents. IBM says the technologies covered by the patents govern how the site recommends products to customers, serves up advertising and stores data.
