BUSINESS BRIEFS
GM workers say strike possible
Associated Press
DETROIT — Workers at five General Motors Corp. plants are warning the company that they could go on strike in the next 10 days if local operating agreements aren't reached, GM spokesman Dan Flores said yesterday.
The automaker has gotten strike letters from plants in Arlington, Texas; Parma, Ohio; Delta Township near Lansing; Warren and Flint, Flores said. The letters give the company five days to work out issues in bargaining. If progress hasn't been made by that time, the local unions can issue a notice of intent to strike in another five days.
HOME DEPOT RESTRUCTURING HR
ATLANTA — There could be more job cuts at The Home Depot as the world's largest home improvement store chain restructures its human resources function at its stores in the U.S.
The Atlanta-based company says it notified this week about 2,200 employees who will be affected by the changes, which will be completed by May 1.
A spokesman says there could be job cuts, though at this point it is unclear how many.
After the changes, there no longer will be a human resources manager in each of the company's 1,970 U.S. stores. Human resources supervisor positions at U.S. stores also will be eliminated. Instead, Home Depot will create 230 district teams that will each have a district human resources manager and three people reporting to that person.
APPLE CHALLENGES N.Y.'S GREEN LOGO
SAN FRANCISCO — Apple Inc. says The Big Apple is worming into its territory with a logo the city is using for its green living campaign.
Apple yesterday renewed its challenge to a trademark registration application that New York City filed last May, saying the apple logo was too similar to its own.
Both logos depict a plump apple with a leaf. Apple's logo is white, with its signature bite mark, while New York City's proposed trademark is a green, figure-eight outline reminiscent of an infinity sign, with a stem, and the word "greeNYC" under it.
Apple's challenge, filed in January with the federal Trademark Trial and Appeal Board, says the company will be "damaged" if the trademark is granted. The city responded, alleging one of Apple's trademarks was fraudulently acquired. Apple disputed that allegation in another filing yesterday.
GULF COAST, RUST BELT GET TAX BREAK
WASHINGTON — The Senate yesterday supported tax breaks to ailing Rust Belt manufacturers and Gulf Coast residents receiving grants to rebuild homes destroyed by Hurricane Katrina.
The twin amendments were the first add-ons to a bill aimed at easing the crisis in the housing market. The measure is slated to pass next week.
By a 76-2 vote, senators approved a plan by George Voinovich, R-Ohio, and Debbie Stabenow, D-Mich., to allow money-losing companies to use already accumulated tax credits to help offset new investments in plants and equipment. Companies across the country would be helped, but the Rust Belt lawmakers said the problem is particularly acute in their region.
UBS FACES MORE SUBPRIME TRAUMA
BERN, Switzerland — UBS AG, already wincing from massive write-downs caused by the subprime crisis, has taken another blow as a former CEO is pushing the Swiss bank to separate its private client operations from the stumbling investment unit.
A shareholder group cheered the proposal from the bank's former CEO Luqman Arnold and investors agreed, sending its stock higher yesterday.
UBS has reported write-downs of $37.4 billion for the past nine months — so far the largest reported by any bank with exposure to U.S. defaults on risky mortgages. It expects first-quarter losses of $12.1 billion and said it would seek $15.1 billion in new capital.
