BUSINESS BRIEFS
Factory orders increase 1.5%
Associated Press
WASHINGTON — Orders to U.S. factories jumped in November by the largest amount in four months. The increase was driven by higher petroleum prices and was not viewed as a sign of any newfound strength in manufacturing.
The Commerce Department reported yesterday that orders for manufactured goods rose by 1.5 percent in November, the biggest rise since a 3.4 percent surge in July.
But all the strength came in demand for nondurable goods, which shot up 3 percent, reflecting higher oil prices. Orders for durable goods, everything from appliances to autos, actually fell by 0.1 percent, the fourth straight monthly decline.
IRS MAY TARGET TAX REFUND LOANS
KANSAS CITY, Mo. — The Internal Revenue Service said yesterday that it may limit tax preparers such as H&R Block and Jackson Hewitt from offering refund loans in an effort to curb potential tax fraud.
The proposed changes are at least a year away, if they happen at all, said IRS tax administration executive David R. Williams. He said the IRS wanted public comment on the matter before reaching final decisions. Revenues from refund loans accounted for about 7 percent, or $192 million, of Block's tax operations revenue last year.
BUSH PONDERING STIMULUS PACKAGE
WASHINGTON — Amid new worries about a possible recession, the housing slump and rising oil prices, President Bush is exploring an economic stimulus package to reinforce the U.S. economy.
White House press secretary Dana Perino said yesterday that Bush is closely monitoring economic trends and is seeking input from his economic advisers on the pros and cons of such a package.
INDIAN CAR MAKER MAY GET JAGUAR
DETROIT — An Indian car maker that will unveil the world's cheapest car next week may soon produce two of the world's premier brands as well.
Ford Motor Co. named Tata Motors Ltd. the top bidder for its Jaguar and Land Rover brands yesterday and entered into "focused negotiations at a more detailed level," meaning Tata was named preferred bidder for the storied British automakers. Ford executives have said they expect to sell the two British automakers early this year.
FAMILY SELLING MEDIA BUSINESS
NORFOLK, Va. — A family-owned business that started with a local newspaper more than 100 years ago and became best known as owners of The Weather Channel is looking into selling its businesses, including nine daily newspapers.
Frank Batten Jr., Landmark Communications Inc.'s chairman and CEO, announced yesterday that the privately held company has retained investment banks JPMorgan and Lehman Brothers to help it look into possible sale scenarios.
U.S. ALBUM SALES FALL 9.5% IN 2007
LOS ANGELES — U.S. album sales plunged 9.5 percent last year from 2006, as the beleaguered recording industry marked another weak year of sales despite a 45 percent surge in the sale of digital tracks, according to figures released yesterday.
A total of 500.5 million albums that were sold as CDs, cassettes, LPs and other formats were purchased last year, down 15 percent from 2006's unit total.
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