Microsoft plans iPod competitor
Microsoft Corp. confirmed Friday it’s working on music and entertainment products that are expected to compete with Apple Computer Inc.’s wildly popular iPod and iTunes music service.
The Redmond, Wash.-based software maker said in a statement it planned a series of hardware and software products, with the first expected to be available this year. The products will be called Zune.
Microsoft refused to provide more details beyond the statement, such as whether anyone in the music industry has expressed serious interest.
Jupiter analyst Michael Gartenberg, one of a handful of industry analysts briefed on the project, said Microsoft probably feels like it has to get into the portable player market because it is such an important jumping-off point for getting people to embrace its technologies in the living room.
But in creating its own music products Microsoft also risks alienating partners such as Creative Technology Ltd. and Samsung, which are already using Microsoft’s software for their own players.
LONDON
Asian order gives lift to Airbus
Singapore Airlines Ltd. gave Airbus a significant boost Friday by ordering 20 of the European plane manufacturer’s new A350 XWB planes, becoming the first airline to commit to the revamped aircraft.
The Asian carrier said it also plans to exercise an option to pick up nine more of Airbus’ double-decker A380s, despite anticipated delays to the delivery of the superjumbo – pushing Airbus’ total orders or commitments at the Farnborough International Airshow beyond those reached by U.S. archrival Boeing Co.
The contract for all 29 planes is worth around $7.5 billion, the Asian carrier said.
New york
Rate increases hurt bank profits
Consumers have been highly profitable bank customers in recent years as they bought and refinanced homes, opened new savings accounts and built up hefty credit card balances. But there were signs in second-quarter bank earnings reports this week that consumers are beginning to suffer from higher interest rates.
At two of the biggest New York money center banks, for example, retail bank earnings were disappointing.
Citigroup Inc., the nation’s largest financial institution, said revenues in its U.S. consumer division were up just 1 percent year over year. JPMorgan Chase & Co., the nation’s No. 3 bank by assets, reported a decline in retail banking profits, largely on weakness in its mortgage servicing.
WASHINGTON
Barnes & Noble faces SEC inquiry
Barnes & Noble Inc. disclosed Friday in a regulatory filing that the Securities and Exchange Commission is conducting an informal inquiry into the company’s stock option granting processes.
The bookseller had announced earlier this month that it was conducting a review of its practices after a shareholder filed a lawsuit alleging that the company improperly backdated dozens of options grants to executives.
– Compiled from
wire reports