June 2, 2007 in Business

Business in brief: Online publisher takes D.C. job

The Spokesman-Review
 

The Spokesman-Review’s online publisher will become executive editor for innovation for the Congressional Quarterly, a Washington, D.C.-based newsgathering operation that provides nonpartisan coverage of Congress.

Starting in August, Ken Sands, 48, will oversee much of CQ.com and its editorial product development.

Sands, who started with The Spokesman-Review in 1981 as a reporter, has gained a reputation for being a pioneer in using creative Web site components, such as blogs and databases, to enhance traditional print journalism.

Under Sands’ leadership, the newspaper’s Web site, spokesmanreview.com, has won numerous honors, including the 2005 Online Journalism Award. The Web site beat out PBS’ “Frontline,” New York’s Newsday and Chicago’s CBS 2 for the award.

Sands credits a supportive newsroom staff and online programmers Ryan Pitts and Gina Boysun with the success of The Spokesman-Review’s online journalism.

“Ryan and Gina are the best in the business at what they do.”

Houston

Credit Suisse to pay over Enron

Enron Creditors Recovery Corp., formerly known as Enron Corp., announced Friday that Credit Suisse has agreed to pay $61.5 million to settle litigation over the bankruptcy of the former energy trading giant.

The settlement resolves all bankruptcy proceedings between Enron and Credit Suisse.

Credit Suisse denies any liability as part of the settlement, which remains subject to the approval of the U.S. Bankruptcy Court for the Southern District of New York.

“We are pleased with this settlement reached with Credit Suisse and look forward to successfully resolving the remaining equity transactions cases,” John J. Ray III, Enron’s chairman, said in a statement.

Enron still has cases pending against UBS AG and Bear, Stearns & Co. Inc.

Credit Suisse was one of a group of financial institutions accused of helping Enron create financial structures that hid the company’s true financial condition.

Detroit

Ford sales down; Nissan on rise

Ford Motor Co. said Friday its U.S. vehicle sales fell 6.9 percent last month as the automaker continued to cut low-profit sales to rental companies, while Nissan Motor Co.’s sales gained 7.4 percent and DaimlerChrysler AG’s sales rose 3.9 percent with help from a 20 percent jump in its Jeep brand.

But Ford said its sales to retail customers, which were 3 percent lower than a year ago, still marked its best retail month of the year as the Ford Edge and Lincoln MKX crossovers continued to make gains.

Ford said it now expects Edge sales to reach 120,000 this year – 20 percent higher than its original forecast.

Sales of Ford, Lincoln and Mercury brands, including fleet sales, totaled 258,391 last month, including 169,265 light trucks and 89,126 cars.


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