October 28, 2011 in Business

Briefcase

 

H-P decides to keep Personal Systems Group

PALO ALTO, Calif. – Hewlett-Packard Co. says it has decided against spinning off or selling its Personal Systems Group unit.

The PC manufacturer said Thursday that it reached its decision after evaluating the strategic, financial and operational impact of spinning off the business unit, which manufactures desktop and notebook computers for consumers and businesses.

Hewlett-Packard President and CEO Meg Whitman said keeping the unit within the company is right for the company, its customers, shareholders and business partners.

Associated Press

Strikes force Qantas to cancel 70 flights

SYDNEY – Qantas Airways is canceling 70 flights amid another series of strikes by its ground workers.

The Australian airline says around 10,000 passengers will be affected by today’s strike by the Transport Workers Union.

Union workers are concerned that the airline plans to move jobs offshore. Union members are also fighting for better pay and work conditions.

Prime Minister Julia Gillard has said the government will intervene if the strikes begin to threaten the national economy.

Associated Press

FINRA must improve document procedures

WASHINGTON – The brokerage industry’s self-policing organization has been ordered to improve its document procedures after allegedly providing altered records to the Securities and Exchange Commission for an inspection in 2008.

The Financial Industry Regulatory Authority’s Kansas City office altered the documents, the SEC said Thursday in announcing the order.

Known as FINRA, the 4,500-member organization agreed to hire an independent consultant to review its policies for handling documents. The SEC said the 2008 incident was the third time in eight years that FINRA employees had given the SEC doctored or misleading documents.

FINRA didn’t admit or deny the allegations. The organization has been criticized for failing to uncover Bernard Madoff’s massive Ponzi scheme and the alleged fraud by R. Allen Stanford.

Associated Press

Mortgage rates nearly unchanged

WASHINGTON – The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low.

Freddie Mac says the rate on the 30-year loan fell to 4.10 percent from 4.11 percent last week. Three weeks ago, it dropped to 3.94 percent. The National Bureau of Economic Research says that’s the lowest rate ever.

The average rate on the 15-year fixed mortgage was unchanged at 3.38 percent. Three weeks ago, it hit a record low of 3.26 percent.

Associated Press


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