Briefcase

Micron CEO foresees winnowing of industry

BOISE – The head of Micron Technology Inc. predicts that only two or three memory chip manufacturing companies will survive the consolidation happening now in the industry.

Chairman and CEO Steve Appleton told shareholders at Micron’s annual meeting in Boise on Thursday that the chip-maker’s strong balance sheet puts it in a good position to ride out the latest drop in chip prices.

The Idaho Statesman reports the company ended fiscal 2010 with $2.9 billion in cash, up from $1.5 billion a year ago.

Appleton has said the consolidation happening in the industry could take years. There are now 11 companies in the business.

More than half of Micron’s chip manufacturing happens through joint ventures abroad, and the company has looked for more opportunities to expand.

Associated Press

Tax law won’t help many unemployed

WASHINGTON – Unemployment benefits will be restored for millions of Americans under the tax-cut measure President Barack Obama signed into law Friday.

But hundreds of thousands will get no help from the new law because they’ve already used up all the benefits available to them.

In the 25 states with unemployment rates of at least 8.5 percent, the unemployed can receive benefits for up to 99 weeks. The new law restores, for 13 more months, the 99-week maximum. But it provides no further benefits to people who have reached the limit in their state. Those who have exhausted all benefits are sometimes known as “99ers,” even though the duration of their benefits varies by state.

The Labor Department says it doesn’t know how many Americans have used up all their unemployment benefits. But the number reaches well into the hundreds of thousands.

Associated Press

Smartphone rivalry seen in patent lawsuits

SEATTLE – Competition among smartphone makers is heating up at retail, in advertising and, increasingly, in the courtroom as handset and software makers wield patent lawsuits to protect their turf and slow down their rivals.

Handset and software makers are staking their claims through a growing stack of patent lawsuits over all aspects of basic phone use, from the way a user swipes a touch screen to perform an action to the method a phone uses to extend battery life. Nokia is suing Apple, Apple is suing HTC, Microsoft is suing Motorola and more.

Associated Press

Leading indicators jumped in November

NEW YORK – A gauge of future economic activity rose in November, at the fastest pace since March, suggesting the economy will strengthen early next year.

The Conference Board said its index of leading economic indicators rose 1.1 percent last month – the biggest increase since March, when the index jumped 1.4 percent.

The leading indicators rose 0.4 percent in October and 0.6 percent in Septermber. The index has risen for five straight months. Deutsche Bank economist Joseph LaVorgna said the index’s recent leap suggested that economic growth picked up significantly, to above 3 percent, in the October-December quarter and would continue to accelerate in the first three months of next year. Faster economic growth would help lower the 9.8 percent unemployment rate.

The economy grew at a 2.5 percent pace from July through September.

Associated Press