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Published on Saturday, Jun 28, 2008
Michelin boosts
stake in Hankook
Michelin & Cie., the world's second-largest tire maker, raised its stake in South Korean partner Hankook Tire Co. to almost 10 percent under a five-year-old agreement between the companies.
The purchase follows Michelin's acquisition of 6.3 percent of Hankook in March 2006 and an increase in the holding to 8.9 percent on June 18. Michelin didn't say today how much it paid for Hankook's shares.
The French company increased the stake under a 2003 agreement on joint research, production and sales that allows Michelin to hold as much as 10 percent of Seoul-based Hankook, South Korea's largest tire company. Michelin said on June 18 that it isn't planning a takeover of Hankook.
Michelin shares rose 1.4 percent. The stock has declined 42 percent this year, valuing the tire maker at $10.3 billion.
Gates gives up
day-to-day role
Microsoft Corp.'s biggest ''screw-ups'' happen when the software maker fails to predict changes in the technology industry, such as the growth of Internet advertising, Bill Gates said. ''In software, you've got to anticipate the turns in the road,'' Gates said. ''We missed the search and advertising thing — the way that's grown up to be so important.''
Gates on Friday relinquished his day-to-day role at Microsoft, the company he co-founded in 1975 and turned into the world's biggest software maker. Chief Executive Officer Steve Ballmer now faces the challenge of catching up with Google Inc. in online advertising, a market research firm IDC says will reach $65.2 billion worldwide this year.
At a meeting with about 800 employees Friday, Gates and Ballmer reflected on their careers at Microsoft.
AT&T headquarters
moving to Dallas
AT&T Inc., the nation's largest telecommunications company, is moving its corporate headquarters to Dallas from San Antonio.
AT&T said the move would begin within weeks and is expected to be complete around the end of the year.
Chairman and Chief Executive Randall Stephenson said San Antonio — where AT&T has been based since moving from St. Louis in 1992 — ''is a great city with much to offer and it's been good for AT&T.'' But he suggested it's time to move.
AT&T, with annual sales of $118.9 billion and about 300,000 employees, expects 700 of its nearly 6,000 San Antonio-based jobs to move to Dallas.
Ford takes back seat
in plug-in hybrid race
Ford Motor Co., under pressure to trim its reliance on trucks, said it's moving more slowly than other automakers on plug-in hybrid vehicles so that rivals assume the risk of marketing the new technology.
''If customers aren't buying them, we're not making them,'' said Ted Miller, Ford's senior manager of energy storage. ''If there's going to be a true plug-in hybrid market, we're going to be there. It's just that that's a huge commitment to actually go to production.''
That tack may force the world's third-largest automaker to play catch-up if plug-ins such as General Motors Corp.'s Chevrolet Volt concept can be built in high volume. The chief hurdle is a rechargeable battery for extended electric-only use.
GM and Toyota Motor Corp., the biggest automakers, are racing to introduce a vehicle able to recharge from household electrical sockets in 2010. Ford has a test fleet of 20 plug-in sport-utility vehicles, without a target date for selling them.
Jeep plant plans
two-month layoff
More than 2,200 workers at the Toledo Jeep Assembly complex will be laid off for nearly two months because of dismal sales of the Jeep Liberty and Dodge Nitro, United Auto Workers officials said.
The seven-week layoff will immediately follow a one-week model changeover shutdown that was to begin July 4.
Brunswick to cut
jobs, close plants
Brunswick Corp. said it will cut at least 1,000 more jobs and close four plants as it tries to ride out an economic downturn that's stalled sales for its recreational products used in boating, bowling and billiards.
Michelin boosts
stake in Hankook
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