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Ford finance chiefto retire next month <...

Ford finance chief
to retire next month

Ford Motor Co. said its finance chief is retiring next month and will be replaced by the top executive in the European division.

Don Leclair, 56, is leaving after 32 years on Nov. 1, Ford said. He will be succeeded by Lewis Booth.

Leclair has been chief financial officer for five years. Booth, 59, an executive vice president, currently oversees Ford of Europe and the company's Sweden-based Volvo unit. John Fleming, the 57-year-old president of Ford in Europe, will replace Booth.

China dairy industry
faces more controls

China's State Council tightened quality control regulations for the dairy industry as authorities in Macau and Hong Kong reported several children had kidney stones blamed on Chinese tainted milk.

Contaminated milk powder, laced with the industrial chemical melamine, has been blamed for causing the deaths of four infants and sickening more than 54,000 others.
GE earnings meet
lowered forecast

General Electric Co. spared investors any nasty surprises as it reported a 22 percent drop in third-quarter earnings, meeting its own lowered forecast and blaming the decline on its struggling finance arm.
USA Today raising
newsstand price

USA Today will raise its newsstand price by 25 cents to $1 to offset rising newsprint costs.
Continental AG says it wants fair price

Continental AG, Europe's second-largest car-parts maker, which has a tire factory in Mount Vernon, Ill., said it won't sell divisions ''dirt cheap'' should the company decide on any disposals after a review of operations.

Ball-bearing maker Schaeffler Group is buying Hanover, Germany-based Continental in a debt-financed $16.3 billion transaction.
Amtrak reports
record ridership

Amtrak has set another ridership record, with 28.7 million people taking its trains last year. That's an 11 percent increase over the 25.8 million passengers that the national passenger railroad carried in fiscal year 2007.
Morgan Stanley's shares drop 22%

Morgan Stanley's stock and bonds dropped for a fifth day after Moody's Investors Service said it might reduce the investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence.

Morgan Stanley fell 22 percent to the lowest level since 1996. The shares lost almost 60 percent for the week.
YouTube to offer
full-length TV shows

Google Inc.'s YouTube, the most popular video Web site, began offering full-length programs such as Star Trek and Beverly Hills 90210 in a bid for more advertising sales.

YouTube is featuring TV shows from CBS Corp. and is in discussions with other networks and studios, product manager Shiva Rajaraman said. CBS will sell ads for the videos, he said.

Google is seeking ways to expand beyond the advertisements that appear next to Internet search results, which accounted for almost all of its $16.6 billion in revenue last year.
New Jersey OKs higher turnpike tolls

The New Jersey Turnpike Authority approved a plan to more than double tolls over four years in order to fund a $7 billion capital-improvement plan and meet debt payments.

The plan will raise tolls to $1.70 on Dec. 1 from $1.20, the current average, and to $2.60 in 2012.
Wachovia to settle
for $163 million

Wachovia Corp., completing a previously announced settlement, will pay an estimated $163 million to settle federal allegations that it failed to stop telemarketers from taking advantage of thousands of elderly consumers.

Ford finance chief
to retire next month

Get the full article here.


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