Feb 22 The following are the top stories on the
New York Times business pages. Reuters has not verified these
stories and does not vouch for their accuracy.
* Responding to anger over executive pay, Citigroup Inc
is changing the way it calculates the bonuses given to top
executives. It announced on Thursday that part of the $11.5
million in compensation awarded to the new Chief Executive,
Michael Corbat, would be closely tied to performance.
* The insurer American International Group reported
late Thursday that it lost $4 billion in the last three months
of 2012 as it absorbed billions of dollars of losses related to
damage caused by Hurricane Sandy and the sale of its airplane
* For Wal-Mart Stores Inc, the tax code gave and the
tax code took away. The company reported higher-than-expected
fourth-quarter earnings on Thursday of $5.6 billion, or $1.67
per share, up from $1.51 per share a year ago. The improvement
was largely because of tax credits that lowered Wal-Mart's
corporate tax rate.
* Airlines and airports across the United States are
preparing for across-the-board federal budget cuts due to hit
next week as if they were a hurricane, although with even less
certainty about how many flights they will have to cancel and
how many passengers will be stranded. The federal government is
warning about delays that could begin in March, as the first
cuts take effect, and reduced takeoffs and slower security lines
that could worsen in April with furloughs.
* Google Inc is stepping further into the laptop
business, and moving way up the price scale. The company
introduced the Pixel on Thursday, a new version of its
Chromebook laptops that store everything online without desktop
* Apple Inc has introduced more innovative consumer products
than perhaps any other company has in the last decade: the iPod,
the iPhone, the iPad. Now hedge fund manager David Einhorn wants
the company to roll out what he calls iPrefs, which he says
could produce $61 a share in additional benefits for investors.
* Steadily rising auto sales and two-tier wage concessions
from labor have spurred a wave of new manufacturing investments
and hiring by the three Detroit automakers in the United States.
The latest development occurred on Thursday, when Ford said it
was adding 450 jobs and expanding what had been a beleaguered
engine plant in Ohio to feed the growing demand for more
fuel-efficient cars and SUV's in the American market.