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PRESS DIGEST-New York Times business news - Feb 22
February 22, 2013 / 7:06 AM / 5 years ago

PRESS DIGEST-New York Times business news - Feb 22

Feb 22 (Reuters) - 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 leasing unit.

* 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 software.

* 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.

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