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Market Update: Apple (AAPL), UBS (UBS), Family Dollar (FDO), PepsiCo (PEP)
Pickens’ Wind Farm Delayed; Apple Tarnished by SEC Scrutiny; UBS May Settle Tax Dispute; Higher Gas Prices Help Reduce Traffic; Discount Retailer Thrives in Recession; Pepsi Bottling Profits Rise
- Billionaire oilman T. Boone Pickens has delayed his plan to build the world’s largest wind farm in the Texas panhandle, blaming financing issues and transmission limitations. “I didn’t cancel it,” Pickens told Reuters after a press conference on Capitol Hill. “Financing is tough right now and so it’s going to be delayed a year or two.” Pickens’ plan calls for the installation of 4,000 megawatts of wind turbines at a site near Pampa,…
Market Update: Citigroup (C), Bank of America (BAC), UBS (UBS)
Citigroup Inc. (NYSE: C), one of the largest recipients of federal assistance, intends to raise the base salaries of many of its non-executive employees to offset the leaner bonuses being handed out this year.
Citi, which received $45 billion in troubled asset relief funds (TARP), will raise salaries by as much as 50%, The New York Times reports, citing unnamed sources familiar with the plan. The company joins other government-funded banks such as Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) and UBS (NYSE: UBS) with the hope of shifting attention away from bonuses, which Citi says are not one-time payouts but a form…
25Jun2009 | Money Morning | 2 comments | Continued
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