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Week In Pictures
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KENTUCKY
LOUISVILLE FORD TRUCK PLANT TO CLOSE FOR MONTH OF JULY
A union official says Ford's truck plant in Louisville will shut down for the month of July instead of its traditional two-week hiatus during the summer. UAW Local 862 Vice President Todd Dunn said temporary employee layoffs are scheduled to begin this month on the body and paint lines at the plant and could roll into August. He said the whole plant will be shut down in July. Ford spokeswoman Angie Kozleski confirmed that rotating, weeklong layoffs are scheduled to begin this month. Dunn says about 3,400 union members work on the body, paint and final trim lines of the plant. While on furlough, UAW workers typically receive about 90 percent of their pay. The Louisville truck plant makes the F-150 Super Duty trucks. In April, Ford said it sold 21 percent fewer F-Series Super Duty trucks than the same month a year before. Ford and the state of Kentucky reached a deal last fall to invest $200 million at the Kentucky Truck Plant. The agreement will give the automaker $60 million in tax savings over the next decade.
NATIONAL
CLEAR CHANNEL EARNS HIGH ASSET SALES
Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising. The San Antonio, Texas-based company is battling its lenders in court as it tries to go private, and says it's not sure when the $19.5 billion deal will close, if at all. Clear Channel earned $799.7 million, or $1.61 per share, in the first three months of the year, versus $102.2 million, or 21 cents per share, in the same period a year ago.
MICROSOFT TO GROW INTERNET SEARCH OPTIONS
Microsoft Corp. will focus on growing its own advertising and Internet search business, having withdrawn its takeover offer for Yahoo Inc., Chairman Bill Gates said Friday. Microsoft has not presented an alternative strategy to compete with its main rival in the Internet business, Google Inc., since withdrawing a $47.5 billion bid for Yahoo last weekend.
