Verizon donates $25,000 to abuse research
The Verizon Foundation recently donated $25,000 to the University of Kentucky Center for Research on Violence Against Women. The grant, which will be matched by the center, will go toward the Women's Social Justice Initiative and is intended to improve the way that race, ethnicity, poverty and culture are addressed in the study of violence against women. The interest from the endowment will help pay for two faculty positions, one on the multicultural study of violence against women and one on the study of sexual violence. It also will finance the participation of two minority undergraduate students in the Social Justice Initiative's summer research program. Verizon has donated more than $300,000 in grants, cell phones and air time to domestic violence shelters and organizations in Kentucky.
Best Buy profit falls
Best Buy says its first-quarter profit fell 15 percent as same-store sales declined 6 percent amid the recession. The stronger dollar also hurt overseas results. The nation's biggest consumer-electronics retailer still beat earnings estimates, though. Profit was $153 million, or 36 cents a share, in the quarter ended May 30. That compares with $179 million, or 43 cents a share, a year earlier, when the company benefited from stimulus checks that spurred spending. Analysts expected 34 cents a share. The company said revenue rose 12 percent to $10.1 billion as it opened 185 new stores and gained market share from the shuttered Circuit City Stores.
Saab sold to Swedish company
Saab Automobile, the struggling Swedish unit of General Motors known for its family cars, was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny company that produces only a dozen custom-made super cars a year. Having penned a memorandum of understanding, GM said the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government. Additional funding for Saab's operations and investments would be provided by GM and the consortium, it said. GM bought a 50 percent stake in Saab for $600 million in 1990 and acquired the rest for $125 million in 2000. GM CEO Fritz Henderson said GM could build another car for the Saab brand. The company fronting the consortium, Koenigsegg Automotive, was founded in 1994 by Christian von Koenigsegg, a Swedish sports car fanatic and entrepreneur, who remains the chief executive. It makes luxury sports cars at its headquarters in southern Sweden. With a full-time staff of 45, Koenigsegg makes about a dozen cars a year, customized for every buyer. The company doesn't advertise prices for its models, but they are thought to range between 8 million and 18 million kronor ($1 million to $2.3 million) each.
Herald-Leader staff, wire reports