Malden Mills drops bonus plan
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Malden Mills Industries Inc. has dropped its effort to win bankruptcy court approval for nearly $1 million in bonuses to reward five executives of the textile maker in its Chapter 11 case.
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The Kellogg Company said that it would cut about 220 jobs at its factory in Manchester, England, to counter rising expenses for fuel and commodities. Eliminating the hourly and salaried positions will cost $60 million, the company said in a filing with the Securities and Exchange Commission. The jobs will be eliminated through severance and voluntary retirement, Kellogg said. The chief financial officer, Jeffrey M. Boromisa, said cost cuts including the reductions in Manchester would lower 2006 earnings by about $90 million, or 15 cents a share. Kellogg, based in Battle Creek, Mich., employs more than 1,000 people in Manchester where it makes corn flakes and other of its cereals, said Sam Fulton, a spokesman for Kellogg in Britain.
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The decision comes on top of 12,500 job cuts that the bank initially said it would eliminate during the merger. The bank&#39;s move drew fire from two Massachusetts
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Many Massachusetts companies say they are dropping domestic-partner benefits for their gay and lesbian for reasons of fairness: Since marriage between same-sex couples became legal in the state May 17, they should no longer receive special treatment in
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Many of the state's largest employers are dropping health benefits for unmarried gay couples, seven months after Massachusetts became the only state to legalize same-sex marriage.
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Utility holding company Ameren Corp. announced plans Wednesday to reduce its payroll by offering 950 union and management employees financial incentives to leave.
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Health insurer Wellpoint Health  Networks Inc. WLP.N on Friday trimmed its earnings forecast  for the fourth quarter, citing merger costs and a  larger-than-expected debt repurchase last month.
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I.B.M. is planning to close its employee pension plan to new employees at the end of the year and give all new workers a 401(k) plan instead.
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Rival mortgage insurers MGIC Investment Corp  and Radian Group Inc  scrapped their merger plan on Wednesday, the latest casualty of the turmoil in U.S. mortgage markets.
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The company reported a $2.15 billion tax benefit but said overall revenue dipped because of a 19 percent drop in traditional wholesale services.
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State Street Corp. said it will eliminate 425 jobs as a cost-cutting move after the financial firm yesterday reported a weak third quarter in which earnings fell 13 percent because of a sharp drop-off in lending and trading activities in securities markets.
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Marsh &amp; McLennan is set to announce thousands of job cuts at its troubled insurance brokerage arm. The move follows the decision to scrap incentive commissions
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US investment bank Lehman Brothers says it will cut 1,300 jobs as its scales back its US home loan business.
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Business & money: Â· Luke Johnson pays initial Â£10m for 70 shopsÂ· Staff to get private-equity style bonus scheme
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In an about-face, Blue Cross and Blue Shield of Massachusetts said it is scrapping a new policy that would have allowed owners of small businesses to contribute just one-third of the cost of their employees' health plan premiums.
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COLLEGE PARK, Md. -- Mall developer The Mills Corp., which is under investigation for accounting problems, said Monday that its longtime chief executive officer retired over the weekend, becoming the second high-ranking executive to leave in recent months.
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Blog: Along with preliminary earnings release, the company announces it will lay off 10 percent of workers to trim costs.