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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Oct 28, 2015
Page
13
General Motors will recall 1.41 million vehicles from 1997 to 2004 to fix a defect linked to about 1,200 engine fires and 19 reported minor injuries. Affects 3.8 liter V6 models including Pontiac Grand Prix, Chevrolet Impala, Lumina, Monte Carlo, Oldsmobile Intrigue, and Buick Regal.
A Center for Effective Government and Institute for Policy Studies report shows the 100 largest U.S. CEO retirement packages total 4.9 billion, surpassing median worker savings. Average CEO nest eggs exceed 49.3 million, while 31 percent of the lowest-income families have nothing saved. Obama pension shown for contrast. Yum Brands executive David Novak held the largest 2014 nest egg at 234 million.
A new report on CEO retirement compensation notes that nearly half of working age Americans lack workplace retirement plans, complicating direct comparisons to CEOs. It cites data on median balances in 401(k) plans and the resulting monthly retirement checks.
A Center for Effective Government report shows Fortune 500 CEOs hold 3.2 billion in tax deferred compensation, saving 78 million on 2014 taxes by shifting 197 million more into these accounts. The study urges ending unlimited deferral, capping accounts, and other reforms to reduce retirement insecurity for workers.
Apple posted a 31 percent earnings rise and revenue above estimates for its fiscal Q4, while guiding Q1 revenue of 75.5 to 77.5 billion, below analysts' 77 billion. Q4 earnings reached 11.1 billion on 51.5 billion revenue, with iPhone sales totaling 48.05 million units amid strong holiday expectations and a growing Watch category. The stock moved after hours due to the softer guidance and concerns about sustaining high growth into 2016. With iPhone sales driving profit, analysts note investor focus on new iPhones for the holidays and beyond. Apple remains dominant in the U.S. smartphone market while competing with Android units.
Twitter shares fell 13 percent after hours as the company warned fourth quarter revenue between 695 and 700 million while user growth remained lackluster. Third quarter revenue rose 58 percent to 569 million but the firm remained unprofitable, with a 20 cent loss per share.
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