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Online social network behemoth MySpace.com was sold for $580 million to News Corp. last year, and Facebook.com is a comparatively smaller operation than MySpace. The venture launched by Harvard undergrads ranks 29th on a list of the most popular English-language sites compiled by Alexa.com, while MySpace ranks fifth. But Facebook.com’s highly coveted access to college students and recent alumni might draw larger offers...
...Tyson managers later pleaded guilty to conspiring to hire illegal aliens. Three other managers were acquitted of the charges, as was the Tyson Corp. itself. The company insisted that it did not know that illegals were being hired at some of its plants. A company spokesman said the charges were "absolutely false. In reality, the specific charges are limited to a few managers who were acting outside of company policy at five of our 57 poultry-processing plants...
...Wagoner quickly followed up the buyouts with the announcement of a new deal Thursday to sell off 78% of General Motors Acceptance Corp., its commercial mortgate business, to a group of outside investors that includes Kohlberg Kravis Roberts & Co.and Goldman Sachs Capital Partners. Selling GMAC also will help cover the cost of the buyouts, which are expected to exceed $2 billion, pending approval by the bankruptcy judge presiding over Delphi's Chapter 11 filing - since GM also has agreed to assume Delphi's financial responsibility for post-retirement benefits as part of the deal with the union...
...retirement rather than a confrontation over likely future wage cuts at Delphi, which is also covered under the buyout agreement. The buyouts give the union a little more room for bargaining on future concessions, says McAlinden. With the buyout agreement in place, representatives from the UAW and Delphi Corp. are slated to resume discussions on rewriting the bankrupt company's existing contract with the union. GM representatives also are expected to participate in the talks, suggesting that GM plans to keep a close eye on the discussions in an effort to head off any possibility of a strike that could...
...Shanhgai Auto Corporation Inc., one of GM's principal partners in China, which GM's senior executives are counting on for the growth needed to stay ahead of Japan's Toyota Motor Corp, had its credit rating downgraded by a Hong Kong-based rating service. Key issues in the downgrade were concerns about over capacity in the midsized segment in China where ShanghaiGM has targeted investment, as well as the lack of fuel-efficient vehicles that both Chinese consumers and the Chinese government are demanding for the future, the report notes...