BUSINESS BRIEFS
Online real estate brokers win more access to listings
Associated Press
WASHINGTON — The Justice Department gave a boost yesterday to online real estate brokers — and potentially their clients — by forcing new industry policies that give Internet-based agents access to home listings they were previously denied.
The tentative settlement, which still requires court approval, could save consumers thousands of dollars when buying a home.
Online real estate agents often charge discounted commission fees and let buyers review listings at their own pace. For years, however, Internet-based brokers have complained that the National Association of Realtors wanted to let real estate agents exclude some of their listings from their online competitors.
More than 800 multiple listing services nationwide are affiliated with the Realtors group.
JUDGE RULES DELL ADS WERE FALSE
ALBANY, N.Y. — A New York judge concluded yesterday that Dell Inc. engaged in repeated false and deceptive advertising of its promotional credit financing and warranties.
State Supreme Court Justice Joseph Teresi ordered the computer retailer to more clearly disclose that most customers don't qualify for free financing or get "next day" repair service.
New York Attorney General Andrew Cuomo sued Dell last year. Teresi gave him until Dec. 1 to identify all consumer claims for third-party repairs, new computers or higher interest payments than they would have paid otherwise.
The attorney general's office had 700 complaints against Dell when the lawsuit was filed in May 2007 and has received more than 1,000 since, spokesman John Milgrim said.
Dell spokesman Jess Blackburn said the Round Rock, Texas-based company disagreed with the judge's decision and would be putting up a vigorous defense of its position, although it had not decided yet whether it would appeal.
JETBLUE TO SLOW GROWTH OF FLEET
NEW YORK — JetBlue Airways Corp. plans to significantly slow its fleet growth, saying yesterday it will put off buying 21 new Airbus jetliners for four to five years as it struggles to cope with soaring fuel costs.
The A320 planes, which were originally scheduled for delivery between 2009 through 2011, will now be delivered in 2014 and 2015. By delaying delivery, JetBlue will be able to hold off paying for the planes and will save on the additional operating expenses they would bring.
"In the face of escalating fuel costs, we believe it is essential to take a more financially conservative approach to managing our business," Chief Executive Dave Barger said in a statement.
Spokeswoman Alison Eshelman wouldn't say how much the airline expected to pay for the planes, or how much it hoped to save by deferring delivery. The planes are listed at $76.9 million, but carriers receive discounts for larger orders.
BORDERS REPORTS 1ST-QUARTER LOSS
DETROIT — Borders Group Inc. reported declining sales and a financial loss for the first quarter yesterday, hit in the midst of its turnaround by consumers scaling back purchases.
The Ann Arbor, Mich.-based bookseller reported sales of $784.7 million for the quarter ended May 3, down 1 percent from $792.3 million reported in the same period a year ago.
Borders had a net loss of $31.7 million in the quarter compared with a net loss of $35.9 million in the same period a year ago. The loss in the same period last year included the British operations, which Borders sold last year. Excluding them, Borders' loss was $29.1 million in the first quarter of 2007.
Borders, which said in March it was exploring a sale, released its results after the market closed.
The bookseller also reported increased cash flow of $132.9 million, mostly by reducing inventory, and dropped debt by $130.9 million.
Its shares closed down 47 cents at $6.25 on the New York Stock Exchange.
