BUSINESS BRIEFS
Apple CEO Steve Jobs plans to return in July
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CUPERTINO, Calif. — Apple Inc. co-founder and CEO Steve Jobs still expects to return from medical leave by the end of June, according to an Apple director who responded to an investor at the firm's annual shareholder meeting yesterday.
The investor — who was the only one to press for details on Jobs' health — asked when the board knew Jobs planned to step away from his daily duties.
Apple director Arthur Levinson responded that since Jobs announced Jan. 14 that he needed to go on leave, "nothing has changed."
COURT REINSTATES CEO'S CONVICTION
DENVER — A federal appeals court reinstated the insider trading conviction of former Qwest CEO Joe Nacchio in a split decision yesterday and lifted the stay that had spared him from starting a six-year prison term.Nacchio's attorney strongly suggested she would appeal the decision.
There was no immediate word on when and where Nacchio would have to surrender.
A three-judge panel of the 10th U.S. Circuit Court of Appeals last year overturned the conviction, ruling that the trial judge improperly barred testimony from a defense witness.
SAKS SLUMPS; SALES FLAT AT TJX
NEW YORK — Luxury retailer Saks Inc. reported a loss and issued a downbeat sales forecast for the year as it struggles to hold on to its affluent shoppers, while off-price retailer TJX Cos. reported flat sales — but better profit than expected.With a spending slump expected to persist through the year, both companies are preserving cash by embracing cost-cutting, including slashing inventory and cutting capital spending.
Saks assured investors that it has sufficient liquidity to pull through 2009 and dispelled any rumors of bankruptcy. That sent shares soaring as much as 11 percent.
Shares in TJX rose as much as 8 percent as investors were encouraged by its plan to cut $150 million in costs.
MONEY MANAGERS ARRESTED FOR THEFT
NEW YORK — The owners of a company that managed hundreds of millions of dollars for universities and charities were arrested yesterday on charges of looting their investment funds for over a decade to buy horses, collectibles and other personal items.Paul Greenwood, 61, of North Salem, N.Y., and Stephen Walsh, 64, of Sands Point, N.Y., appeared in U.S. District Court in Manhattan on charges of conspiracy, securities fraud and wire fraud. Greenwood is also a horse breeder and elected official in suburban New York.
Bail was set at $7 million each, and they were ordered to post $1 million in cash or property that was not derived from the alleged fraud. Lawyers for the two men declined to comment.
