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Restatement to '01 cuts Ford losses by $850m

By TIMES WIRES
Published November 15, 2006

Accounting errors dating to the beginning of the decade led Ford Motor Co. to restate its earnings Tuesday, reducing the amount the company has lost since 2001 by $850-million. The company also reiterated its prediction that its North American operations will return to profitability in 2009, due largely to continued cost cuts and its expectation that it will maintain a U.S. market share of 14 to 15 percent. The accounting errors, caused by the way Ford counted interest rate hedging by its financial arm, Ford Motor Credit Co., reduced its third-quarter net loss to $5.2 billion from $5.8-billion.

Food makers vow healthier approach

Ten major food and drink makers, including McDonald's, Coca-Cola and Campbell Soup, announced Tuesday that their child-oriented advertising will do more to promote health foods and exercise. The companies, which account for two-thirds of child-targeted food and drink commercials on TV, agreed to reduce the use of outside characters to pitch unhealthy foods. They also said they would not advertise in elementary schools and would ensure their online "advergames" either promote good health or healthy products, among other measures. Half their ads will focus on foods that qualify as healthy or on nutrition and exercise issues.

Airlines hitch ride on Apple's iPod

Apple Computer Inc. said Tuesday its iPod media players will be integrated with the in-flight entertainment systems of six airlines. Passengers on UAL Corp.'s United Airlines, Continental Airlines Inc. and Delta Air Lines Inc., as well as Dubai-based Emirates, Dutch carrier KLM and Air France, will be able to power and charge their iPods during flights and watch video content from their iPods on seat-back displays. The service will be available beginning in mid 2007.

Web ad revenue has record quarter

Internet advertising reached a new high of $4.2-billion in the third quarter, marking the eighth consecutive quarter of growth, according to a study released Tuesday. The estimate comes from PricewaterhouseCoopers LLP.

Knockoff Nikes seized by customs

German customs officers have seized what they said could be the world's largest haul of counterfeit goods, including nearly 1-million pairs of knockoff Nike sneakers. The customs department 117 shipping containers filled with fake goods since the end of August. The equivalent amount of genuine-branded goods would be worth about $490-million, it said.

[Last modified November 14, 2006, 23:49:06]