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Briefs

Mortgage hit may be $300B, study suggests

By Times wires
Published November 24, 2007

FRANKFURT, Germany - Losses in the distressed mortgage sector of the United States could reach $300-billion, only a portion of which has so far been accounted for by write-offs at major banks, according to a study released by the Organization for Economic Cooperation and Development. Major financial institutions, including Citigroup, Merrill Lynch and Swiss Re, have estimated losses of about $50-billion, but the OECD cautioned that a rougher period may yet await financial markets. "We still have not hit the worst point in resets, delinquencies and ultimate losses on mortgages," it said.

Broadcom fires again at Qualcomm
IRVINE, Calif. - Chip maker Broadcom Corp. said Friday it will try to stop rival Qualcomm Inc. from making, using, selling or developing cellular chips based on contested patents. It's the latest legal salvo from Broadcom in its court battle with industry Goliath Qualcomm over the rights to technology for cell phones. The move comes two days after Broadcom chose to accept a reduced damage award of $19.6-million rather than retry its federal case against Qualcomm.

IAC will invest $100M in China
BEIJING  - Media mogul Barry Diller said Friday his Internet conglomerate, IAC/InterActiveCorp, will invest $100-million to expand in China by creating services designed for local users. IAC, which owns TV retailer HSN in St. Petersburg, also will launch its Ask.com search engine in China within two years, Diller said. IAC is looking for opportunities to develop or buy businesses geared to Chinese users, Diller said.

Computer buying program extended
CAMBRIDGE, Mass. - A promotion in which a customer buying a $188 computer in the United States and Canada automatically donates a second one to a child in a developing country was extended until year's end, organizers said. The "Give One, Get One" program at laptopgiving.org will now run through Dec. 31, instead of ending Monday, according to the One Laptop Per Child Program.

Turkey dinner, with a side of nausea
CHICAGO  - Five United Airlines workers sought medical attention for nausea and vomiting after the company provided a Thanksgiving meal to employees. United offered the turkey dinner Thursday to nearly 3,000 mechanics, baggage handlers and other employees working the holiday at O'Hare International Airport. Flight crews didn't participate. The dinner was seen as a reconciliatory gesture from the company to its employees, said Don Wolfel, president of Aircraft Mechanics Fraternal Association Local 4, which represents mechanics at United.

Golfer wants $65M for Florida estate
JUPITER ISLAND - Golfer Greg Norman is challenging Tiger Woods - in the run for real-estate records. Norman listed his 8-acre oceanfront estate on Jupiter Island this week for $65-million. If he gets anywhere near his asking price, he'll break the local record set last year by Woods, who paid a total of $44.5-million for 12 acres nearby, agents say.

[Last modified November 23, 2007, 22:38:14]