Business briefs [Telegraph-Herald (Dubuque, IA)]
(Telegraph-Herald (Dubuque, IA) Via Acquire Media NewsEdge) Apple CEO: Lawsuit 'silly sideshow'
Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow," even as he said he is open to looking at shareholder proposals for sharing more cash with investors.
Investor David Einhorn sued Apple Inc. last week, saying a proposal slated for a vote at the company's annual meeting in two weeks will make it more difficult to enact his plan to reward shareholders by distributing a new class of shares.
Cook said Apple's proposal puts more power in the hands of shareholders, making it difficult to understand why a shareholder would fight it. Cook also said that the company is "seriously" looking at ways to hand out more cash to shareholders.
January surplus shrinks budget deficit
The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Barack Obama took office.
The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.
Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.
Comcast to buy stake in NBCUniversal
Comcast said it's buying General Electric's 49 percent stake in NBCUniversal joint venture for $16.7 billion.
Comcast Corp. had bought a majority stake in the television and movie company in 2011. It had planned to take a larger stake in it over time.
Coke's profit climbs but obstacles loom
Coca-Cola is facing a tough time: People are drinking less soda in the U.S. and Europe and uncertain economic conditions around the world weigh on the world's biggest drinks maker.
The Atlanta-based company said Tuesday that its profit rose in the fourth quarter as it benefited from growth in emerging markets and a shift in the calendar that resulted in two extra selling days for the period. But sales volume fell in China and Europe, reflecting a pullback in consumer spending.
In North America, its biggest market by revenue, volume rose just 1 percent, boosted by its Powerade sports drinks and bottled teas. The company sold
2 percent less soda.
Big Dell shareholder opposes $24.4B sale
A shareholder rebellion against Dell's proposed $24.4 billion sale to its founder and other investors is gaining more support, fueling a belief that the struggling personal computer maker will have to wrangle a higher price to get the deal done.
Mutual fund firm T. Rowe Price joined the opposition Tuesday. Price and another shareholder, Southeastern Asset Management, believe that founder and CEO Michael Dell and the investment firm Silver Lake are seizing control and ending Dell Inc.'s 25-year history as a publicly held company on the cheap.
T. Rowe Price and Southeastern are the two largest independent shareholders and own nearly 13 percent of the company combined.
Intel working on TV box to replace cable
Intel Corp. said Tuesday that it will sell a set-top box that brings Internet-delivered movies and shows to a TV set this year.
There are various boxes today that bring Internet content to TV sets, with popular ones made by Roku and Apple. But Intel wants to go further and make its box and streaming service a replacement for cable.
Rumors of an Intel set-top box and video service emerged last year. Intel didn't say what the box and service would cost, or when this year such a device will be available.
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