AP Business NewsBrief at 10:44 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Time spin-off highlights risks facing magazinesLOS ANGELES (AP) _ From Sports Illustrated to People to its namesake magazine, Time Inc., was always an innovator. But now when the troubled magazine industry is facing its greatest challenge, the company Henry Luce founded is struggling to find its way in a digital world. Time Warner Inc.'s decision to shed its Time Inc. magazine unit last week underscores the challenges facing an industry that remains wedded to glossy paper even as the use of tablet computers, e-readers and smartphones explodes.
Report: EU to propose controls on bosses' payBERLIN (AP) _ A top European Union official says he plans to propose that company shareholders across the continent be given the power to set managers' pay _ an approach similar to an initiative recently approved by voters in non-EU Switzerland. EU internal market commissioner Michel Barnier was quoted Sunday as telling Germany's Frankfurter Allgemeine Sonntagszeitung newspaper he plans to make his proposal by the end of this year.
Class of 2012: Young Spaniards launch startupsMADRID (AP) _ In a cramped office in downtown Madrid, five young architects who found themselves jobless in Spain's wrenching economic crisis sit almost elbow to elbow _ glued to computer screens as they create 3-D videos of construction proposals for far-flung sites in Britain, Panama, Malaysia and Zambia. The founders of the Factoria 5 digital design company last month took home (EURO)2,000 ($2,700) each for the projects they are delivering. That's good money for professionals in a field so blighted by Spain's building bust that many of Factoria 5's fellow architecture grads are either unemployed, have given up on architecture or moved abroad. One, who considers himself lucky, became a train conductor.
Stringer leaving Sony in June, hands over to HiraiTOKYO (AP) _ Howard Stringer, who fought to bring a divided and struggling Sony Corp. together as the Japanese electronics and entertainment company's first foreign president, is retiring as chairman in June. He announced his departure in New York in a speech at the Japan Society on Friday, which was confirmed by Tokyo-based Sony on Sunday. His retirement will come at an annual general shareholders' meeting in June.
China's leaders take aim at Railways MinistryBEIJING (AP) _ In the annals of Chinese bureaucratic power, the Railways Ministry stood apart. Running everything from one of the world's busiest rail systems to a special police force, the ministry was so pervasive and powerful it resisted government reform efforts for years. Chinese called it "Boss Railway." On Sunday, the government gave notice it was firing the boss.
Qatar announces large natural gas discoveryDOHA, Qatar (AP) _ Qatar says it has discovered as much as 2.8 trillion cubic feet of natural gas in an offshore field. Energy Minister Mohammed bin Saleh al-Sadah told reporters Sunday the discovery was made at the field known as Block 4 North, off the shore of the Gulf island nation. The field is operated by Qatar Petroleum along with its partners Mitsui Gas Development Qatar and Germany's Wintershall.
Politicians look for credit in a rising economyWASHINGTON (AP) _ Increased hiring, lower unemployment, stock market on the rise. Who gets the credit It's a hotly debated point in Washington, where political scorekeeping amounts to who gets blame and who gets praise.
Stocks gain for sixth day on strong jobs growthNEW YORK (AP) _ A burst of hiring in February pushed stocks higher on Wall Street. The Dow Jones industrial average gained 67.58 points, or 0.5 percent, to 14,397.07. The index surpassed its previous record close Tuesday and logged a sixth straight increase Friday.
Stroke prevention device misses key goal in studySAN FRANCISCO (AP) _ The future is unclear for a promising heart device aimed at preventing strokes in people at high risk of them because of an irregular heartbeat. Early results from a key study of Boston Scientific Corp.'s Watchman device suggested it is safer than previous testing found, but may not be better than a drug that is used now for preventing strokes, heart-related deaths and blood clots in people with atrial fibrillation over the long term.
Job gains cut unemployment to 7.7 pct., 4-year lowWASHINGTON (AP) _ The American job market isn't just growing. It's accelerating. Employers added 236,000 jobs in February and drove down the unemployment rate to 7.7 percent, its lowest level in more than four years. The gains signal that companies are confident enough in the economy to intensify hiring even in the face of tax increases and government spending cuts.
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