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REGULATORS
TV Switch Plan Criticized
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U.S. regulators have "no comprehensive plan" for preparing viewers for the approaching switch-over to digital television, a Government Accountability Office study said. The report took issue with the Federal Communications Commission for lacking an overall strategy for the Feb. 17, 2009, switch, which will require broadcasters to change to digital signals from analog.
FCC Chairman Kevin J. Martin responded in a letter to the GAO, saying he had "significant reservations and concerns with the report's approach and conclusions."
The federal government plans to subsidize the cost of buying a digital-analog converter box by offering $40 discount coupons to anyone who owns an analog television. The National Telecommunications and Information Administration announced yesterday that it had certified more than 100 retailers to participate in the converter box program, including Best Buy, Circuit City, RadioShack, Sears, Target and Wal-Mart Stores.
EARNINGS
H&R Block Delays Report
H&R Block, the nation's largest tax-preparation company, delayed its second-quarter earnings to give its new auditors more time. It said it expected a much larger loss than last year as its mortgage business continues to drag it down. A preliminary report said H&R Block expected a net loss of $502.3 million for the quarter ended Oct. 31, compared with a loss of $156.5 million in the corresponding period last year.
LEGISLATION
House for Do-Not-Call Changes
The House voted to make permanent the program protecting people from telemarketing calls, relieving consumers from having to renew their participation in the do-not-call registry.
A second bill passed by the House makes permanent a funding system under which the FTC collects fees from telemarketers to operate the registry. Both bills still need Senate approval.
House Supports Pilot Age Change
U.S. airline pilots' mandatory retirement age would rise to 65 from 60, under legislation approved by the House. The measure has been separated from budget proposals that have been stalled by lawmaker differences.
The Senate also voted to approve age-65 retirement on Sept. 12 as part of a transportation budget bill that since has stalled. The House approval sends the new plan to the Senate for consideration.
CREDIT
IndyMac Rating Cut to Junk
Standard & Poor's said it cut IndyMac Bancorp's credit rating to "junk" status, citing increased risk the struggling mortgage bank will suffer additional losses given the turmoil in the housing and mortgage finance markets. Standard & Poor's reduced the company's rating to non-investment grade "BB+/B" from investment grade "BBB-/A-3" and set its outlook as negative.
EARNINGS
Kroger, the nation's largest traditional grocery chain, said that its profit rose 18 percent, to $253.8 million from $214.7 million in the comparable period a year earlier. Revenue jumped 10 percent to $16.14 billion.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
