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National Briefing
More Disclosure Sought on 401(k)s
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Millions of participants in 401(k)-style retirement plans would receive more information about the costs of those programs, a move that could help boost savings, under a rule proposed by the Labor Department. The additional information will make it easier for employees to invest in lower-cost mutual funds and other investments, said Bradford Campbell, an assistant secretary at the Labor Department.
The department estimates the disclosures would save participants $6.1 billion over 10 years, including $2.3 billion from lower fees as investment providers compete more on cost. The rest will come from the time participants save tracking down the fees, which are currently found in a range of separate documents.
AUTOMOTIVE
GM, Utilities Plan Hybrid Network
General Motors will work with more than 30 U.S. electric utilities on a network for customers to easily recharge its Volt plug-in hybrid when the car debuts in late 2010 as part of a push for more fuel-efficient models. The automaker is collaborating with power companies such as American Electric Power, Duke Energy and PG&E on universal technical standards for charging the plug-in automobile that will get its energy from a wall outlet and drive 40 miles on a single charge, GM executives said.
TELEVISION
TiVo to Add Amazon.com Content
TiVo, the digital video recorder pioneer, will offer subscribers the ability to purchase from Amazon.com through their televisions. The service will allow users to search and buy books, DVDs and CDs promoted on programs such as "The Oprah Winfrey Show" and "The Colbert Report," TiVo said. Financial terms weren't disclosed.
EARNINGS
United Parcel Service reported that higher fuel costs and a decrease in domestic shipments in the second quarter caused a 21 percent drop in profit, to $873 million from $1.10 billion in the comparable period a year earlier. Revenue increased 7 percent, to $13 billion.
UnitedHealth Group said second-quarter profit fell to $337 million from $1.23 billion. Hefty lawsuit settlements and thinner margins in its health-care services business contributed to the drop. Revenue rose 7 percent, to $20.27 billion.
Caterpillar's second-quarter profit grew 34 percent, to $1.11 billion, as stronger sales in developing countries outpaced slowing growth in North America. Revenue rose 20 percent to $13.62 billion.
Freeport-McMoRan Copper & Gold said second-quarter profit fell 14 percent, to $947 million, on lower copper and gold sales and one-time costs. Revenue was flat at $5.4 billion.
E-Trade Financial said it swung to a loss during the second quarter due to a sharp increase in loan-loss provisions. E-Trade lost $94.6 million compared with profit of $159.1 million. Revenue fell 20 percent to $532.3 million.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
