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NATIONAL BRIEFING
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"While these are no doubt difficult times, this is also a time for great opportunity," said Bob Willet, chief executive of Best Buy International. He said he believes Mexico is a safe bet for the future. Best Buy plans to build more stores in various cities throughout central Mexico, although it did not specify how many or when.
LEGAL
FedEx to Settle With Contractor
FedEx said it will pay $26.8 million to settle a case in its ongoing battle over whether its ground unit workers are illegally classified as independent contractors instead of employees.
The California Appeals Court ruled last year that about 200 contractors who operated in the state were employees. The company had long asserted that its drivers, who have the ability to own multiple delivery routes, should be classified as independent contractors. But drivers under this classification do not receive benefits and are prevented from organizing under federal labor laws.
Memphis, Tenn.-based FedEx said about 900 workers at FedEx Ground still operate in California as contractors. The company has about 13,000 drivers classified as contractors nationwide.
Lawyer Accused of Impersonation
Marc Dreier, founder of the New York law firm Dreier LLP, was released on $78,241 bail after spending three days in a Canadian jail charged with criminal impersonation.
Justice of the Peace Saverio Nestico of the Ontario Court of Justice in Toronto set the bail and released Dreier after it was paid. Dreier plans to return to the United States by tomorrow, his attorney Edward Greenspan said.
The Internet blog "Above the Law" reported Dreier's arrest Thursday.
Dreier is alleged to have pretended to be someone else at a meeting at the Toronto offices of the pension plan, in connection with a multimillion-dollar deal between Teachers' and Fortress Credit Opportunities, the Toronto Globe and Mail reported.
CONTRACTING
Sallie Mae Protest Denied
SLM, the biggest U.S. student lender, was denied its protest of a government contract that allows a rival to service loans and keep millions of dollars in processing fees.
Reston-based SLM, also called Sallie Mae, filed a complaint in August with the Government Accountability Office over the Education Department's award of a no-bid contract for servicing loans to Affiliated Computer Services of Dallas.
CREDIT
Motorola Rating Cut to Junk
Motorola had its credit rating lowered to junk status by Standard & Poor's because its declining handset business is eating into profitability.
The rating was cut two levels to BB+, one notch below investment grade, S&P said today in a statement. On Dec. 2, Moody's Investors Service said it may downgrade Motorola's debt, currently rated Baa2, or two levels above noninvestment grade.
Co-chief executive Sanjay Jha is trying to turn around the phone business using Google's Android software to build more advanced phones. He's going up against Apple, Research In Motion and Samsung Electronics, while also facing the global economic slump. Motorola said in October it won't meet a goal of splitting off the mobile-phone unit by the third quarter of 2009.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
