Monster.com to cut 800 employees

Monster.com to cut 800 employees

NEW YORK -- Job site operator Monster Worldwide Inc. lowered its full-year sales outlook on Monday and said it plans to slash 800 jobs in the wake of swelling legal expenses. Monster, which has been grappling with an investigation into its stock option grants practices, said second-quarter operating expenses swelled by 34 percent, largely because of higher legal fees and severance payments. Profits fell 28 percent in the quarter, even as sales rose. In an attempt to cut costs, Monster plans to streamline functions such as human resources and finances.

Boeing estimates demand in India

NEW DELHI -- India will likely need 911 new passenger jets over the next 20 years to meet the growing demand for air travel, Boeing Co. said Monday. Single-aisle planes -- such as Boeing's 737 series or the Airbus A320 that can carry up to 200 passengers -- will account for nearly three quarters of the new demand, according to Boeing's forecasts.

Verizon to buy Rural Cellular

NEW YORK -- Verizon Wireless, the No. 2 U.S. wireless service, said Monday it would buy Rural Cellular Corp for $757 million in cash to save on roaming costs and expand its customer base. Verizon Wireless said Rural Cellular shareholders would receive $45 per share in cash, a 16 percent premium to the average closing price for the last 10 trading days and 41 percent above Friday's close of $31.88. Verizon is taking on about $1.9 billion in debt along with the acquisition, but said it expected the deal to save it $1 billion in roaming fees and operations expenses.

GM to offer incentive on trucks

DETROIT -- General Motors Corp said Monday it had begun offering zero-percent financing for up to 60 months on the extended and crew cab versions of its 2007 pickup trucks in response to competitors' discounts. Toyota's in June began offering buyers cash rebates of up to $3,500 or interest-free loans for five years on the Tundra, a new pickup it introduced in February.