Briefs: Wachovia again shores up finances

Wachovia again shores up finances

CHARLOTTE, N.C. -- Wachovia Corp., the nation's fourth-largest bank, reported a $393 million first-quarter loss and has been forced to cut its dividend and seek a $7 billion cash injection to make up for a poorly timed expansion of its mortgage business. The company also said it plans to cut 500 jobs in its corporate and investment bank. It's the second time this year the Charlotte-based bank has gone to the well for cash, a move analysts say more banks large and small will do to brace themselves against further loan losses.

Cargill profit soars on food prices

MINNEAPOLIS -- Agribusiness and trading giant Cargill Inc. reported an 86 percent jump in quarterly earnings Monday, driven largely by its operations that buy, process and distribute farm commodities. Minneapolis-based Cargill said it earned $1.03 billion in the fiscal third quarter ended Feb. 29, up from $553 million a year earlier. The strong earnings came amid a volatile period for U.S. and world agricultural sectors as grain and oilseed prices have soared to levels never seen, driven by biofuels demand and booming food demand from emerging markets, especially Asia.

United postpones China route

CHICAGO -- United Airlines said Monday it postponed the launch of a nonstop service between San Francisco and Guangzhou, China, by one year, citing high fuel prices as the main factor behind the delay. United said it applied to the U.S. Department of Transportation on Friday to defer the start, which was originally planned for June 18. It was awarded the route last year. People who have purchased tickets will get a refund or be directed to alternative routes, United spokesman Jeff Kovick said.

TV stations form cell phone group

LAS VEGAS -- Owners of more than 800 local TV stations where ad revenue is plunging steadily said they've formed a group that's testing three standards for sending local digital TV signals to cell phones, laptops and other mobile devices. The Open Mobile Video Coalition said at the National Association of Broadcasters meeting in Las Vegas that it will push for an open standard by next year that would allow members to bypass cell phone companies and tap into what they think will be a $2 billion market for mobile advertising.