Briefs: Tellabs to lay off 30 in Denmark
NAPERVILLE -- Telecom equipment maker Tellabs said in a federal filing Thursday it plans to reduce its work force by the first quarter of 2008. Company spokesman George Stenitzer said the restructuring involves about 30 research-and-development workers in its office near Copenhagen, Denmark. Tellabs expects to record a restructuring charge of about $6 million at the end of this third quarter, which it will announce next month.
Tainted burgers recalled
TRENTON, N.J. -- Federal food inspectors are investigating the Topps Meat Co. facility and its suppliers amid reports that 23 people in eight states may have fallen ill after eating bacteria-tainted hamburgers, officials said Thursday. The U.S. Department of Agriculture is looking into what controls the Elizabeth, N.J.-based company has in place to protect against E. coli, agency spokeswoman Amanda Eamich said. Topps makes frozen burger patties. Illnesses were reported in Connecticut, Florida, Indiana, Maine, New Jersey, New York, Ohio and Pennsylvania.
Freddie Mac settles for $50 million
WASHINGTON -- Mortgage finance company Freddie Mac will pay $50 million to settle federal charges it fraudulently misstated earnings over a four-year period, the Securities and Exchange Commission announced Thursday. Freddie Mac neither admitted nor denied wrongdoing and agreed to refrain from future violations. Three former Freddie Mac executives settled negligent conduct charges by agreeing to pay a total of $265,000 in civil fines and to make restitution totaling $125,548. An accounting scandal erupted at the government-sponsored company in June 2003 when it disclosed it had misstated earnings by some $5 billion.
Big savings for GM with new labor deal
DETROIT -- If United Auto Workers ratify a groundbreaking new contract with General Motors, its provisions likely will save the company $2 billion to $3 billion per year which it can pump into the development of new products like electric cars, according to several industry analysts.