With daylights savings time starting three weeks early this year, companies are scrambling to reset their hardware and software systems to sync up with the time change. The new changes are causing IT headaches reminiscent of the Y2K bug in 2000, and may impact data-centers, desktop computers, and handheld devices.
Jim Balsillie, the co-chief executive of BlackBerry maker Research In Motion Ltd., resigned as chairman as the company announced that it is conducting a voluntary internal review of how it granted stock options in the past. RIM said option-granting mistakes may cost the company at least $25 million in restated earnings. Balsillie and co-CEO Mike Lazaridis each agreed to pay $5 million for the review.
Ford announced that it could sell its Aston Martin luxury car unit this week to raise funds for other parts of the company. Just last week, Ford agreed to sell its Automobile Protection Corporation unit. No word from Ford on how it would use the proceeds of an Aston Martin sale, but the company is currently in the middle of a massive restructuring.
The US service sector grew for the 47th straight month in February, but at its slowest pace since April of 2003 and below expectations. Finance and insurance, management and support services, and retail trade were among the nine industries that reported a slowdown last month.