IBM announced today that it will cut another 1,570 jobs, mostly in its North American technology services unit. The company has dispatched with about 3,000 jobs this quarter and Lee Conrad, national coordinator for the Alliance at IBM, predicts that layoffs will reach 12,000 jobs for the year. IBM also disclosed today that it's undertaking $11.5 billion in debt to accelerate its stock repurchase plan. The company aims to repurchase 8 percent of outstanding shares.
Apple today unveiled iTunes Plus, a premium service that allows users to buy DRM-free music for $1.29 per song. The announcement comes just a few weeks after Amazon announced that it will sell DRM-free music. In other music news, Viacom agreed to sell its Famous Music publishing business to Sony/ATV Music Publishing for about $370 million.
Williams-Sonoma reported today a 21 percent fall in quarterly earnings, saying the poor performance was a result of the fourth consecutive quarter of waning sales at their Pottery Barn stores. The company has suffered rising inventory levels and costs as the declining housing market discourages consumers from spending on home furnishings and decor. Pottery Barn accounts for half of Williams-Sonoma revenue.
The International Trade Association, in partnership with the U.S. Department of Commerce, has announced its intention to organize a national Green Manufacturing Day to increase awareness of sustainable operations. The event would provide information on a range of topics including industrial waste management, remanufacturing, and environmental accounting.