What do you earn?
Every year, Parade magazine reports on people's salaries around the country. This year's "What We Earn" report is in a Parade magazine that will appear next month in The Bee. To supplement this report, The Bee is looking for area residents who would be willing to share their name, age, occupation, annual income and comments about wages in the valley. Arrangements will be made to get photographs of those who are interviewed. If you would like to participate, call 578-2336 or e-mail email@example.com.
Visa completes IPO
Visa Inc. raised $17.9 billion late Tuesday to complete the largest initial public offering in U.S. history and help prop up the wobbly financial services industry. The world's largest processor of credit and debit cards sold 406 million shares at $44 apiece, easily eclipsing the previous U.S. record IPO of $10.6 billion set by AT&T Wireless eight years ago. The IPO price topped the range of $37 to $42 per share Visa set three weeks ago just before its executives began meeting with institutional investors and analysts to drum up interest. If investment bankers exercise an option on an additional 40.6 million shares, Visa's IPO will end up raising $19.7 billion before expenses. Visa shares, trading under the "V" ticker symbol, are scheduled to begin trading today on the New York Stock Exchange. The San Francisco-based company will debut with a market value of about $36 billion.
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Delta offers buyouts
Delta Air Lines, faced with a weak economy, dimmer hopes of merging with Northwest Airlines and record fuel prices that are eating profits, said Tuesday that it will offer voluntary severance payouts to roughly 30,000 employees -- more than half its work force -- and cut U.S. capacity by an extra 5 percent. Executives at Atlanta-based Delta said in a memo to employees that the airline's goal is to cut 2,000 frontline, administrative and management jobs through the severance program, attrition and other initiatives. Delta spokeswoman Betsy Talton said the company would accept more job cuts if more employees than its goal take the voluntary severance.
Food companies seek cheap publicity targeting blogs for candy, chips and even frozen dinners.