Tim and Chris Vanderhook think Myspace had it right — at one point. And they think they’ve revived and improved that formula for success as the revamped first titan of social media debuts its latest look. The Vanderhooks unveiled the new Myspace.com Wednesday as a site focused on entertainment that combines social networking with streaming music. There are new features aimed at helping musicians, writers and other artists connect with their followers, an app and a radio function. The launch comes nearly two years after the Irvine, Calif.-based Specific Media owners teamed with Justin Timberlake to buy the ailing website for $35 million, a fraction of the $560 million News Corp. paid for it in 2005.
IBM’s job cuts underway
IBM Corp. began cutting U.S. jobs Wednesday as part of a plan announced in April to spend $1 billion globally to trim its workforce, according to a person familiar with the move. The reduction targets employees with a range of seniority, from rank-and-file workers to executives, said the person. IBM, the world’s largest provider of computer services, announced the job-cutting effort after releasing disappointing first-quarter results in April.The company is probably cutting 6,000 to 8,000 jobs globally, based on the $1 billion cost figure, said Laurence Balter, an analyst at Oracle Investment Research in Fox Island, Wash. That would represent less than 2 percent of IBM’s total workforce.
GM says it’s making progress on cost cuts
General Motors’ product development chief says the company is making progress on cutting costs to improve profit margins. Senior Vice President Mary Barra told a group of financial analysts on Wednesday that GM is saving money by using the same parts on many vehicles. It also has moved parts suppliers closer to factories to cut shipping costs, and it’s building more models on the same underpinnings.
Cooper Tire plants to remain
A tire maker whose main market is in India is buying Ohio’s Cooper Tire & Rubber Co. for $2.2 billion and making a commitment to maintain the company’s three U.S. manufacturing plants and retain its management operation in Ohio, Cooper CEO Roy Armes said Wednesday. India’s Apollo Tyres Ltd. said the combined company will be the world’s seventh-largest tire maker and have a strong foothold across four continents.Their tire brands include Apollo, Cooper, Roadmaster and Vredestein. The deal gives Apollo access to markets in the U.S. and China while Cooper gets a premium price per share and some assurances that its domestic operations won’t be gutted.