Business Briefs

General Dynamics gets lift from Army spending

FALLS CHURCH, Va — Defense contractor General Dynamics said Wednesday its fourth-quarter earnings rose 42 percent as the Army spent heavily to upgrade its fleet of tanks and armored vehicles.

Net income jumped to $579 million in the quarter ended Dec. 31. Sales rose 15 percent to $7.52 billion but fell short of Wall Street's estimate of $7.55 billion.

The boost came from "significant revenue and earnings growth in the Combat Systems group," which includes armored combat vehicles the company makes with Ladson-based Force Protection Inc.

But General Dynamics' profit forecast for 2008 was below Wall Street expectations.

Sales increase helps to minimize loss at Delta

ATLANTA — Delta Air Lines Inc., the nation's No. 3 carrier and Charleston's largest by market share, said Wednesday it was hampered by high fuel prices in the fourth quarter but was able to post a narrower loss on a solid increase in sales.

For the three months ended Dec. 31, Delta said it lost $70 million compared with a loss of $1.98 billion for the same period a year earlier.

Excluding reorganization items, Delta said it lost $105 million in the quarter. Revenue in the fourth quarter rose 10 percent to $4.68 billion compared with $4.25 billion a year earlier.

Head of Upstate-based Michelin unit is retiring

GREENVILLE — The head of Michelin North America for the past decade will retire this year to work as a consultant for the company and others in the state, Michelin said Tuesday.

Jim Micali, 60, became chairman and president of Michelin North America in 1996. His retirement will be effective Aug. 15, the company said.

Micali will be succeeded by Dick Wilkerson, the tire maker's executive vice president for personnel since 2006.

Michelin North America has more than 22,500 employees and operates 19 major manufacturing plants.

AT&T to offer free Wi-Fi to its broadband users

SAN ANTONIO — AT&T said Wednesday it will make its 10,000 Wi-Fi hotspots free to nearly all its broadband Internet customers starting next week.

Only subscribers to AT&T's premium broadband services previously had free access to its hotspots, leaving out the majority of high-speed users.

Now more than 10 million broadband customers will be able to use the hotspots free of charge. Most Wi-Fi hotspots — in restaurants, airports and other public places — charge fees for access.

Monster's ailing ex-CEO settles backdating case

NEW YORK — Andrew McKelvey, founder and former chief executive of Monster Worldwide Inc., will relinquish much of his voting stake in the online job-listings company and pay back more than $8 million as part of a settlement into claims that he improperly backdated stock options to employees.

Monster announced its settlement with McKelvey on Wednesday, the same day he settled charges over the options-backdating scheme with federal authorities.

Prosecutors said they reached the settlement with the 73-year-old in light of the fact that he had an unspecified terminal medical ailment.

The Wall Street Journal reported that he has pancreatic cancer.

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