BUSINESS BRIEFS
Google feels recession's impact despite seeing small profit jump
Advertiser News Services
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SAN FRANCISCO — Google Inc. eked out a higher profit in the first quarter as the Internet search leader trimmed its workforce and winnowed other expenses to overcome the slowest revenue growth since the company went public nearly five years ago.
The results released yesterday illustrated how the recession is squeezing even prosperous companies like Google.
"No company is recession-proof," Google Chief Executive Eric Schmidt told analysts in a conference call. "Google is absolutely feeling the impact."
Schmidt and other Google executives repeatedly emphasized that the global economy remains in "uncharted territory."
GM BOND-EXCHANGE OFFER WOULD HELP WIPE OUT DEBT
DETROIT — General Motors Corp. is preparing to launch a public bond-exchange offer soon so the company can start slashing its debt, even without an agreement from a committee representing large institutional bondholders.The Detroit automaker has been working on a plan to wipe out most of its $28 billion unsecured debt by June 1 to avoid bankruptcy.
The company has thousands of bondholders who have not been privy to talks with the committee but must soon decide whether to participate in an offer and ensure they get at least a small amount of their investment back.
They could also hold on to their bonds but risk ending up empty-handed if GM can't cut enough debt and must restructure in bankruptcy court.
CHINA SEES MIXED SIGNS ON GROWTH OF ECONOMY
BEIJING — The worst might be over for China's economy even as growth in the first quarter slumped to its lowest rate in more than a decade.The world's third-largest economy expanded by 6.1 percent from a year earlier, down from 6.8 percent the previous quarter, the National Bureau of Statistics reported yesterday.
But it said industrial activity, retail sales and bank lending improved.
