Business
Newspaper circulation falling fast, down 10.6 pct
NEW YORK (AP) — The decline in U.S. newspaper circulation is accelerating as the industry struggles with defections to the Internet and tumbling ad revenue.
Figures released Monday by the Audit Bureau of Circulations show that average daily circulation dropped 10.6 percent in the April-September period from the same six-month span in 2008. That was greater than the 7.1 percent decline in the October 2008-March 2009 period and the 4.6 percent drop in the April-September period of 2008.
Sunday circulation fell 7.5 percent in the latest six-month span.
As expected, The Wall Street Journal has surpassed USA Today as the top-selling newspaper in the United States. The Journal’s average Monday-Friday circulation edged up 0.6 percent to 2.02 million — making it the only daily newspaper in the top 25 to see an increase.
USA Today saw its worst decline ever, dropping more than 17 percent to 1.90 million. The newspaper has blamed reductions in travel for much of the circulation shortfall, because many of its single-copy sales come in airports and hotels.
The New York Times stayed in third place at 927,851, down 7.3 percent from the same period of 2008.
Newspaper sales have been declining since the early 1990s, but the drop has accelerated in recent years. Part of this is because newspapers have stopped serving harder-to-reach areas and limited circulation to their core regions.
In many cases, people simply aren’t buying print copies as much as they used to, given the abundance of free news on the Internet, often from the newspapers themselves. This has prompted newspapers to consider charging fees for Web access, but it could prove difficult to persuade people to pay for something they are used to getting for free.
Newsday, a Long Island daily, said last week that it plans to start charging people who don’t subscribe to its print edition $5 a week for access to its Web site. Newsday’s circulation dropped 5.4 percent in the latest reporting period, to 357,124.
Of the top 25 dailies, the San Francisco Chronicle saw the worst circulation decline, falling 25.8 percent to 251,782. The Star-Ledger of Newark, N.J., and The Dallas Morning News both fell 22.2 percent.
Of all the newspapers with a paid circulation of more than 50,000, the York Daily Record in Pennsylvania saw the biggest increase — rising 16.5 percent to 55,370.
The figures from the circulation bureau compare 379 daily newspapers and 562 Sunday newspapers that had reported average sales for both the current and year-ago periods. That means the reported circulation declines were not made higher by the closure of the Rocky Mountain News, the Seattle Post-Intelligencer and other newspapers.
The totals also exclude many smaller newspapers because of rule changes that make direct comparisons impossible.
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More than two dozen Palestine area businesses will be participating in the Palestine Area Chamber of Commerce’s 2010 Business Expo on Thursday.
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Seminar to focus on employee management practices
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Exxon Mobil posts lowest annual profit since ’02
EW YORK (AP) — Exxon Mobil’s earnings were cut by more than half to $19.3 billion in 2009, the lowest total in seven years, as company refineries struggled with a plunge in fuel consumption around the world.
But the world’s largest publicly traded oil company remains the profit champ among U.S. public companies. Wal-Mart is expected to earn $14 billion for the year ended Jan. 31, and Microsoft earned $14.6 billion in the fiscal year ended in June 2009.
Exxon’s results have swung with the price of oil and the impact of the global recession. When oil spiked above $147 a barrel in mid-2008, Exxon set ever-higher marks for earnings by a U.S. company. Then oil prices plummeted, and Exxon suffered a yearlong hangover that included its smallest quarterly earnings in several years.
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Toyota tells dealers parts on way to fix pedals
WASHINGTON (AP) — Toyota Motor Corp. said Monday its dealers should get parts to fix a sticky gas pedal problem by the end of this week as the automaker apologized to customers and tried to bring an end to a recall that has affected 4.2 million vehicles worldwide.
The company said in a statement that it has begun shipping parts and is training dealers on the repairs. Some dealers will stay open around the clock to fix the 2.3 million cars and trucks affected by the recall in the U.S.
Technical bulletins on how to install the new parts should arrive at dealers by midweek, the company told dealers in an e-mail. It was not clear exactly when repairs would start, although dealers have said they’ll begin as soon as possible.
The automaker also said Monday it would suspend production of eight U.S. models affected by the recall this week, with factories restarting on Feb. 8.
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Apple introduces new $499 iPad tablet computer
SAN FRANCISCO (AP) — Apple CEO Steve Jobs unveiled the company’s much-anticipated iPad tablet computer Wednesday, calling it a new third category of mobile device that is neither smart phone nor laptop, but something in between.
The iPad will start at $499, a price tag far below the $1,000 that some analysts were expecting. But Apple must still persuade recession-weary consumers who already have other devices to open their wallets yet again. Apple plans to begin selling the iPad in two months.
Jobs said the device would be useful for reading books, playing games or watching video, describing it as “so much more intimate than a laptop and so much more capable than a smart phone.”
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Dealers swamped by worried Toyota drivers
NEW YORK (AP) — Toyota dealers across the country were swamped with calls Wednesday from concerned drivers but had few answers a day after the company announced it would stop selling and building eight models because of faulty gas pedals.
Toyota insisted the problem — sudden, uncontrolled acceleration — was “rare and infrequent” and said dealers should deal with customers “on a case-by-case basis.” But drivers of Toyotas and those who share the road with them were left with uncertainty.
In an unprecedented move, the company said late Tuesday it would halt sales for the eight models — which make up more than half of Toyota’s U.S. sales volume — to fix the gas pedals. Last week, Toyota issued a recall for the same eight models, affecting 2.3 million vehicles.
A private firm said it had identified 275 crashes and 18 deaths because of sudden, uncontrollable acceleration in Toyotas since 1999.
In North Palm Beach, Fla., Clare Roden showed up at a Toyota dealership worried about the 2010 Camry she purchased recently. She was relieved when she was told her accelerator was not a problem part.
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Apple unveils $499 tablet, $629 with AT&T data
SAN FRANCISCO (AP) — Apple Inc. will sell the newly unveiled tablet-style iPad starting at $499, a price tag far below the $1,000 that some analysts were expecting.
The iPad, which is larger in size but similar in design to Apple’s popular iPhone, was billed by CEO Steve Jobs on Wednesday as “so much more intimate than a laptop and so much more capable than a smart phone.”
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Toyota U.S. sales halt deals blow to image, earnings
NEW YORK (AP) — Toyota’s suspension of U.S. sales on an unprecedented scale to fix faulty gas pedals deals a blow to the automaker’s reputation for quality and endangers its fledgling earnings recovery.
The suspect parts are made by a U.S. supplier, but they are also found in its European-made vehicles, an official with the automaker said Wednesday. Toyota said it hasn’t decided what to do there.
Japan’s Toyota Motor Corp. announced late Tuesday it would halt sales of some of its top-selling models to fix gas pedals that could stick and cause unintended acceleration. Last week, Toyota issued a recall for the same eight models affecting 2.3 million vehicles.
Toyota is also suspending production at six North American car-assembly plants beginning the week of Feb. 1. It gave no date on when production could restart.
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Halliburton asks high court to block trial
WASHINGTON (AP) — Halliburton Co. is asking the Supreme Court to block a Texas woman’s lawsuit alleging she was raped by military contractor co-workers in Iraq.
The company wants the justices to reverse a lower court ruling that Jamie Leigh Jones’ case can go to trial. Jones sued Halliburton and its former subsidiary KBR, saying she was raped while working for KBR at Camp Hope, Baghdad, in 2005.
The trial is set to begin in February 2011.
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City, county tax allocations down
