Business News

General Mills investigates hoax press release

General Mills Inc (GIS: Charts, News, Offers) has begun investigating a hoax press release that said U.S. President Barack Obama had ordered a probe into the cereal maker’s supply chain.


The release was sent around midnight Eastern time on PR Newswire, a large U.S. distributor of corporate press releases and a unit of Britain’s United Business Media Ltd.


Some major news media outlets reported contents from the release before the hoax was confirmed.

The fake release said Obama late Tuesday evening “ordered a full investigation into the General Mills supply chain in most major global markets” following voluntary recalls on food products, “most notably its cereal and fast food items in the US, UK, Europe and Asia.”

General Mills spokeswoman Kirstie Foster said: “The release was entirely false.” (Source: Yahoo Finance)


AIG to Be Final Insurer on TARP as Lincoln Plans Exit

American International Group Inc. (AIG: Charts, News, Offers), recipient of the first and the biggest of U.S. insurer bailouts, will become the last carrier with public funds now that Lincoln National Corp. (LNC: Charts,News, Offers) plans to repay its rescue.


AIG Chief Executive Officer Robert Benmosche, who promised taxpayers full redemption and a profit, is selling units and counting on a revival at the businesses that remain. His stewardship got a vote of confidence from Federal Reserve Chairman Ben S. Bernanke on June 9, while the following day Congressional Oversight Panel Chairman Elizabeth Warren said taxpayers were still saddled with “a lot of risk.”


“They’re going to owe their ability to repay the taxpayer to capital-market conditions that are not in the hands of Robert Benmosche or Ben Bernanke,” said Bill Bergman, an analyst at Morningstar Inc. in Chicago. (Source: BusinessWeek)


News Corp. buys e-reader platform, stake in paid news effort

News Corp. (NWS: Charts, News, Offers) on Monday revealed it has signed a deal to acquire the Skiff LLC e-reader platform from Hearst Corp., and to take a stake in Journalism Online, the joint venture created to help newspapers charge for online content. Terms were not disclosed.

News Corp. is the parent company of Dow Jones & Co., which includes The Wall Street Journal, Dow Jones Newswires, Barron’s, Factiva and MarketWatch, the publisher of this report.

With both transactions, News Corp. seeks to make good on Chairman Rupert Murdoch’s determination to get more revenue from the company’s news content at a time when traditional advertising models appear to be eroding. (Source: Marketwatch)

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