Merrill Lynch in global push
Merrill Lynch & Co. is in deal talks with a number of smaller investment firms around the globe to expand the No. 1 U.S. brokerage’s reach in key emerging markets, a top executive said Tuesday.
Robert McCann, the New York-based brokerage’s head of global private client business, didn’t disclose specific regions Merrill Lynch might enter. However, he pointed out that partnering with local firms – either through joint ventures or acquisitions – is the securities firm’s preferred strategy.
Merrill Lynch recently launched a joint venture with Mitsubishi Tokyo Financial Group Inc. to target wealthy customers in Japan.
New York
Lego will close U.S. factory
Lego Group, whose iconic plastic building blocks have entertained millions of children for more than 70 years, said Tuesday it will be shedding 1,200 of its worldwide jobs to remold itself in an era when kids prefer playing with electronic gadgets.
The Denmark-based company, which is one of the last to produce toys in the U.S., plans to close its U.S. manufacturing plant and lay off 300 people there in early 2007. About 900 of its employees in Denmark also will be sacked over the next three years.
The production from Enfield, Conn., is to be moved to Mexico, where costs are lower, the group said in a statement. The company’s distribution facility in Enfield will also be affected, Lego said, without providing details.
At Lego’s headquarters in Denmark, up to 900 production employees will lose their jobs over the next three years as nearly a third of the domestic production will be moved to the Czech Republic, the company said.
San Diego
Southwest seats will be assigned
Southwest Airlines Co. will test assigning seats to travelers, another indication that the maverick carrier may get in line with other U.S. airlines by junking its first-come, first-served seating system.
Passengers will be assigned seats on about 200 flights from San Diego for several weeks beginning July 10, an airline spokesman said Tuesday.
Southwest is already updating its computerized reservation system to handle assigned seating and international flights.
Seattle
Top Microsoft exec resigns
Martin Taylor, a high-ranking Microsoft Corp. executive who was recently given a key job in the company’s fight against online rivals such as Google Inc., has abruptly left the company.
The company declined Tuesday to provide details on the unexpected departure.
His last day was Monday.
Taylor could not immediately be reached for comment.
Taylor, who had been with Microsoft for 13 years, was a personal adviser to Microsoft chief executive Steve Ballmer and a high-profile executive within the company.