McDonald's sales bounce back on value deals
NEW YORK (AP) â¿¿ McDonald's said a key sales figure climbed 3.7 percent in August, as the fast-food chain emphasized the value of its menu offerings amid the challenging global economy.
The world's biggest hamburger chain said Tuesday that its breakfast menu and value items pushed up sales by 3 percent in the U.S. Last month, the figure had dipped 0.1 percent in the region after the company said its promotions failed to drive growth.
In Europe, which is McDonald's biggest market and accounts for 40 percent of its business, sales at restaurants open at least 13 months was up 3.1 percent on strength in the U.K., France and Russia. The Oak Brook, Ill.-based company said its sponsorship of the London Olympics helped lift results.
Legg Mason CEO to step down, temporary CEO named
BALTIMORE (AP) â¿¿ Legg Mason's chairman and CEO Mark Fetting, who led the money manager through the difficult years during and after the financial crisis, will step down Oct. 1.
The asset management company said Tuesday that Joseph Sullivan, Legg Mason Inc.'s head of global distribution, will become interim chief executive as it searches for a new CEO. The company's lead independent director, W. Allen Reed, will become non-executive chairman
Fetting will remain as a consultant to the Baltimore-based company through the end of the year. He became CEO in January 2008, a month after the Great Recession began, and was named chairman that December.
YouTube offers new iPhone app to fill looming void
SAN FRANCISCO (AP) â¿¿ YouTube is being reprogrammed for the iPhone and iPad amid the latest fallout from the growing hostility between Apple and the video service's owner, Google.
The new format debuted Tuesday with the release of a new YouTube application that will introduce more advertising and more videos on Apple's trend-setting devices.