For sale: U.S. highways and bridges

The nation's roads are up for sale. But who should have control over them?

State and local governments are in desperate need of cash for all manner of road, building and bridge repair, and are increasingly turning to private money for funding.

But the involvement of private investors is raising concerns over how much control the public may lose over its roadways. Companies putting up the money include construction and engineering firms like Bechtel and Samsung, and big banks like Goldman Sachs and Merrill Lynch that aim to attract money from pension funds and insurance companies.

In exchange for the funding, the firms are getting an ownership stake in the projects. That means they'll get a cut of the tolls, and also be responsible for the maintenance. The arrangement has some people nervous. There is a fear that governments are losing some control of the roadways. If the maintenance doesn't get done, what recourse do they have to force the private firms to act? Read more >>

Nokia Cuts 10,000 Jobs

Nokia says it will slash 10,000 jobs and close plants as the ailing company fights fierce competition, and gave a grim outlook for most of the year, causing its shares to plummet 18 percent to close at €1.83 ($2.30).
The Finnish cellphone maker also on Thursday announced personnel changes and said it has agreed to sell its luxury phone brand, Vertu.

The measures, aimed at additional cost savings of €1.6 billion ($2 billion) by the end of next year, will shut down research and development facilities in Ulm, Germany, and Burnaby, British Columbia. Nokia said it will also close its main Finnish manufacturing plant in Salo, with 850 layoffs, but will keep its research and development center there.

The loss-making company has been struggling against fierce competition from Apple Inc.'s iPhone and other makers using Google Inc.'s popular Android software, including Samsung Electronics Co. and HTC of Taiwan. It is also being squeezed in the low-end by Asian manufacturers making cheaper phones, such as China's ZTE. Read more >>