Money Matters: Boston Scientific job cuts

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January 30, 2013, 8:03 am
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(NECN/AP) - Here's a rundown of the morning's developing business stories, which may impact stock performance:

- Boston Scientific cutting 1,000 jobs

Boston Scientific is cutting up to 1,000 more jobs as it deals with a new medical device tax from the U.S. health care overhaul, limited growth prospects in certain markets and pressure to cut prices on its products in other countries. Still, the Natick company's shares jumped yesterday after the maker of pacemakers and heart stents reported fourth-quarter results and a 2013 profit forecast that exceeded Wall Street expectations.

- New England fishermen face grim vote on cuts

New England's fishing fleet is facing grim news as regulators meet to consider steep cuts in catch limits that fishermen warn will trigger industry collapse.
The New England Fishery Management Council meets today in Portsmouth, N.H., to decide 2013 limits on stocks including cod on Georges Bank and in the Gulf of Maine.
Fishermen who chase bottom-dwelling groundfish face a year-to-year cut of 81 percent on the Gulf of Maine cod limit and 61 percent on Georges Bank cod.
Fishermen say that leaves too few fish to make a living.
The Northeast's top federal fisheries regulator, John Bullard, acknowledges the cuts will be devastating. But he says the reality is that stocks are in perilous condition.
Fishermen, though, say the science behind the cuts is shaky and repeatedly wrong.

- Toyota recalls vehicles for air bags, wipers

 Toyota is recalling 907,000 vehicles, mostly Corolla models, around the world for faulty air bags and another 385,000 Lexus IS luxury cars for defective wipers.
Toyota Motor Corp. spokesman Naoto Fuse said Wednesday there have been no accidents or injuries related to either of those defects, but the Japanese automaker received 46 reports of problems involving the air bags from North America, and one from Japan.
There were 25 reports of problems related to the windshield wipers.
Being recalled for air bags that can improperly inflate are 752,000 Corolla and Corolla Matrix cars in the U.S. as well as thousands of similar vehicles in Japan, Mexico and Canada, manufactured between December 2001 and May 2004.
The problem windshield wipers can get stuck if there is heavy snowfall, according to Toyota.

- Critical, long-overdue BlackBerry makeover arrives

 BlackBerry maker Research In Motion will kick off a critical, long-overdue makeover when chief executive Thorsten Heins shows off the first phone with the new BlackBerry 10 system in New York today.
Repeated delays have left the once-pioneering BlackBerry an afterthought in the shadow of Apple's trend-setting iPhone and Google's Android-driven devices.
Now, there's some optimism. Previews of the BlackBerry 10 software have gotten favorable reviews on blogs. Financial analysts are starting to see some slight room for a comeback.
RIM redesigned the system to embrace the multimedia, apps and touch-screen experience prevalent today. Most analysts consider a BlackBerry 10 success to be crucial for the company's long-term viability, though some doubts remain about the ability of BlackBerry 10 to rescue RIM.
- Upgraded iPad coming to store shelves

 Apple is giving the iPad a memory boost.
Apple says it will offer a new, full-size model that comes with 128 gigabytes of memory. That's double the previous high-end version. Nothing else has changed, so it will remain a fourth-generation iPad, which went on sale in November. The memory increase does not apply to the iPad Mini, which also went on sale in November.
Apple says the higher-memory iPads are intended for data intensive applications like video editing, music production or medical X-rays.
The new iPad will go on sale on next Tuesday for $799 for a Wi-Fi model. A version with cellular data access will go for $929.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Tags: Boston Scientific, business , money, Money Matters, the morning show
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