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Byline: - Staff and Wire Services

TV Guide's Cusick gets a promotion

Los Angeles-based Gemstar-TV Guide International Inc. announced Wednesday the promotion of Richard Cusick to the newly created position of senior vice president and general manager, Digital Media.

Cusick, who has been senior vice president, Business Development and Strategic Planning for Gemstar-TV Guide since February 2004, will be responsible for the digital media development for the company, including the oversight of the TVGuide.com and TV Guide Mobile businesses.

He will report to Rich Battista, chief executive officer of Gemstar-TV Guide.

Cusick most recently oversaw the creation of the company's mobile initiative, which includes development and distribution of the company's interactive program guide for mobile phones, as well as TV Guide-branded content and information.

Medtronic reports Q2 profits up 52%

MINNEAPOLIS - Medical device maker Medtronic Inc. reported a 52 percent jump in quarterly income thanks to sales of implantable defibrillators and spinal devices, plus tax benefits.

Medtronic said Wednesday it earned $816.5 million, or 67 cents per share, during its fiscal second quarter, up from $535.7 million, or 44 cents per share, during the same period last year.

Excluding the tax gain and a charitable donation it would have earned $657.1 million, or 54 cents per share, matching the estimate of analysts polled by Thomson Financial.

Revenues rose 15 percent, from $2.40 billion to $2.77 billion, slightly below the $2.78 billion Wall Street expected.

Ford discounts, recall announced

DETROIT - Ford Motor Co. became the second of the Big Three automakers to jump back into the discount game with a program that knocks thousands of dollars off the price of some vehicles.

Ford's announcement Wednesday came on the same day that the company recalled about 220,000 vehicles from the 2005 model year amid concerns that a battery cable was rubbing against the vehicle frame, potentially causing fires, and that a fuel tank strap could separate after logging tens of thousands of miles. Shares of Ford fell to a new 52-week low after the news.

The announcement also comes two days after General Motors Corp. announced its ``Red Tag'' discount, which allows buyers to pay a fixed maximum price advertised on the Internet and on red tags at dealerships. Both programs end Jan. 3.

Feds OK mergers for NYSE, Nasdaq

WASHINGTON - The Justice Department gave its blessing Wednesday to big mergers planned by the New York Stock Exchange and the Nasdaq Stock Market, saying the new combinations were not likely to damage competition.

The separate mergers by the two biggest stock markets in the world, which compete fiercely for investors, will reshape the securities markets.

The 213-year-old NYSE, with its floor auction system of human traders, plans to merge with all-electronic rival Archipelago Holdings Inc.

Nasdaq, which is an electronic trading system, is purchasing Instinet Group's electronic network.

After lengthy investigations of both proposed mergers, Justice's Antitrust Division ``determined that neither transaction is likely to reduce competition substantially,'' the department said.