In the Region

Comcast pulls anti-GM ad

Comcast Corp., of Philadelphia, pulled an advertisement criticizing General Motors Corp. after the carmaker disputed the ad's claims. Comcast temporarily removed the ad to determine whether the claims were accurate, spokesman Chris Ellis said. Greg Martin, a spokesman for Detroit-based GM, confirmed the carmaker had complained. The ad was paid for by a group called the Ad Hoc Committee of Consumer Victims of GM & Chrysler and aired in Washington. - Bloomberg News

Mack moving truck production to Pa.

Mack Trucks Inc. will move production of its highway truck line from Dublin, Va., to its truck assembly plant in Macungie, near Allentown, to consolidate operations. The transfer will begin in September. The Virginia plant will continue to produce Volvo Trucks North America's entire product line. - AP

PGW, DuPont cited for diversity

Philadelphia Gas Works and DuPont Co. have been named among the nation's 100 best companies for diversity by readers of Diversity/Careers in Engineering & Information Technology magazine. PGW was among 14 energy and utility companies cited by the trade publication. The list was based on readers' votes for the companies that do the best work in diversity, said editor Kate Colborn. - Andy Maykuth

Kimberly-Clark to cut 1,600 jobs

Kimberly-Clark Corp., which operates a plant in Chester, said it plans to cut 1,600 jobs, or 3 percent of its global workforce. The Texas-based company said 750 of the cuts will be domestic, but it had not determined if the Delaware County facility would be affected. The maker of Kleenex tissues employs 53,000 around the world. It plans to make the cuts primarily among salaried and non-production workers. - AP

Journal Register hits bankruptcy objections

The Journal Register Co., Yardley, whose publications include newspapers in the Philadelphia region, faces objections to its Chapter 11 reorganization plan. The vast majority of creditors have voted to approve terms that the publisher submitted in U.S. Bankruptcy Court in New York. But plans to pay executive bonuses following its emergence from bankruptcy protection have drawn criticism. So has a provision that would arrange a $6.6 million gift from secured lenders to key suppliers, including ink and newsprint providers. A judge is set to rule by July 7. - AP

Elsewhere

Fed begins winding down emergency lending

The Federal Reserve will allow a program intended to support money-market mutual funds to lapse by Oct. 31, and is reducing the amount it will lend to banks under two others. The Fed also is extending through Feb. 1, 2010, five other programs scheduled to expire Oct. 31. - AP

Geithner: Administration pushing financial reform

Treasury Secretary Timothy Geithner said the administration will send legislative language to Congress in the next few days to create a consumer financial products agency, one of the key parts of its overhaul plan. Geithner said the administration was moving quickly to get the measure through Congress and to promote better coordination among regulators. - AP

AIG to spin off units, reduce debt

American International Group Inc. said it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant. AIG is placing two life insurance subsidiaries - American International Assurance Co. and American Life Insurance Co. - into special-purpose vehicles ahead of planned initial public offerings. The government rescued New York-based AIG last fall as the credit crisis worsened, giving it $182.5 billion in loans and taking an 80 percent stake. - AP

British Airways staff volunteer for pay cuts

British Airways P.L.C. said almost 7,000 staff have responded to a call from the carrier to apply for voluntary pay cuts as it seeks to cut costs after the global economic crisis led to a slump in traveler demand. British Airways said the pledge by the workers to take unpaid leave, work part-time or carry out unpaid work would save the company up to $16 million. - AP

BofA to raise more capital than Feds required

Bank of America Corp. said it will raise more money than the government said it needed in order to withstand a deepening recession. Upon the completion of a debt exchange later this week, the Charlotte, N.C.-based bank will have raised $38 billion. That is $4.1 billion more than the $33.9 billion the Federal Reserve said last month the bank needed to protect against potential losses should the economy worsen. - AP

GM gets final OK on bankruptcy financing

A bankruptcy judge ruled that General Motors Corp. can have access to its full $33.3 billion in bankruptcy financing. Judge Robert Gerber gave final approval to the financing. The billions in U.S. and Canadian government financing is intended to keep the Detroit-based automaker going until it can sell its assets to a new company and emerge from Chapter 11. - AP

PC-makers race to comply with China Web filter

Days before a deadline imposed by China, computer-makers are scrambling to comply with an order to supply Web-filtering software with PCs amid concerns about their reputations. Dell Inc., Hewlett-Packard Inc. and Taiwan's Acer Inc. are asking regulators for details of the order that takes effect July 1 to provide the software with every laptop and desktop PC sold in China. Chinese regulators say it must be supplied to prevent children from viewing pornography. But technical analyses have shown embedded programs can be used to filter out content the government deems politically objectionable. - AP

Mortgage rates tick up

Rates for 30-year home loans edged up this week, remaining above record lows reached over the spring. The average rate for a 30-year fixed mortgage was 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said. - AP