BlackBerry to focus on business customers

Struggling BlackBerry maker Research in Motion said Thursday that it will cede most consumer markets after failing to compete with flashier touch-screen phones such as Apple's iPhone and models that run Google's Android software. Instead, RIM said it will return to its roots and focus on business customers, many of whom prefer BlackBerrys for their security. RIM has had limited success trying to enter consumer markets in recent years, and RIM CEO Thorsten Heins said a turnaround required "substantial change." Also Thursday, RIM said former co-CEO Jim Balsillie has resigned from its board. David Yach, chief technology officer for software, and Jim Rowan, chief operating officer for global operations, also are leaving in a management shakeup. Heins, who took over the company in January, made the remarks during a conference call after RIM announced quarterly results that fell short of Wall Street expectations. Net loss was $125 million (24 cents per share) in the quarter that ended March 3. This compares with $934 million ($1.78) a year ago. Revenue fell 25 percent to $4.2 billion from $5.6 billion. Analysts were expecting $4.54 billion. APPAREL Tebow ruling favors Nike Nike won a judge's order temporarily blocking Adidas' Reebok International from using quarterback Tim Tebow's name on New York Jets-related clothing. U.S. District Judge Kevin Castel in Manhattan late Wednesday granted Nike's request for a temporary restraining order, a day after the company filed a lawsuit. Reebok's licensing agreement with the National Football League ends Saturday and Nike is to become the official supplier of licensed NFL apparel. ECONOMY Unemployment claims drop Applications for unemployment benefits dropped last week to the lowest level in four years, reinforcing signs the U.S. labor market is picking up. Jobless claims decreased by 5,000 to 348,000 in the week ended March 17, the fewest since February 2008, Labor Department figures showed Thursday in Washington. The median forecast of 46 economists in a Bloomberg News survey projected 350,000. The number of people on unemployment benefit rolls and those getting extended payments also fell. RETAIL Macy's CEO gets pay boost Macy's gave CEO Terry Lundgren a pay package worth $14.5 million in 2011, a 23 percent raise from the previous year, as the department-store chain continued to deliver strong sales during the shaky economic recovery. Compensation for Lundgren included a $1.5 million salary, stock and option awards worth $7.7 million and cash-based performance bonus of $5.1 million, according to documents filed with the Securities and Exchange Commission. Lundgren has led the department store chain since 2003.