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  • ( ) Parking Authority Issues Credit Card Co. Ultimatum

    The state-run Philadelphia Parking Authority has set a deadline for the company providing the city taxi fleet's wireless dispatch and credit card services.

    Faced with reports of sporadic and unexplained outages, the Parking Authority says Verifone Transportation Systems has one month to make the devices reliable. If it doesn't, PPA taxi division chief Jim Nye says the Parking Authority -- which oversees Philadelphia taxis -- will take its business elsewhere.

    The system was installed a year ago in the city's 1,600 medallion cabs. It uses GPS technology to dispatch taxis and let customers pay with credit cards.

    Nye says Verifone is switching servers and upgrading the software in each cab in an effort to improve performance.

    CBS3.com Editor's Picks: SEE: Paris Hilton Visits CBS 3 READ: Dog Rescued From Montgomery Co. More>>

  • ( ) Empty Malls as Economic Fears Spread

    Joi Freemont, a dentist in suburban Atlanta, doesn't have to look further than her appointment book to tell that people are worried about money.

    Patients who used to get their teeth whitened all the time 'now want to think about it a bit,' she said. Braces? 'People were getting them for the kids, for themselves, but now they're waiting,' she added. And when people get cavities, they have their fillings done one a month, not five or six at a time, she said.

    As a result, Freemont and her husband are worried their income could drop and are trying to be more prudent with their money. They're monitoring spending more closely and continuing to whittle down their credit card balances and her dental school debt, she said. 'We know how to put the brakes on if we have to,' said Freemont, 35. More>>

  • ( ) The bank most likely to walk into a sharp object

    But once news of the capital injection hit the markets, reaction was mixed. While some applauded Mr. McCaughey's prudence, and agreed that this would cushion the blow, others viewed it as a grim portent.

    The bank could have absorbed the $2-billion it planned to write down in the first quarter of this year, but adding more capital was tantamount to an expectation – if not an admission – that more was to come.

    New and improved CIBC

    On the last day of May, 2007, a group of senior management at CIBC huddled in a boardroom and prepared to begin a conference call with analysts. It had been a good second quarter, for the most part. For more than a year, Mr. McCaughey had been painstakingly laying out his vision for the New and Improved CIBC: no more fumbling after Wall Street glory, no more over-the-top risk-taking. More>>

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