IN BRIEF

Harrah's Entertainment renames golf course

Harrah's Entertainment has renamed its Macau golf course the Caesars Golf Macau as part of a redevelopment that includes the establishment of Asia's first Butch Harmon School of Golf.

In a statement, the company said the par-72 golf course's redevelopment will include an expansion of the clubhouse to 32,000 square feet with a 4,000-square-foot spa, a pro shop and restaurant.

No cost for the project was given in the statement but Chairman and Chief Executive Officer Gary Loveman told the Macau Daily Times the price was nearly 200 million Hong Kong dollars, or $25.8 million U.S. dollars.

In September 2007, the casino giant acquired the 175-acre Macau Orient Golf Course and rights to a land concession contract for $577.7 million.

NEW YORK

Southwest may add flights at major airport

Southwest Airlines Co., the busiest carrier at McCarran International Airport, may add flights to a third major U.S. airport as early as next fall, as the low-cost carrier shifts its traditional focus on less-trafficked, secondary airports.

In an interview with The Associated Press on Wednesday, Chief Executive Gary Kelly said there are "decent odds" the Dallas-based carrier will look to add flights to a major U.S. airport next year, following the addition of Minneapolis-St. Paul and New York's LaGuardia Airport. Previously, the airline's business plan has mostly focused on secondary airports, such as Chicago's Midway.

Kelly said there is a misconception among some observers who consider Southwest a small-market player because it flies mainly to those airports.

GOLDEN VALLEY, Minn.

General Mills says profits slip 3 percent

Cereal maker General Mills Inc. said Wednesday its second-quarter profit slipped 3 percent, but adjusted results beat expectations as costs of key ingredients eased and more shoppers reached for its Yoplait Yogurt, Cheerios and Progresso Soup brands.

Chief Executive Ken Powell said the company is seeing growth in its major categories, including cereal and yogurt. Consumers are increasingly spurning eating out in restaurants and instead eating more at home to save money.

The company said earnings in the quarter ending Nov. 23 fell to $378.2 million, or $1.09 per share, from $390.5 million, or $1.14 per share, last year. But excluding charges on commodity positions and a gain on the sale of its Pop Secret microwave popcorn business, profit totaled $1.36 per share.

Revenue rose 8 percent to $4.01 billion from $3.7 billion last year.

The results beat estimates of analysts polled by Thomson Reuters, who had predicted profit of $1.23 per share on revenue of $4 billion, on average.

Shares of General Mills rose 10 cents to close at $61.35 Wednesday.

SCHAUMBURG, Ill.

Motorola will freeze pension plans, cut pay

Motorola Inc., which has been struggling to revive its business in recent years, is freezing its pension plans and reducing executive pay in another set of cost-cutting measures.

The company, which blamed the recession for the moves disclosed Wednesday, will permanently freeze its U.S. pension plans, temporarily suspend matching 401(k) contributions and reduce the base salary of its two co-chief executives. Motorola had already announced an $800 million cost-saving plan in October, but spokeswoman Jennifer Erickson would not elaborate on how much additional money the company expects to save with the latest steps.

Morgan Keegan analyst Tavis McCourt estimates that the new savings could amount to as much as $100 million a year.

NEW YORK

Morgan Stanley loses $2.37 billion in quarter

Morgan Stanley said Wednesday it lost $2.37 billion during its fiscal fourth quarter as it took a range of losses on assets amid one of the roughest quarters for investment banks.

The New York-based firm, which is aggressively building on its new status as a bank holding company, lost $2.34 per share for the quarter ended Nov. 30. It lost $3.61 billion, or $3.61 per share, during the year-ago period when it took a $9.4 billion write-down on mortgage-related assets as the housing crisis began to spiral downward.

Analysts polled by Thomson Reuters, on average, forecast a loss of 34 cents per share.

NEW YORK

Coca-Cola, Pepsi get OK to use new sweeteners

Coca-Cola Co. and PepsiCo Inc. said on Wednesday they received U.S. regulatory clearance for natural, calorie-free sweeteners derived from the stevia plant and planned to launch new soft drinks in the coming weeks.

Both beverage makers have long searched for a natural alternative to chemical sweeteners such as Equal, Sweet'N Low and Splenda to help reinvigorate U.S. soft drink sales which have slipped as consumers opt for other drinks that are viewed as healthier.

NEW YORK

Treasury yields keep sliding day after cut

Long-term Treasury yields dropped again Wednesday, a day after the Federal Reserve slashed rates to nearly zero and said it was considering buying government debt. Now investors are wondering how much, and what else the central bank is willing to buy.

The 10-year Treasury note gained 0.2 percent in late-afternoon trades, sending its yield down to 2.19 percent.

On the long end, the 30-year bond rallied 1.6 percent, sending yields down 5 basis points to 2.69 percent.