Briefcase

Microsoft recalls Xbox power cords

Microsoft Corp. is recalling 14.1 million power cords for its Xbox game because they can catch fire, the company said Thursday.

Thirty customers have reported fire damage, the company said: Seven Xbox users burned their hands, while 23 reported smoke damage or damage to their carpets or entertainment centers.

Everywhere except Europe, the recall affects Xboxes manufactured before Oct. 23, 2003. In Europe, it affects those manufactured before Jan. 13, 2004.

Overall, the recall affects about 70 percent of the approximately 20 million consoles sold, Microsoft said.

Customers can order a free replacement cord by going to www.xbox.com. Until a new cord is delivered, Xbox users should turn off their game players when not in use, Microsoft said.

Marketing

N.Y. trademarking as big as you think

Forget “The Big Apple.” New York now wants to be known as “The World’s Second Home.”

The city has filed an application to trademark the slogan “The World’s Second Home,” giving the city exclusive rights to use it for promoting business and tourism.

Mayor Michael Bloomberg, a self-made billionaire, has been much more aggressive about filing for city trademarks and patents than his predecessors. One such application includes licensing the phrase “Made in NY.”

In the 1970s, the New York Convention and Visitors Bureau officially gave New York City the moniker “The Big Apple.”

Retail

Wal-Mart, Target beat expectations

Wal-Mart Stores Inc., the world’s largest retailer, and discount rival Target Corp. posted fourth-quarter earnings Thursday that beat Wall Street expectations, suggesting the profit-sapping effects of holiday discounting were less than some analysts had feared.

Wal-Mart said its profits rose 16.2 percent for the November-January period, beating Wall Street forecasts by a penny a share. Its earnings for the full year topped $10 billion for the first time.

While Target’s quarterly profits inched up only 0.1 percent, they still beat analyst expectations by a penny a share and capped a year when earning soared almost 77 percent. Target continues to outpace Wal-Mart in sales growth at stores open at least a year.