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"Market conditions are likely to be difficult for the next several years," said Mike Wirth, executive vice president of Chevron's Global Downstream division in a statement.

Lloyd Avram, a Chevron (CVX, Fortune 500) spokesman, told CNN that the cuts will come from areas including refining and marketing, and are a part of a larger restructuring effort.

Avram anticipates the new organizational structure will be in place by the third quarter.

The announcement comes as Chevron and its competitors fa...

(Fortune) -- New ads fr

But what about the recall? The company has already recalled more than eight million vehicles for problems related to sudden acceleration, which have been blamed for several accidents resulting in injuries and death. Is Toyota moving on too soon?

"That would be exactly the way I would handle it," says George Peterson, president of AutoPacific. At this point, he says, any respectable PR person would advise Toyota against running ads that reflect negatively on the product.

From a marketing standpoint,...

(Fortune) -- Practical

Video:

Apple three-peats

Galleries:

10 most admired for quality

Who 9 CEOs admire most

A big part of the answer arrives in new research from the Hay Group, which helps Fortune determine our annual ranking of the World's Most Admired Companies and investigates what makes them so successful.

It turns out that this year's leaders -- the industry champs that really did come through the recession on top, such as UPS, Disney, McDonald's, and Marriott International -- differ from the straggler...

NEW YORK (CNNMoney.com)

Selling Alico, one of its largest international life insurance businesses, will allow government-controlled AIG to take yet another step in repaying the nearly $132 billion it borrowed from the federal government beginning in 2008 to avoid collapse.

Expected to close by the end of the year, the companies said the acquisition will also help MetLife, the largest seller of life insurance in the United States, grow internationally and especially target Japan.

The deal came a week after AIG announced an agreement...

(CNNMoney.com) -- In 20

IdeaPaint co-founders Jeff Avallon and Morgen Newman came up with their idea in college.

The risk: Finding the right formula was more than half the battle. For three years, former classmates Morgen Newman, John Goscha and Jeff Avallon sought help from specialty paint and chemical coating laboratories. Two labs claimed it was impossible. Whiteboards are made using high-intensity ovens. IdeaPaint needed something that could be applied with a roller in a single coat. That wasn't going to happen, the scientists s...

(Fortune Magazine) -- W

Throughout the weekend and then on Monday from 5 a.m. on, Lehman's brass, including Callan, hunkered down in the firm's Manhattan headquarters, making phone calls in the hopes of calming investors and trading partners. Despite their efforts, Lehman shares tumbled 19% that day.

By Tuesday the onus had shifted to her. She'd been CFO for only three months, and now she was essentially being asked to save the firm. She'd have to explain Lehman's quarterly results.

That meant sitting in a conference room with ju...

NEW YORK (CNNMoney.com)

The Academy Awards, one of television's most-watched live events, is set to air on ABC Sunday night, but if an agreement cannot be reached by the time the red carpet rolls out, 3.1 million Cablevision customers in the greater New York area will have to watch the event somewhere else.

The two sides were equally blunt in their reactions to the situation. "It is now painfully clear to millions of New York area households that Disney CEO Bob Iger will hold his own ABC viewers hostage in order to extract $40 m...

NEW YORK (CNNMoney.com)

"The revision is unrelated to HP's strong business performance in the first quarter," a company spokeswoman told CNNMoney.

In 2004, Sky Subscribers Services Limited and British Sky Broadcasting Limited filed a lawsuit in the United Kingdom against technology services company Electronic Data Systems (EDS). HP acquired EDS in August 2008.

The 2004 suit relates to a "customer relationship management project" that EDS was awarded in 2000, according to HP's press release.

At a March 1 court ...

NEW YORK (CNNMoney.com)

In May, as the Detroit giant worked its way through bankruptcy, GM notified 2,000 dealers that they would lose their franchise license in October 2010. But Congress demanded that the company give dealers an appeal process, and 1,100 of those targeted for shutdown met last month's deadline to file for arbitration in an attempt to regain their license.

The arbitration hearings will take place over the next three months, but GM's initial review of the applications convinced it to go ahead and offer more than 600...

NEW YORK (CNNMoney.com)

Rapiscan scanners use X-ray technology to detect objects hidden under clothing.

Logan, the departure point for two of the airplanes hijacked on Sept. 11, 2001, is the only airport in the Northeast to receive a full-body scanner.

None of the airports in the New York City area are included in the first wave of installations, despite the city's status as a prime target for terrorists.

"The Transportation Security Administration deploys imaging technology based on risk airport readiness and operation su...

NEW YORK (Fortune) -- P

"The soonest we might see some action is mid to late 2011," said Karen Petrou, managing partner at Washington-based financial industry consultant Federal Financial Analytics. "The first priority had to be restoring financial stability, so it's not surprising it is taking a while."

The waiting won't sit well with the companies' many critics. Treasury's takeover of Fannie and Freddie is shaping up as the costliest bailout of all, as mounting loan losses and securities markdowns have forced th...

NEW YORK (CNNMoney.com)

"This a game these vendors play. They never announce a specific ship date, and it's all about posturing and positioning," said Laura DiDio, a principal analyst at ITIC. "But Apple really wants to get this out for spring and summer."

The iPad has a 9.7-inch, full-color, high-resolution, LED-backlit screen. Two options will be available: One with Wi-Fi capabilities and another with Wi-Fi and an ability to connect to AT&T's 3G network.

Apple unveils iPad, Your move Amazon

Wi-Fi models...

NEW YORK (CNNMoney.com)

"Purchase intent" for Toyota vehicles surged 40% to a 14-month high Tuesday, according to Edmunds.com. Purchase intent measures pricing research done by potential buyers on its site. Edmunds said there is a "strong correlation" between purchase intent and actual sales.

"Because of the Toyota recall, people have been closely watching the company's moves," David Tompkins, a senior analyst at Edmunds.com, said in a statement. "Many were ready to take action upon hearing the ann...

NEW YORK (CNNMoney.com)

"Host governments are trying to find ways to increase their share," said Joseph Stanislaw, an independent energy adviser at Deloitte & Touche. "The terms are going to get more difficult over time."

If the two countries do successfully extract better terms from the oil companies, that could slow the development of some major new oil fields.

Brazil

The country, which produces about 2.4 million barrels of oil a day, currently requires oil companies that do business on its soil to pay ...