Wednesday, June 30, 2004
Fed increases key interest rate
WASHINGTON-- The Federal Reserve boosted a key short-term interest rate by a one-quarter percentage point Wednesday, its first rate increase in four years, in an attempt to keep the economy and inflation on an even keel.
Bank One in $90 million settlement on fund trading
Just two days before the completion of its sale to J.P. Morgan Chase & Co., Bank One agreed to a $90 million settlement with regulators over allegations that a unit of the bank improperly gave special trading favors to a hedge fund manager at the expense of other shareholders.
Appeals court approves Microsoft antitrust settlement
WASHINGTON-- A U.S. appeals court on Wednesday approved the landmark antitrust settlement Microsoft Corp. negotiated with the Justice Department, setting aside objections by Massachusetts that its sanctions were inadequate against the world's largest software company.
Sears acquiring Kmart, Wal-Mart stores
DETROIT-- Kmart Holding Co. will sell up to 54 of its stores to Sears, Roebuck and Co. for up to $621 million, the retailers said Wednesday. Sears also is acquiring leases on seven stores held by the retailing giant Wal-Mart Stores Inc.
Wrigley to cut jobs on South Side
Wm. Wrigley Jr. Co. is giving workers at its South Side factory something new to chew on -- job losses.
Consumer confidence jump boosts stocks, eases worry
NEW YORK -- Wall Street posted a healthy advance Tuesday as consumer confidence surged to a 22-month high and quelled investor concerns about the economy a day before the Federal Reserve's decision on interest rates.
Allstate now will let those planning trips to Israel apply for life insurance
Allstate Life Insurance Co., pressured by a California lawsuit and pending federal legislation, said Tuesday it will now allow potential life insurance customers who plan travel to Israel, the West Bank or Gaza to apply for policies.
U.S., others suspending talks on steel until next year
WASHINGTON -- The United States and other countries trying to reach a global agreement to limit government subsidies to the steel industry announced Tuesday that they are suspending the deadlocked discussions until some time next year.
Toyota, Lexus top J.D. Power dependability survey
DETROIT -- Toyota Motor Corp. remains the automaker with the most dependable vehicles, led by its Lexus luxury brand, though Detroit's Big Three manufacturers all showed improvement in the past year, according to the latest J.D. Power and Associates vehicle dependability study, released Tuesday.
Greenspan strong leader despite lame-duck status
WASHINGTON -- Poised to raise interest rates for the first time in four years, the Federal Reserve on Tuesday began debating how fast and how high. But one issue wasn't in doubt -- the man controlling the debate was still Alan Greenspan.
Business Briefs
Technology
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Motorola to market videophone for broadband
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Nortel selling factories that employ 2,500
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