Business digest

IRISH BANK SCAM: Ireland's biggest bank accused a currency trader at its Baltimore subsidiary of stealing $750-million in what could be the largest such scam since a rogue employee brought down England's Barings Bank in the mid-1990s. John Rusnak, 37, is suspected of defrauding Allfirst, the U.S. subsidiary of Allied Irish Banks where he worked in the treasury department. Allied Irish said the scam involved forged purchasing records for options contracts. Rusnak was not charged by authorities, but lawyers said he met voluntarily with the FBI and federal prosecutors. Five treasury workers at the bank have been suspended, including Rusnak. Allied Irish said people outside the bank may also have been involved in the scam.

PAYPAL IPO DELAYED: Online payment provider PayPal Inc. delayed an initial public offering of stock. The Palo Alto, Calif., company hoped to sell 5.4-million shares for $12 to $14 per share Wednesday evening and launch trading on the Nasdaq Stock Market today, but a patent infringement lawsuit filed by CertCo Inc. prompted investment bankers to delay the offering for at least 24 hours. The IPO pricing now is expected to occur tonight, enabling PayPal to make its Nasdaq debut Friday. PayPal acts as a middleman on the Internet by collecting payments from the credit cards and bank accounts of buyers and then delivering the money to sellers through e-mail.

VISTEON TO CUT 1,600 JOBS: Auto supplier Visteon Corp. said it will eliminate nearly 1,600 jobs as part of its continuing restructuring process. The bulk of the job cuts come from a planned sale of its Restraint Electronics business, which will lead to the shutdown of its Markham, Ontario, plant by the end of the year.

TREASURY AUCTION: Yields on 10-year Treasury notes rose in Wednesday's auction. The yield was 4.88 percent, up from 4.22 percent at the last auction Nov. 7. The notes will carry a coupon interest rate of 47/8 percent. A total of $13-billion in notes were sold out of bids totaling $23.4-billion.

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