Business: Business digest

DOW RETURNS TO 10,000: The Dow Jones industrials scratched out their first finish above 10,000 in more than a month, helped by a burst of last-minute buying. The index closed up 12.32 at 10,001.99, its best close since Jan. 10, and has now risen 376 points in the past five sessions. Skeptics, however, question the durability of the advance, noting there is still no consensus as to when a recovery is going to come and how robust it will be.

CRUISE MERGER VOTE CONTINUES: Shareholders of P&O Princess Cruises PLC waited into the night to learn the outcome of a crucial vote on whether they should meet to consider a merger with rival Royal Caribbean Cruises Ltd. or delay the decision -- which would give them more time to assess a hostile takeover bid by Carnival Corp. A merger between Princess and Royal Caribbean would create the world's largest cruise operator. But if a majority of shareholders voted to delay the merger decision, that could create an opening for Carnival, currently the world's No. 1 cruise company.

JOBLESS CLAIMS SLIDE: The average number of newly laid off workers over the past four weeks sank to a seasonally adjusted 376,000 last week, the Labor Department reported, the lowest level in six months. Because the department's four-week moving average of new claims smoothes out week-to-week fluctuations, economists consider it a good barometer of labor market activity. Separately, first-time jobless claims during the week that ended Feb. 9 dropped by 8,000 to 373,000.

POSNER WILL IN DISPUTE: Relatives of corporate raider Victor Posner are questioning his will, which leaves the bulk of his multimillion dollar estate to his business associate and gives three of his four children nothing. Brenda Nestor, Posner's longtime business associate and one-time girlfriend, is the chief beneficiary of his more than $195-million estate. Jacob Hank Sopher, a wealthy parking-lot owner and Posner's nephew, said that his uncle was mentally incapacitated when the will was drawn up in June. Family members also alleged Nestor, 53, had kept Posner, 83, captive in his Golden Beach home during the last year of his life, the Miami Herald reported. Nestor denied the allegations.

KMART TO PAY LIQUOR BILLS: A judge granted an emergency request from financially ailing Kmart Corp. for permission to pay an immediate $10-million in back bills to keep its shelves stocked with liquor, a move it said was vital for its economic survival. U.S. Bankruptcy Judge Susan Pierson Sonderby also gave Kmart the green light to pay $6-million to maintain shipments of imported goods from Martha Stewart, Jaclyn Smith, Kathy Ireland and other core brands.

AIRLINES ABANDON ALLIANCE: American Airlines has formally abandoned its effort to work with British Airways in setting routes and fares for U.S.-London flights. The alliance had been effectively blocked last month when the Transportation Department said it would oppose granting antitrust immunity to the carriers unless they surrendered 224 weekly takeoff and landing slots at London's Heathrow Airport.

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright