Business today

DATEK EXECUTIVES GET FINES: Seven former traders and executives of Datek Online, once heralded as a pioneer in online stock trading, agreed to pay $70-million in fines for what regulators called illegal trading and fraudulent bookkeeping during the market boom of the 1990s. The Securities and Exchange Commission called it one of the largest securities-fraud settlements in history. Regulators said the group of former traders and executives made tens of millions of dollars by engaging in stock fraud that went on for nearly a decade and involved taking advantage of a Nasdaq trading system that was intended to help smaller investors.

DURACELL TO LOWER PRICES: Gillette Co., in the latest bid to fix its disappointing battery business, said its Duracell division would cut prices by about 13 percent on the branded AA and AAA batteries it sells to retailers. The battery industry, which includes such rival brands as Energizer and Rayovac, is embroiled in a price war, and Duracell's new tack is part of a larger effort to narrow the price gap between its premium line and cheaper rivals.

WORLDCOM OUTLINES PLAN: WorldCom Inc. chief executive Michael Capellas, outlining a "100-day plan" he promised last month, named new managers to help steer the company out of bankruptcy. WorldCom plans to introduce new consumer and business offerings, Capellas said.

WAL-MART MAKES BID IN BRITAIN: Wal-Mart Stores Inc., the world's largest retailer, plans to make a cash offer for Safeway PLC, a supermarket chain with a 10 percent share of the British market. One British company has already made its own bid and a third company said it was also weighing a bid. The British Safeway chain is not affiliated with the U.S. business of the same name.

NEW RUDMAN ROLE AT RAYTHEON: Raytheon Co. elected former Sen. Warren B. Rudman as the defense contractor's lead director amid increased scrutiny of the independence of corporate boards. Raytheon previously had no lead director, and creation of the post is in line with industry "best practice," company spokesman James Fetig said. Rudman joined Raytheon's board in 1993.

GM TO EXPAND SATELLITE RADIO OPTION: General Motors Corp., trying to gain market share by attracting consumers with new technology, said it will offer satellite radio on 75 percent of its U.S. vehicles starting in the 2004 model year.

EMC PLANS NEW STORAGE LINE: EMC Corp., the world's top maker of computer data-storage machines, will announce plans Feb. 3 to begin selling the first major upgrade in at least two years for its highest-priced systems, analysts said. The new models in EMC's Symmetrix line, with new features to manage large loads of data, may help EMC boost profit and regain market share from rivals.

Earnings

Intel Corp.: Profit more than doubled in the quarter that ended Dec. 28 on cost-cuts and higher chip prices. The company, the world's biggest computer chipmaker, said sales this quarter may exceed analysts' estimates.

AmSouth Bancorp.: The bank, based in Birmingham, Ala., said net income for the quarter ended Dec. 31 rose 16 percent over the same period last year. Chairman Dowd Ritter attributed the increase to an internal focus on growing loans and deposits.

Peoples Florida Banking Corp.: The parent of Peoples Bank of Palm Harbor reported a 31 percent increase in net income for the quarter ended Dec. 31.

BB&T Corp.: Net income increased 21.3 percent to $337.3-million in the quarter ended Dec. 31, largely because of mortgage fees, insurance commissions and other non-interest income sources.

© 2006 • All Rights Reserved • Tampa Bay Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111

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