Business today

UNIVERSAL ORLANDO RAISES PRICES: Universal Orlando raised the cost of a daily admission ticket by $2 on Friday, to $51.95 plus tax for adults and $42.95 plus tax for children. The increase came after Busch Gardens in Tampa adopted the same prices last week. Tickets at Walt Disney World in Orlando remain at $50 plus tax for adults, a level the theme park adopted in September.

WHOLESALE PRICES STAY FLAT: Wholesale prices were flat in December as falling prices for cars, computers and telephone equipment offset higher prices for gasoline and other energy products. The flat reading in the Producer Price Index, which measures prices paid to factories, farmers and other producers, came after wholesale prices fell by 0.4 percent in November, the Labor Department reported. The latest snapshot of wholesale prices continued to show that inflation is not a danger to the nation's economy, which is struggling to get back to full health after being dampened by the 2001 recession.

INVENTORIES RISE: Inventories at factories, wholesalers and stores rose in November for the seventh straight month as retailers boosted stocks to meet higher demand, government figures showed. The 0.2 percent increase in inventories followed a 0.1 percent gain in October, the Commerce Department said. Sales at businesses rose 0.3 percent after rising 0.5 percent. Companies are restocking as rising consumer spending has run down inventories.

BURGER KING HIRES PRESIDENT: Burger King has hired an experienced fast-food chain executive to be its new president. Bob Nilsen, former chief operating officer of Taco Bell, will supervise the operations of all franchise and company restaurants as Burger King's president.

RECESSION MAY BE LINGERING: The private group of economists that monitors the ups and downs of the economy is less inclined to say the recession that began in March 2001 is over because of the significant drop in employment in the last two months of 2002. The latest statement replaces one the committee adopted in May and maintained through December. The group had said economic data signaled the recession that began in 2001 "may have come to an end."

SAVINGS BOND TERMS EXTENDED: The Treasury is extending the minimum holding period for U.S. Savings Bonds to a year from six months. In a statement, the Treasury said the new holding period will prevent purchasers from taking advantage of the current spread between savings bond returns and historically low short-term interest rates by cashing in bonds after six months.

LUFTHANSA WORKERS PLAN STRIKE: Thousands of Lufthansa's German workers plan to disrupt flights today with a one-day strike aimed at stepping up the pressure in a pay dispute, their union said. Ground and cabin staff plan to strike at seven German airports, including Frankfurt, Munich and Berlin. The union refused to specify which flights might be affected.

DISNEY WINS COPYRIGHT CASE: Walt Disney Co. scored a big victory as the Supreme Court upheld longer copyright protections for cartoon characters, songs, books and other creations worth billions of dollars. The 7-2 court ruling gives Congress permission to repeatedly extend copyright protection. The decision was a blow to Internet publishers and others who wanted to make old books available online and use the likenesses of Mickey Mouse and other old creations without paying royalties.

SHUTTERFLY WEIGHS STOCK SALE: Shutterfly Inc., an Internet-based photofinishing company backed by Netscape Communications Corp. co-founder Jim Clark, plans to sell shares in the company to the public within a year. Shutterfly is the biggest competitor of Eastman Kodak Co.'s Ofoto online-photography service. Revenue for 2002 was more than $16-million. Shutterfly prints digital photographs and allows customers to store and share the pictures online.

ENRON OFFICER BLOCKS SEIZURE: Former Enron Corp. chief financial officer Andrew Fastow won postponement of the government's bid to seize his bank accounts, after arguing the proceeding might force him to reveal evidence that would aid in his prosecution. Fastow and his wife, Lea, requested the forfeiture proceedings be put on hold until his criminal case is resolved. Fastow, who pleaded innocent Nov. 6 to 78 counts of fraud, money laundering and other charges, is accused of being the mastermind of the fraud that led to the energy trader's collapse.

Earnings

Continental Airlines: Losses narrowed for the quarter ended Dec. 31, as the company performed better than Wall Street expected. The airline's mechanics and related employee groups ratified a new four-year collective bargaining agreement last year, helping to maintain a labor productivity advantage in the marketplace.

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