CONSUMER CONFIDENCE DIPS: Worries about job prospects sent consumer confidence to a seven-month low in October and its third straight monthly decline. The steeper-than-expected drop raised questions about whether consumers will be in the mood to spend during the critical holiday shopping season. The Consumer Confidence Index dropped 3.9 points to 92.8, down from a revised 96.7 in September, according to a report Tuesday from The Conference Board, a private research group. Analysts had expected a reading of 94.
INSURANCE BROKERAGE CHANGING: A day after sacking Chief Executive Officer Jeffrey Greenberg, Marsh & McLennan Companies Inc. said Tuesday it is adopting "significant reforms" to its business operations. New York Attorney General Eliot Spitzer filed civil charges this month, accusing the New York company of bid rigging and price fixing.
EUROPE ALLOWS ORACLE BID: European antitrust regulators cleared Oracle Corp. to pursue its hostile $7.7-billion bid to buy PeopleSoft Inc., but the legal breakthrough wasn't expected to end the negotiating stalemate separating the bitter business software rivals. Tuesday's decision, which had been expected, removes the last antitrust hurdle that threatened to block Oracle from taking over PeopleSoft - a quest that has lasted nearly 17 months.
SEC WANTS TO LOOSEN IPO RULES: The Securities and Exchange Commission proposed Tuesday to loosen restrictions on executives' comments in the weeks before their company goes public in a stock sale, a move that could bring the first significant changes in 70 years to what is known as the quiet period. If the SEC eventually adopts the change, companies will be allowed to disseminate more information to investors in the weeks before an initial public offering - using, for example, online updates to the prospectus.
APPLE DEBUTS NEW IPOD: Apple Computer introduced on Tuesday its next generation iPod music player, which has the ability to display digital images. The iPod Photo, priced at $499 and $599, will be able to store up to 25,000 wallet-sized digital images and display them on a television via a cable. It comes with 40 gigabyte or 60 gigabyte disk storage, capable of storing up to 15,000 songs. Apple also introduced a special $349 black edition of the iPod, which has the signatures of members of the rock band U2.
Correction
Susan Retta is executive director for Verizon Communications' retail markets group. Her last name was misspelled in a Monday story about wireless technology.
