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Business Today

By wire services
Published May 31, 2005

TRINSIC TO REPLACE ACCOUNTING FIRM: Trinsic Inc. said late Friday that PricewaterhouseCoopers LLP will no longer serve as the company's independent registered accounting firm. The troubled Tampa phone company said it had no disagreements with Pricewaterhouse regarding Trinsic's accounting practices, disclosure standards or auditing procedures. Trinsic said it expects to name a new accounting firm soon. Trinsic announced Pricewaterhouse's departure after Friday's market close. Trinsic's stock closed Friday at 26 cents a share, down a penny.

EURO DIPS BELOW $1.25: The euro slid to its lowest level against the U.S. dollar since October, dropping below $1.25 on Monday after French voters rejected the European Union constitution. In afternoon European trading, the 12-nation euro fell as low as $1.2466 before climbing back a bit to $1.2469, still well below the $1.2575 it bought in New York late Friday. The dollar was last below that level on Oct. 16, when a euro bought $1.2394.

TRADE CASE EXPECTED OVER AIRBUS SUBSIDIES: The Bush administration said Monday it would bring a trade case alleging the European Union is providing illegal subsidies to Airbus, the major competitor to U.S.-based Boeing Co. U.S. Trade Representative Rob Portman said the administration had decided to proceed with a case before the World Trade Organization in light of preparations by member states of the European Union to commit $1.7-billion in new launch aid to Airbus.

GM LOSING TRUST OF AUTO PARTS SUPPLIERS: Auto parts suppliers' trust in General Motors Corp. is at its lowest level in 15 years, according to a survey by a Michigan consulting firm. Eighty-five percent of the suppliers questioned who work with GM reported a poor working relationship and 3 percent said they have a good or very good relationship. Planning Perspectives Inc. questioned 259 suppliers in March and April about whether automakers help or hinder them, how well they communicate and how much potential they have to make a profit. Toyota Motor Corp. and Honda Motor Co. fared best in the survey.

[Last modified May 31, 2005, 00:55:57]