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Business briefs
A look at what's happening in the business world
By Staff and Wire Reports
Published June 29, 2005
AirTran to offer Tampa-Cancun flights
Low-fare carrier AirTran Airways on Tuesday said it will fly nonstop between Tampa International Airport and Cancun, Mexico, starting Dec. 15. AirTran will release schedules and fares next month. Tampa International officials have said the airline was planning to fly the route on Saturdays only.
Glazer's Man U stake hits 98 percent
Red Football Ltd., controlled by Tampa Bay Buccaneers owner Malcolm Glazer, said Tuesday it has increased its stake in English soccer team Manchester United to about 98 percent, exceeding the threshold needed to force all remaining shareholders to sell.
11 sentenced in Parmalat fraud case
An Italian judge handed down the first verdicts in the fraud scandal at Italian dairy group Parmalat Finanziaria SpA on Tuesday. Milan Judge Cesare Tacconi gave prison sentences to 11 people, including three of the company's chief financial officers who served during 2003, the year Parmalat's massive fraud was exposed. The 11 had made pleas for shorter terms in exchange for acknowledging wrongdoing in the dairy group's descent into insolvency. The terms range from 10 months to 21/2 years.
UAW chief: Health care cuts not needed
United Auto Workers president Ron Gettelfinger said Tuesday he's not convinced the union needs to alter its health care plan to help General Motors Corp. lower costs. Gettelfinger reiterated the UAW won't reopen its contract with GM, the world's largest automaker, to renegotiate health care costs before the contract expires in 2007. He said the union will work within the contract to find ways to cut costs, but he didn't offer specifics.
Fine Big Tobacco $14-billion, judge told
The government asked a federal judge to impose $14-billion in penalties against Big Tobacco in a racketeering lawsuit. Cigarette makers on Tuesday said they would ask U.S. District Judge Gladys Kessler to throw out the proposed remedies. The government asked for companies to pay for a $10-billion, five-year smoking cessation program and a $4-billion, 10-year education campaign to counter tobacco marketing.
IRS orders review of ChoicePoint contract
The Internal Revenue Service said Tuesday it has ordered a full security review of a $20-million contract awarded to ChoicePoint Inc., a data broker under fire for a security breach that let criminals gain access to its database of personal information.
Google shares stay above $300 mark
Google Inc. shares maintained their perch above the $300 mark Tuesday on the same day the Internet search leader unveiled a satellite-based three dimensional mapping product called "Google Earth." After surpassing $300 for the first time Monday, Google's red-hot stock rose as high as $309.10 Tuesday afternoon on the Nasdaq Stock Market. However, investors saw the price as a point to collect profits, and Google shares fell $2.10 to close at $302.
T-bill rates rise
The U.S. Treasury sold $8-billion in four-week bills at a high discount rate of 2.925 percent. Last week, the bills drew a rate of 2.78 percent. The rate on the four-week bills was the highest since 3.43 percent on Sept. 4, 2001.
[Last modified June 29, 2005, 11:14:02]
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