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States to address insuring catastrophes

By wire services
Published September 20, 2005

Leaders of several large states, including Florida, are planning a summit Nov. 15-16 to discuss the creation of a national catastrophe insurance program. The effort, which organizers say was planned before Hurricane Katrina struck the Gulf Coast, will focus on how to spread insurance risk nationally to cope with natural catastrophes and major acts of terrorism. Florida Insurance Commissioner Kevin McCarty and his counterparts in California and New York are organizing the meeting in San Francisco.

Wendy's president Mueller resigns

Wendy's International Inc., one of the nation's largest fast-food companies, said Monday that Tom Mueller resigned as president and chief operating officer, effective immediately. Mueller joined the company from Burger King in 1998 and led its North America business and international division, Wendy's said. The company said chairman and chief executive officer Jack Schuessler will assume the role of president on an interim basis.

Norway oil company

to buy Spinnaker

Norsk Hydro ASA, a Norwegian petroleum and aluminum producer, said Monday it agreed to buy U.S.-based oil and gas company Spinnaker Exploration Co. for $2.45-billion to boost its presence and growth potential in the Gulf of Mexico. Hydro said it will pay $65.50 per share in cash for all outstanding common shares and options of Spinnaker, a 34 percent premium to the stock's Friday closing price of $48.75 on the New York Stock Exchange.

CNBC boss to leave, take Liz Claiborne job

Pamela Thomas-Graham is stepping down as chairwoman of CNBC, the business news cable channel owned by NBC Universal, for a senior job at Liz Claiborne Inc., a major maker of women's apparel and accessories. CNBC's ratings never recovered the level reached during the dot-com boom, and the channel has struggled to hold on to viewers after the close of business on weekdays.

H&R Block to open offices in Wal-Mart

H&R Block Inc., the biggest U.S. tax preparer, said it agreed to open offices at Wal-Mart Stores Inc. locations. The agreement with Wal-Mart, the world's largest retailer, runs through May 2007 and may be terminated earlier by either company, H&R Block said Monday in a Securities and Exchange Commission filing.

T-bill rates rise

Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since 2001. The Treasury Department auctioned $17-billion in three-month bills at a discount rate of 3.495 percent, up from 3.450 percent last week. An additional $15-billion in six-month bills was auctioned at a discount rate of 3.715 percent, up from 3.670 percent last week. The three-month rate was the highest since these bills averaged 3.550 percent on July 16, 2001.

[Last modified September 20, 2005, 01:54:19]