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Business Today
By Times Wire
Published March 22, 2006
Time publisher to pay $8.8M in settlement The publisher of Time magazine has agreed to pay nearly $4.5-million to end investigations by 23 states, including Florida, into whether it deceptively marketed and billed people for subscription renewals, Pennsylvania's attorney general said Tuesday. Time Inc. also agreed to make about $4.3-million available in refunds, Attorney General Tom Corbett said. About 108,000 customers in 23 states are eligible to share the refund money and will receive a mailing in three months with a refund request form. Citigroup says CEO will become chairman Citigroup Inc.'s board said Tuesday it has selected chief executive officer Charles Prince to succeed Sanford Weill as chairman when he retires April 18 at the annual meeting of the nation's largest financial institution. Prince will retain the CEO title. Prince, 56, succeeded Weill, 73, as CEO in 2003. Little Caesars wants to add franchisees Carryout pizza chain Little Caesars said Tuesday it plans to add hundreds of stores around the country this year, reversing a trend that reduced the number of stores from 5,000 in the early 1990s to 2,000 today. Private Little Caesar Enterprises Inc. said it aims to recruit hundreds of new franchisees over the next several years. Franchisees typically own more than one store. After-hours trading halted minutes early The New York Mercantile Exchange said Tuesday a back-office issue forced the world's top energy marketplace to end after-hours trading several minutes early. Energy traders said the move left a number of orders dangling unconfirmed - a nightmare scenario for many market participants who need to manage risk minute by minute. Nymex spokeswoman Anu Ahluwalia said Nymex shut its after-hours Access trading system five minutes early. Colgate-Palmolive to buy Tom's of Maine Colgate-Palmolive Co. said Tuesday it's buying Tom's of Maine, the leading maker of natural toothpaste, which used to tweak big toothpaste makers for putting artificial additives in their products. The $100-million cash deal is expected to close in the second quarter. McClatchy: Buyers likely will split papers The bloc of 12 newspapers being sold by the McClatchy Co. as part of its acquisition of Knight Ridder Inc. will likely be broken up and bought by several buyers, McClatchy said Tuesday. Elaine Lintecum of McClatchy said there has been strong interest in the papers by several unidentified parties. Judges dismisses Spirit Airlines suit A judge has dismissed a lawsuit filed by flight attendants for Spirit Airlines Inc. who accused the discount carrier of violating their contract by ending its contributions to their 401(k) retirement plans. The Association of Flight Attendants had filed a complaint in Miami federal court in January after the company stopped matching contributions.
[Last modified March 22, 2006, 02:22:17]
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