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Digest
U.S. Consumer prices fell 0.1% last month
By Times Wires
Published September 20, 2007
WASHINGTON The Labor Department reported that consumer prices dipped by 0.1 percent in August. It was the first decline since a 0.4 percent drop in October 2006 and reflected a big drop in gasoline and other energy prices. Investors liked Wednesday's benign inflation reading, believing it, when coupled with the continued downturn in housing, gave the Fed room to further cut rates. The Dow Jones industrial average rose by 76.17 points to close at 13,815.56. That followed a 336-point surge on Tuesday, the biggest one-day point gain in nearly five years. NEW YORK Shareholders back takeover of Topps Topps' shareholders approved a $385.4-million private-equity takeover of the baseball card and Ring Pop candy maker, the company said Wednesday.Michael Eisner's Tornante Co. investment firm and Madison Dearborn Partners LLC agreed in March to take the company private. Eisner is a former chief executive of the Walt Disney Co. WEST PALM BEACH Disney donating $10M for hospital Mickey Mouse might be helping to cheer up patients at a new children's hospital, with the Walt Disney Co. announcing Wednesday it is donating $10-million to the facility. The Disney-themed hospital in Orlando will revamp and replace the Florida Children's Hospital. Officials have yet to decide on the full name, but said it will include Disney. Major construction started Wednesday on the seven-story, 200-bed building. The $35-million facility is expected to be done by 2010. HOLIDAY Sentencing awaits after guilty plea John Zavodny of Holiday is facing up to 10 years in prison after pleading guilty to charges of securities fraud and sale of unregistered securities. Zavodny owned Mortgage Income Trust, which sold $9-million worth of promissory notes, primarily to elderly investors. Although promoted as secure investments in real estate, the notes actually were part of a Ponzi scheme. The state stepped in with a cease-and-desist order in 2001 and Zavodny and others were arrested in 2003. Co-defendant Dean Sinibaldi was sentenced to 21 months in prison. Peter Fager and Pamella Winslow also await sentencing.
[Last modified September 20, 2007, 01:06:47]
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