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Briefs

FCC signs off on $24.7B buyout of Alltel

By Times wires
Published October 27, 2007

WASHINGTON - The Federal Communications Commission on Friday approved a $24.7-billion buyout of Alltel Corp., the nation's fifth-largest wireless carrier, to a private investment group. The agency approved the transfer of licenses held by Alltel to Atlantis Holdings LLC, a holding company consisting of TPG Capital, formerly Texas Pacific Group, and GS Capital Partners, a subsidiary of Goldman Sachs. Alltel shareholders will receive $71.50 per share in cash, according to the terms of the deal. The company said that it expects the transaction to close by Nov. 22.

Shares jump amid Merrill Lynch flap
WASHINGTON - Merrill Lynch & Co. shares surged Friday amid reports that Stan O'Neal, chairman and chief executive, might be ousted, after he reportedly held deal talks with Wachovia Corp. without first consulting his board of directors. O'Neal, who became CEO five years ago, approached the Charlotte, N.C., bank recently to help shore up Merrill's weakened financial position, according to a New York Times report. Merrill Lynch shares closed up $5.19, an 8.52 percent increase, to $66.09.

Apple's Leopard is now available
SAN JOSE, Calif. - Apple Inc.'s delayed update to the Mac OS X operating system is hitting store shelves as consumers are increasingly snapping up Macintosh computers to complement their iPods and iPhones. Dubbed Leopard, the upgrade went on sale Friday. It costs $129 for a single user or $199 for a license for up to five machines. Leopard boasts more than 300 new features, including "Boot Camp," which lets users install Windows on Macs, though both systems can't run at the same time.

Macy's, Hilfiger in exclusive deal
NEW YORK - Department store operator Macy's Inc. said Friday it agreed to be the exclusive department store retailer for Tommy Hilfiger U.S.A. men's and women's sportswear in the United States, beginning next fall. Financial terms were not disclosed. Under the deal, Macy's will expand Hilfiger merchandise in every Macy's division and on macys.com.

Banks say TJX was warned of risks
BOSTON - TJX Cos. was warned it had inadequate safeguards to protect credit card data the year before hackers broke into the discount retailer's systems and unearthed information from an estimated 100-million credit cards, banks that are suing TJX allege in a court filing. Despite the 2004 warning about compliance with industry standards, TJX failed to fix many of the problems before hackers broke into the company's systems in July 2005, according to the filing late Thursday in U.S. District Court in Boston.

FedEx to raise its air shipping rates
MEMPHIS - FedEx Corp. said Friday it will increase its air shipping rates in 2008 by an average of 4.9 percent. Listed rates for packages and freight carried by FedEx Express will go up by 6.9 percent. The increase is offset by a 2 percent decrease in the fuel surcharge. It applies to air shipping within the United States and items that are exported.

Just in time for the holidays
LOS ANGELES - Sony Corp., the world’s biggest maker of video game consoles, will introduce a new PlayStation 2 next month. The new white version of PS2, which will include the SingStar Pop game and two microphones, will sell for $149.99.

[Last modified October 26, 2007, 23:05:33]