Enron yields key pipeline

        Enron Corp. agreed to surrender a key pipeline to would-be savior Dynegy Inc.

        An Enron spokesman said Friday that the company deemed the Northern Natural Gas pipeline fight a potentially expensive distraction to its desire to emerge from bankruptcy and its lawsuit claiming Dynegy illegally abandoned a plan to buy Enron for $8.4 billion.

        The companies announced late Thursday that Enron had agreed let Dynegy take control of the pipeline to settle a lawsuit Dynegy had filed in Texas state court. Enron's federal lawsuit, filed alongside its massive bankruptcy case in New York soon after the merger collapsed, remains active.
       

AT&T to cut jobs

        Long-distance carrier AT&T Corp. announced Friday it will cut another 5,000 jobs and take a related $1 billion fourth-quarter restructuring charge to cover the cost of those cuts as well as 5,100 others that were already planned.

        The company said the charge, which it announced in October, will fund severance packages and other costs of reducing 5,100 employees cut in 2001 and a further 5,000 job cuts planned for 2002.

        Employees affected are mainly in the company's business, consumer and corporate units, scattered across AT&T's U.S. facilities.
       

Willamette rejects bid

        Willamette Industries said Friday that the board has rejected Weyerhaeuser Co.'s $6.1 billion takeover bid as inadequate — and has cut off discussions about a buyout.

        The board strongly urged shareholders not to tender any shares to timber rival Weyerhaeuser, which has been trying for more than a year to take over Portland, Ore.-based Willamette.

        Weyerhaeuser is offering $55 a share for its rival.
       

Halliburton rebuts

        Halliburton Co., the biggest oilfield-services company, said it hasn't filed for bankruptcy or lost another asbestos-related lawsuit, after its shares touched their lowest level in more than 15 years.

        More than 146,000 asbestos lawsuits are pending against Halliburton, and thousands of new claims are being made each quarter.

        Halliburton shares fell 70 cents, or 6.4 percent, to $10.21. Earlier, they declined 21 percent to $8.60, the lowest price since August 1986.
       

Auto maker on target

        DaimlerChrysler AG said Friday it expects to post an operating profit of about 1.2 billion euros ($1.08 billion) for 2001, sharply below the previous year but enough to reassure investors that a costly turnaround plan for its ailing Chrysler unit is on track.

        The world's No. 5 carmaker had said previously it expected an operating profit — which excludes interest and taxes — of between 1.2 billion euros and 1.7 billion euros.

Unemployment rate hits 5.8%
Smaller companies find ways to gain in recession
Businesses shop for electricity
Radio exec Wood defends sale
Airline travel down since 2000
Loan strings dismay airlines
Service Merchandise retail chain to end operations
Business Digest
Rate report
Tristate Summary
What's the Buzz?
HIGGINS: Personal Finance
Savvy strategies