From wire reports

Microsoft agrees to Passport changes

SEATTLE - Microsoft Corp. will give all users of its Passport online authentication system more control over how their personal information is shared, following discussions with the European Union whether the program violated its data-protection law.

Microsoft will change its Passport system to let users select which sites may have access to what information, said Adam Sohn, product manager in the .NET platform strategy group.

Toys `R' Us eliminates 700 jobs

PARAMUS, N.J. - Toys "R" Us Inc., the nation's second-largest toy retailer, is cutting 700 store management and supervisory positions, the company announced Thursday.

Chief executive officer John Eyler said the layoffs, which are effective immediately, were necessary as the company reallocates labor.

Luxottica's profits rise 22%

MILAN, Italy - Luxottica SpA, the world's biggest maker of luxury eyewear and parent of Cincinnati-based LensCrafters, said fourth-quarter profit rose 22 percent as it cut costs to counter declining sales.

Net income rose to 74.4 million euros ($84 million), or 16 cents per American depositary share, compared with 61 million euros, or 13 cents a share, in the year-earlier period. Sales fell 7.7 percent to 669 million euros.

The maker of Ray-Ban and Killer Loop eyewear is trying to boost revenue after ending an agreement to make glasses for Giorgio Armani SpA. Luxottica will close its LensCrafters distribution center in Cincinnati to cut costs and is looking for acquisitions to increase growth.

Senators slam Clear Channel on mergers

WASHINGTON - Clear Channel Communications Inc. Chief Executive Lowry Mays faced criticism from U.S. senators saying the largest U.S. radio company bullies musicians into buying services in exchange for airtime.

Members of the Senate Commerce Committee said the government may need to intervene to stop or reverse the consolidation of radio station ownership. Consumer and artist advocates oppose further mergers by large radio companies, saying their market power already lets them force performers to buy advertising and put on concerts in return for airtime.

Cannondale files for Chapter 11 protection

BRIDGEPORT, Conn. - Cannondale Corp., a bicycle and motorcycle maker that reported 11 straight quarterly losses, filed for bankruptcy protection after saying it would close its motorsports division and sell assets.

The company's proposal to sell assets to Pegasus Partners II, a fund run by the Greenwich, Conn.-based private equity firm Pegasus Capital Advisors, will need bankruptcy court approval.

JetBlue profits up 37% on more passengers

NEW YORK - JetBlue Airways Corp., one of the few U.S. airlines to avoid losses last year, said fourth-quarter profit climbed 37 percent as sales almost doubled.

Net income rose to $15.2 million, or 22 cents a share, from $11.1 million, or 20 cents, in the same period of 2001, the company said. Sales increased 96 percent to $187.3 million on more flights and passengers and higher fares.

The company's shares rose 69 cents to $28.94.