From wire reports

Settlement prospect boosts Stewart shares

A report that Martha Stewart is in talks to settle the insider trading investigation into one of her stock deals sent shares of her company surging Tuesday in heavy trading.

Lawyers representing Stewart met with prosecutors from the U.S. Department of Justice as recently as last week and a potential deal could be weeks away, according a report in the Financial Times.

Shares of Martha Stewart Living Omnimedia Inc. closed Tuesday at $10.65, up $1.35, or 15 percent, on the New York Stock Exchange.

FCC nears vote on media ownership

Media executives told lawmakers Tuesday that decades-old restrictions on ownership of newspapers and television and radio stations are outdated and unnecessary for maintaining diverse and local views in news and entertainment.

The five-member Federal Communications Commission is scheduled to vote June 2 on sweeping changes in ownership rules. The agency's two Democratic commissioners Tuesday asked Chairman Michael Powell to delay the vote by a month to give them more time to study the complex proposal.

Powell said he would consider the request, though he previously has said there is no reason for a delay. Powell and the two other Republicans on the commission favor loosening regulations.

Hasbro reorganizesmanagement team

Hasbro Inc. promoted its president to chief executive Tuesday, in a management reorganization that keeps former CEO Alan Hassenfeld as chairman.

Alfred Verrecchia's promotion has been approved by the company's board of directors and takes effect today. . Verrecchia, 60, joined Hasbro in 1965 as a junior accountant and has been president and chief operating officer since August 2000.

Alcoa cuts 4,200 jobs in Mexico

More than 4,200 workers in Mexico will lose their jobs as Alcoa restructures its Alcoa Fujikura Ltd. Automotive division, the aluminum giant said Tuesday.

The Pittsburgh-based company will permanently cut 1,700 of 11,000 jobs at its Ciudad Acuna operation, and 2,550 of 8,400 jobs in Torreon by July 31. The company said the cuts were necessary for it to remain competitive.