Saturday, September 27, 2003

Business digest



From wire reports

NYSE interim head gives reassurance

NEW YORK - Interim New York Stock Exchange chairman John Reed assured traders that he has grabbed the helm of the embattled market, even as critics called for a further shake-up in its board of directors.

"Our priorities are clear," Reed wrote in a letter distributed Friday on the trading floor. Among them, "To re-establish trust and confidence in the NYSE and its governing practices."

CEO Dick Grasso was ousted over outrage over his lavish pay.

Conseco's NYC building sale done

CHICAGO - Conseco Inc. on Friday said it had completed the sale of the General Motors Building to Macklowe Properties Inc. for $1.4 billion, after months of legal wrangling over the New York skyscraper with Conseco's former partner, Donald Trump.

Conseco, of Carmel, Ind., said the proceeds of the sale, which it put at about $380 million, would be used to boost reserves.

Auto workers OK one of three contracts

DETROIT - The United Auto Workers have voted to ratify a four-year labor contract with DaimlerChrysler AG, the union said Friday.

Ratification vote results for General Motors Corp. and Ford Motor Co. were expected early next week.

The DaimlerChrysler contract covers more than 60,000 active UAW workers at the automaker, as well as more than 57,000 retirees and an additional 17,500 surviving spouses of retired workers.



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Subway revamps kids' fare
Market decline could be correction
Agency orders recall of all Segway scooters
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