Thursday, October 16, 2003

Business digest

From wire reports

GM posts 3Q profit, but car earnings down

DETROIT - General Motors Corp. swung to a profit of $425 million in the third quarter from a loss of $804 million a year ago, but global automotive earnings fell 91 percent because of intense pricing pressure in North America and unfavorable exchange rates overseas.

GM said Wednesday its profit amounted to 79 cents a share in the July-September period, easily beating the consensus of 66 cents a share of analysts surveyed by Thomson First Call.

Jury gets Quattrone obstruction case

NEW YORK - Frank Quattrone's obstruction trial went to a jury Wednesday, with prosecutors and the defense offering two different ideas of what the star banker was thinking when he urged employees to destroy files.

The government made a final argument to convince jurors Quattrone intended to block two federal investigations into how his bank, Credit Suisse First Boston, doled out shares of hot new stocks during the Internet boom.

Ex-Tyco CEO testifies he doesn't recall letter

NEW YORK - A former Tyco International chairman testified Wednesday that he did not recall seeing, while on the company's board of directors, a letter that reported $85.1 million in bonuses for Tyco's top management.

John F. Fort, 61, said he saw many letters of that kind, but he said he did not remember the one shown to him by prosecutors.

That letter is signed by four then-Tyco executives, including L. Dennis Kozlowski, Tyco's former chief executive, and Mark Swartz, former chief financial officer, both on trial on charges of stealing some $600 million from Tyco.

Prosecutors say Kozlowski, 56, and Swartz, 43, failed to disclose that letter to Tyco's board of directors as part of a scheme to steal from the company.

Place is the same, but methods have changed
First Financial president ousted
Kroger on lookout for fake coupons
Retail sales dip 0.2% in September
Kroger gives away what it can't sell
Provident parent posts 3Q gains
Tristate summary
Business digest
Morning memo
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