Tuesday, October 21, 2003

Business Digest



Japan's Sony expects to shed 20,000 jobs

TOKYO - Japanese electronics and entertainment giant Sony Corp. plans to eliminate more than 12 percent of its work force, by March 2006 in a major restructuring.

The Nihon Keizai newspaper reported Monday that Sony would eliminate 15,000 to 20,000 jobs from its work force of 161,000.

A Sony spokeswoman said the company expects to announce a major restructuring Oct. 28.

Quattrone loses request for mistrial

NEW YORK - A federal judge denied a request Monday by attorneys for former star investment banker Frank Quattrone to declare a mistrial after he suspended the trial for two days because a juror's wife was in labor.

U.S. District Judge Richard Owen sent the Manhattan jury home until Wednesday.

Attorneys for Quattrone, who is charged with obstruction of justice and witness tampering, argued the extended delay could expose jurors to intense trial publicity.

T-bill interest rate rises in weekly auction

WASHINGTON - Interest rates on short-term Treasury securities rose in Monday's auction.

The Treasury Department sold $17 billion in three-month bills at a discount rate of 0.920 percent, up from 0.905 percent last week. An additional $17 billion was sold in six-month bills at a rate of 1.015 percent, up from 0.985 percent.




TOP BUSINESS STORIES
U.S. deficit balloons to record
First Financial's profits down 25%
Airlines schedule terminal switch
Casinos take dips slightly in Sept.
FliX ready for debut

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Business Digest