Time Warner prepares for telephone service

Time Warner Cable said it is moving ahead with plans to offer residential telephone service in Ohio, in light of a clarification issued Wednesday by Ohio utility regulators.

The Public Utilities Commission of Ohio said its December ruling in Time Warner's favor was in recognition that issues in the case still have to be resolved by the Federal Communications Commission and an ongoing commission case on using the Internet for phone service.

Cincinnati Bell, whose request for a rehearing was denied by the commission, said it disagrees and is considering a possible appeal to the Ohio Supreme Court.

Cincinnati Bell settles its case with El Paso

Cincinnati Bell Inc. on Wednesday said it settled an arbitration case with El Paso Corp. over a construction contract signed in 2000.

Both companies have dropped their claims for damages, Cincinnati Bell said in a statement. Bell had $5 million in costs related to the settlement in the fourth quarter, the statement said.

The contract with El Paso Global Networks involved the broadband network construction business, the statement said. Cincinnati Bell, formerly known as Broadwing Inc., announced its plan to leave the business of building networks for other carriers in November 2001, the statement said.

Justice recommends against Oracle deal

SAN FRANCISCO - Business software maker Oracle Corp. lost an important round when the Justice Department recommended blocking its proposed $9.4 billion takeover of rival PeopleSoft Inc., but the fight still isn't over.

Just how badly Oracle has been hurt by Tuesday's recommendation will hinge on how much clout the advice carries with Assistant Attorney General R. Hewitt Pate, head of the Justice Department's antitrust department. He will make the final decision, due by March 2, on whether there's ample reason to stand in the way of Oracle's $26-per-share bid for PeopleSoft.

Oil demand surges from Asian countries

ALGIERS, Algeria - The global thirst for oil continues to outpace expectations, led by surging growth in demand for crude from China, India and other Asian countries, the International Energy Agency reported Wednesday.

Southern and eastern Asia account for much of the 3.7 percent increase in demand from developing countries that the agency forecasts for this year. Developing nations are seeing their fastest growth in demand since 1997, the agency said in its monthly oil market report.

Burger King president resigns amid struggles

MIAMI - Burger King Corp.'s president has resigned amid declining sales for the struggling fast-food chain, the nation's second-largest burger company behind McDonald's Corp.

In a voice mail to company employees Tuesday, chief executive Brad Blum announced Bob Nilsen's resignation "with mixed emotions."

Nilsen, former chief operating officer of Taco Bell, supervised the operations of all franchise and company restaurants and served on the company's board with Blum.

SEC investigating Goodyear accounting

AKRON - The federal Securities and Exchange Commission is investigating accounting problems at Goodyear Tire & Rubber Co., the world's largest tire maker said Wednesday.

News of the investigation sent Goodyear shares down 96 cents, or nearly 10 percent, to close at $8.96 on the New York Stock Exchange. The stock had been rebounding recently as the company pushed a new line of tires that analysts said could help make Goodyear profitable again.

Ex-CFO at Tyco says money was his bonus

NEW YORK - Tyco International Ltd.'s former chief financial officer testified Wednesday that $12.5 million he is accused of stealing from the company was actually part of a bonus he had earned.

Mark Swartz said he initially got the money as a loan, but after a member of the Tyco board of directors expressed concern about the size of executive bonuses for 1999, Swartz said he was asked to take "forgiveness" for that loan as part of his bonus.

From staff and wire reports