Tuesday, July 13, 2004

Business digest


Google plans to list on Nasdaq for IPO

Enquirer news services

SAN JOSE, Calif. - Google Inc. plans to list on the Nasdaq National Market for its impending initial public stock offering, according to a filing Monday with the Securities and Exchange Commission.

The $2.7 billion offering for online search engine Google promises to make the biggest IPO splash yet in the post-dot-com era and is expected to give the Mountain View-based company a market value of at least $20 billion.

Google officials did not specify a date for its IPO or a ticker symbol.

Sears seeks president of retail operations

HOFFMAN ESTATES, Ill. - Sears Roebuck & Co. has begun an external search to fill the new post of president of Sears retail, who will oversee all the company's U.S. full-line stores and its recently announced expansion of off-mall stores.

Sears also said Monday that Mark S. Cosby, president of full-line stores, has resigned.

While a search is under way, Sears chairman and chief executive Alan J. Lacy will assume the duties of the new role.

Sony announces date for new PlayStation

TOKYO - Sony Corp. says it plans to unveil its next-generation PlayStation video game console before the end of March, according to a news report on Monday.

Sony has been secretive about its next-generation consoles because of stiff competition from rivals Microsoft Corp. of the United States and Japan's Nintendo Co.

Takeshi Kutaragi, president of Sony Computer, didn't reveal the product's specifications.

Shipping workers agree on contract

LOS ANGELES - Shipping line operators and clerical workers have reached a tentative agreement on a new contract, averting a strike that could have shut down the nation's largest port complex.

Negotiators for 14 shipping lines and the 750-member office clerical unit of Local 63 of the International Longshore and Warehouse Union reached the agreement late Friday, officials said.

The deal gives clerical workers at the ports of Los Angeles and Long Beach a no-layoff clause and a pay raise that increases starting wages from $33 to $37.50 an hour over three years.

Producers, actors end labor dispute

NEW YORK - Broadway lights will continue to shine.

Two weeks after its contract expired, the union representing stage actors reached a tentative agreement Monday with theater producers, ending a period of uncertainty as the two sides wrangled over issues of health care costs, actor safety and, most importantly, nonunion tours of Broadway shows.

Tensions had risen over the weekend after producers of The Boy From Oz, the hit musical starring Hugh Jackman as Australian entertainer Peter Allen, agreed to a temporary contract with the union.

Newspapers punished for circulation fraud

NEW YORK - The Audit Bureau of Circulations on Monday punished three newspapers for breaking circulation rules.

The circulation body said its board unanimously condemned the "deceptive and fraudulent circulation practices" at the Chicago Sun-Times, Newsday of New York's Long Island and Hoy, a Spanish-language newspaper in New York.

Both Newsday and Hoy are published by Tribune Co. The Sun-Times is owned by Hollinger International Inc.

Each paper will have its circulation reports audited every six months instead of yearly, and their overall circulation reports will be excluded from a biannual summary of other newspapers' circulation figures.

ITT president resigns amid investigations

INDIANAPOLIS - ITT Educational Services Inc. is losing its president while federal investigations proceed into its record keeping.

President and chief operating officer Omer E. Waddles has resigned from his two title positions effective July 20, the company said Monday.

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On the Net:

ITT Educational Services Inc.: www.ittesi.com




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