Chamber opposes hedge-fund regulation

The U.S. Chamber of Commerce is joining the fight against the Securities and Exchange Commission's proposal to regulate hedge funds.

"We don't believe that the SEC should do just-in-case regulation: 'Just in case there is a problem with an industry, let's regulate it,'" said David Hirschmann, senior vice president at the chamber in Washington. "Hedge funds have served an extraordinarily valuable role in our capital markets."

A divided SEC last month passed proposed rules to open up the private partnerships of wealthy investors to agency inspections.

Horse-racing unit has interim director

FRANKFORT - Kentucky Horse Park executive director John Nicholson will serve as interim executive director of the Kentucky Horse Racing Authority, the governor's office announced Thursday. Nicholson also will continue to lead the Horse Park.

A search for a permanent executive director continues.

Gov. Ernie Fletcher abolished the former Kentucky Racing Commission in January and created the Kentucky Horse Racing Authority as its replacement.

US Airways, pilots in giveback talks

US Airways Group Inc. and its pilots union will begin meeting every weekday, speeding up talks on a proposed $300 million in concessions that would help the carrier avoid a second bankruptcy filing.

The meetings at the airline's headquarters in Arlington, Va., follow "irregular" sessions that began earlier this year, Air Line Pilots Association spokesman Jack Stephan said. The union represents about 3,000 active pilots and 1,879 that have been laid off.

US Airways, the seventh-largest U.S. airline, wants agreements by the end of September.

30-year mortgage down to 5.85% this week

WASHINGTON - Rates on 30-year mortgages dipped to the lowest level in nearly four months this week. Freddie Mac, in its weekly survey, said Thursday that rates on 30-year, fixed-rate mortgages fell to 5.85 percent this week. That's down from the average rate of 5.99 percent last week and is the lowest level for 30-year mortgages since early April.

Rates on 30-year mortgages hit a high this year of 6.34 percent the week of May 13. Since then, they have slowly drifted downward.

Under cloud, executive sells Florida mansion

BIRMINGHAM, Ala. - Former HealthSouth Corp. chief executive Richard Scrushy, facing criminal charges in the company's massive fraud case, has sold his mansion in Palm Beach, Fla., for $12.75 million.

Joel Glazer, whose family owns the NFL's Tampa Bay Buccaneers and part of the Manchester United soccer club in England, purchased the nine-bedroom, 11,000-square-foot mansion.

Scrushy is accused of conspiracy, securities fraud and money laundering, among other crimes. He has pleaded innocent, claiming a $2.7 billion accounting fraud at HealthSouth was committed by others without his knowledge.

Bid-rigging alleged against road builder

KANSAS CITY, Mo. - A road-construction company and one of its executives have been indicted on charges of conspiring to rig a bid on a Missouri highway project.

Donald G. Mantle, vice president of APAC-Missouri, and the company itself were indicted on a federal charge of conspiracy in restraint of trade, the Department of Justice announced.

Authorities said APAC-Missouri conspired with another construction company, identified only as a "corporate co-conspirator," which submitted a higher bid for a highway project in exchange for a $2.9 million subcontract from APAC-Missouri after the company won the bid.

The conspiracy occurred from July 2000 to April 2002 and involved a $7.1 million project in Ste. Genevieve County, the department said.

Stewart firm buys 'natural living' mags

NEW YORK - Martha Stewart's multimedia company, which made a fortune promoting "fine living," is making inroads into what it calls the "natural living" market with the acquisition of two publications, Body & Soul magazine and Dr. Weil's Self Healing newsletter.

Martha Stewart Living Omnimedia Inc. paid $6 million cash for the two brands, it was announced Thursday.