AP Executive Morning Briefing

00-00-0000
A service of The Associated Press. Copyright 2003 All rights reserved.

The top business news from The Associated Press for the morning of Wednesday, April 30, 2003:

United Workers Ratify Contracts

CHICAGO (AP) _ United Airlines moved a step closer to its goal of cutting labor costs when mechanics and baggage handlers ratified contracts saving the bankrupt carrier about $4.7 billion over the next six years. The vote early Wednesday followed flight attendants' approval Tuesday afternoon of a contract that will save United $1.9 billion over the same time period.

___

Vivendi's CEO: Firm to Focus on Telecoms

PARIS (AP) _ Marking the death of a business dream, the head of the once ambitious but now debt-plagued French media giant Vivendi Universal announced plans Tuesday to tame the company into a far more modest concern centered on telecommunications. In his first face-to-face talk with shareholders since he took over 10 months ago, Jean-Rene Fourtou said Vivendi is in talks to sell, either fully or in part, Vivendi Universal Entertainment, one of its most glamorous assets with film and television studios, as well as theme parks.

___

Source: Global Crossing Deal May Lose Investor

NEW YORK (AP) _ A Hong Kong-based conglomerate is likely to abandon its $250 million deal to buy fiber-optic carrier Global Crossing out of bankruptcy because U.S. officials still have deep concerns about the sale's national security implications, a source familiar with the situation said Tuesday. Last year, a bankruptcy court approved the plan for Hong Kong's Hutchison Whampoa Ltd. and Singapore Technologies Telemedia to get a 61.5 percent stake in Global Crossing.

___

Dial OKs $10M Deal in Harassment Case

CHICAGO (AP) _ Dial Corp. agreed Tuesday to pay $10 million to settle a federal civil suit charging that its female workers were groped, forced to see pornography and called names at a soap-making plant near Chicago. Lawyers for the Scottsdale, Ariz.-based company and the U.S. Equal Employment Opportunity Commission announced the agreement a day after the case was scheduled to go to trial.

___

Recording Industry Targets Kazaa Users

LOS ANGELES (AP) _ The recording industry has tapped into two Internet file-swapping services to warn people trading music they were breaking the law. The Recording Industry Association of America, a trade association, will collect the names of those it suspects are swapping copyright material with the Kazaa and Grokster file-sharing services, RIAA President Cary Sherman told reporters during a conference call Tuesday.

___

Pfizer Plans Site Closings, Job Shifts

NEW YORK (AP) _ Pfizer Inc. is closing five research sites and shuffling some operations and employees in an effort to reorganize and cut costs after its $57 billion acquisition of Pharmacia. More than 2,000 people work at the five sites that will be shut down over the next 18 months. Pfizer spokesman Andy McCormick said all will not necessarily lose their jobs, but conceded that some people will. He declined to give a number.

___

Two ImClone Execs to Step Down

The top two executives of scandal-plagued ImClone Systems Inc. are leaving their positions amid federal tax and accounting investigations that could affect the company's finances. Dr. Harlan Waksal was demoted from chief executive and president to chief scientific officer while Robert Goldhammer resigned as ImClone's chairman. Chief financial officer Daniel Lynch was named interim chief.

___

DNA Used to Foil Textile Counterfeiters

NEW YORK (AP) _ DNA is emerging as a new tool to combat smugglers dealing in designer knockoffs. Counterfeiters are getting more sophisticated at replicating and smuggling their wares, costing American businesses profits and jobs, depriving the government of import duties, and in some cases financing terrorism.

___

Consumer Faith in Economy Leaps in April

NEW YORK (AP) _ Consumers' faith in the economy made its biggest leap in more than a decade in April, buoyed by the swift end of heavy fighting in Iraq. The Consumer Confidence Index, which had declined for four consecutive months, rose to 81.0 from a revised 61.4 in March, the New York-based Conference Board said Tuesday. That was far better than the reading of 70 analysts expected.

___

Brokerage Settlement May Spawn Lawsuits

NEW YORK (AP) _ Documents released as part of the $1.4 billion Wall Street settlement are a treasure trove of evidence for investors filing claims against brokerages, but the process may be arduous and costly for those with smaller portfolios. The settlement includes a $387.5 million fund to compensate customers of the ten brokerage firms involved, but the claims from investors who believe they were cheated are expected to far exceed that amount.

___

Gold Prices

LONDON (AP) _ Gold bullion opened Wednesday at a bid price of $335.10 a troy ounce, up from $333.20 late Tuesday.

___

Japan Markets

TOKYO (AP) _ Tokyo stocks advanced Wednesday as investors resuming trading after a national holiday were encouraged by overnight results on Wall Street. The U.S. dollar was lower against the Japanese yen.

___

Dollar-Yen

TOKYO (AP) _ The U.S. dollar traded at 119.46 yen on the Tokyo foreign exchange market Wednesday, down 0.76 yen from late Monday. The Tokyo market was closed Tuesday for a national holiday.