Business briefs

Published: Wednesday, January 1, 2003 at 6:01 a.m.
Last Modified: Tuesday, December 31, 2002 at 9:46 p.m.

Euro rides rally into first birthday as cash

  • FRANKFURT, Germany - As its first birthday in cash form approached, the euro rode a strong rally that has seen the 12-country European currency rise nearly 16 percent against the U.S. dollar in 2002.
    The euro edged near $1.05 on Tuesday in midday European trading before falling back to $1.0478 in late European dealings, up from $1.0450 on Monday.
    The late European price capped an increase of nearly 16 percent against the dollar since last New Year's when it began trading at 90.38 cents, and represented a 22 percent climb since its 2002 low point at around 86 cents in February. The euro hasn't been this high since November 1999 - more than three years ago at a time when the euro was being used as an electronic currency in financial markets but was not circulated as cash.

    Citigroup to purchase stake in Chinese bank

  • SHANGHAI, China - Citigroup, one of he biggest U.S. financial companies, on Tuesday said it will purchase a minority share in China's Shanghai Pudong Development Bank.
    Few details of the deal were announced, although Citigroup's Citibank is expected to take a stake of around 10 percent in the mid-size Chinese bank, one of four listed on Chinese stock markets. The bank's announcement of the deal contained no financial details.

    Release of probe sends shares of Tyco higher

  • CONCORD, N.H. - Tyco International shares surged Tuesday, a day after the company released an internal investigation that said its former managers bent accounting rules, but usually did not break them.
    "Aggressive accounting is not necessarily improper accounting," said the report, which was filed with the Securities and Exchange Commission after trading ended Monday .
    A team of outside lawyers and accountants did find accounting errors that boosted Tyco's losses by $382 million for the fiscal year that ended Sept. 30.

    Peter Pan headed into the courtroom

  • SAN FRANCISCO - Peter Pan, the boy who wouldn't grow up, has been dragged into the adult world of federal court.
    Canadian author Emily Somma has filed suit in San Francisco claiming the characters in "Peter Pan," including Tinker Bell, Wendy and Captain Hook, are now in the public domain and no longer protected by a copyright awarded in 1929.
    The suit is a pre-emptive move in anticipation of legal action by The Great Ormand Street Hospital for Sick Children in London, which currently holds the copyright to Peter Pan.

    First USA agrees to settle lawsuit

  • ALBANY, N.Y. - First USA Bank, the nation's largest issuer of Visa credit cards, has agreed to pay $1.3 million as part of a settlement with 28 states over the way telemarketing firms sold products and services to the banking company's customers.
    First USA, now doing business as Bank One Card Services, also agreed to police its third-party vendors to prevent deceptive telemarketing aimed at its more than 53 million credit card holders, according to New York state's Attorney General's office.
    - Compiled from The Associated Press
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