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Tuesday, May 29, 2001
Business in brief
Markets take holiday
Financial markets were closed Monday in observance of Memorial Day.
CHICAGO TARGETS OTHERS AFTER LANDING BOEING
Encouraged by Boeing Co.'s pending corporate move from Seattle, Chicago officials are targeting 20 other big companies to recruit - an effort energized by the aerospace giant's May 10 relocation announcement.
PROSTATE DRUG MAKER FACES FINE, LAWSUIT
BOSTON - The maker of a top-selling prostate cancer drug is expected to pay a record fine of more than $840 million to settle federal allegations that it hiked its prices and bribed doctors to prescribe it, according to published reports. In addition to the U.S. attorney's case against TAP Pharmaceutical Products, patients who took the drug Lupron Depot have filed a separate class-action lawsuit asserting that they were overcharged by millions of dollars.
GE, HONEYWELL TO FACE REGULATORS ABOUT MERGER
BRUSSELS, Belgium - General Electric Co. and Honeywell International Inc. will confront antitrust regulators, competitors and customers at hearings this week as the companies try to overcome objections to their $41 billion merger and win European Union approval.
FRENCH COMPANY MUM ON REPORT ABOUT LUCENT
PARIS - Alcatel SA on Monday declined to comment on a report that the French telecommunications equipment supplier could announce a reported acquisition of U.S. rival Lucent Technologies Inc. this week.
LUFTHANSA, PILOTS IN SALARY DISPUTE TALKS
FRANKFURT, Germany - Mediation talks between Lufthansa and its pilots began Monday, as the two sides tried to end an ongoing pay dispute that has triggered two disruptive pilots' strikes.
GM-AFFILIATED ISUZU TO CUT 9,700 JOBS
TOKYO - Isuzu Motors, the Japanese automaker affiliated with General Motors Corp., reported a second straight year of losses and said Monday it will cut a quarter of its global workforce in three years. Isuzu, which is 48 percent owned by General Motors, said it would trim 9,700 jobs in the next three years, close a truck plant in Kawasaki near Tokyo and sell its headquarters building in Tokyo to raise cash. Isuzu posted 66.8 billion yen ($554 million) in losses for the fiscal year ending in March..
COMAIR WALKOUT COULD HAVE LASTING EFFECTS
CINCINNATI - A walkout by pilots at Comair, a regional carrier based here, that is entering its 10th week could end up having a more lasting impact than this year's possible strikes at several major airlines. Industry experts say the outcome will determine how rapidly airlines can introduce regional jets, the compact planes that are replacing noisy, slower propeller aircraft - to the immense relief of passengers. At Comair, pilots and management are at odds over the use of these jets.
Quote of the day
"I saw it before and the way it is now. It's 100 percent improvement.''
-Juan Ordoñez, general manager at Peter Piper Pizza in the Mission Plaza Shopping Center, on the once-dilapidated building's renovation
Web site of the day
www.freeERISA.com
Pension and benefit information about U.S. employers. Compare your employer to others.
- Compiled by Tom Whitehurst Jr. and Clay Carpenter
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