A federal appeals court ruled that Altria Group's Philip Morris unit and other tobacco companies don't qualify for a reduction in their $200 million settlement of an antitrust suit with tobacco growers last year. The three-judge panel said the companies must pay the full amount because because R.J. Reynolds Tobacco settled its own suit too close to the trial date. In 2000, a group of U.S. tobacco growers sued Philip Morris, the biggest U.S. cigarette maker, R.J. Reynolds and other manufacturers, claiming they conspired to hold down prices at auction.
An angry judge ordered a lawyer defending former Westar Energy vice president Douglas Lake to stay out of the courtroom for the rest of the trial. U.S. District Judge Julie Robinson, who has quarreled with defense attorneys throughout the trial of Lake and former Westar chief executive David Wittig, accused Christopher Wilson of being disrespectful and disruptive, and of trying to intimidate her with icy glares. Lake and Wittig are being tried on charges of trying to loot the Kansas electric utility.
Dell cut prices on its some of its equipment for U.S. business clients by as much as 22 percent because it is paying less for components, the world's largest computer maker said. Dell will pass on savings on components such as memory and liquid crystal displays to its business customers, according to a spokesman for the company, which is based in Round Rock, Tex. Dell emerged as a top PC maker by slashing prices to take sales from rivals such as No. 2-ranked Hewlett-Packard and No. 3 International Business Machines.
(Jack Plunkett -- Bloomberg News)
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RECALLS
LG Sourcing, Lowe's Home Centers and Lowe's HIW are recalling about 200,000 GardenPlus Industrial Garden Carts because metal tire rims could break when tires are overinflated, possibly causing metal pieces to strike users, the Consumer Product Safety Commission said. The recall is for all the carts sold at Lowe's between March 2003 and October 2004 that do not have metal washers on the tire rims' outside.
Robert Bosch Tool is recalling about 120,000 table saws because of potential problems that could expose users to injury or electric shock, the Consumer Product Safety Commission said. The recall covers Skil Table Saw Model 3400 saws with the following date codes, printed on the upper right corner of the table base: 28501-28831 for 2002, 38101-39231 for 2003 and 48101-48811 for 2004. Consumers should contact Robert Bosch Tool toll-free at 800-351-5788 between 7 a.m. and 7 p.m. CST Monday through Friday for a free repair kit.
Exmark Manufacturing voluntarily recalled about 1,200 riding lawnmowers because a hole can develop in the fuel line, creating a fire hazard, the Consumer Product Safety Commission said. Purchasers of the Lazer Z EFI should contact their dealer for a free fuel line replacement, a CPSC spokesman said.
INTERNATIONAL
European finance ministers said the euro's record-setting rise threatens to short-circuit the region's economic recovery, but stopped short of pressing the European Central Bank to act to weaken the currency. Exports make up a fifth of the European economy, twice as much as in the United States, making growth vulnerable to the euro's jump of 8.2 percent against the dollar since Oct. 1.
U.S. Trade Representative Robert B. Zoellick and his new European counterpart Peter Mandelson failed to make progress at talks in Paris over governmental subsidies for Airbus and Boeing. This means the dispute remains headed for World Trade Organization arbitration, where a legal panel could uphold both companies' complaints, hurting both Boeing and Airbus.
Lufthansa said it reached a deal with its 4,400 pilots to freeze their wages until the end of March 2006. The German airline said the agreement will save it money and increase by two hours each month the time that pilots can fly before being paid overtime rates. The pilots' union said the deal includes improvements in pension arrangements and brings the low-cost affiliate carrier Germanwings into the company's collective bargaining agreement.
Jamaica lifted its ban on U.S. beef, which it put in place 11 months ago after a case of mad cow disease was found in Washington state. In 2003, Jamaica spent $4.3 million on U.S. beef.
EARNINGS
Navistar International said it delayed its fourth-quarter earnings report because it expects a restatement, but the truckmaker gave a positive forecast, predicting quarterly profit to be at least $148 million on $3 billion in revenue, compared with $77 million on $2 billion in revenue a year ago. After the delay was announced, Navistar stock fell $2.42, about 5.9 percent, to close at $38.73 on the New York Stock Exchange.
Jos. A. Bank Clothiers said its third-quarter profit rose 19 percent, to $3.4 million, from $2.9 million in the same period last year. The Hampstead, Md., company attributed gains to better catalogue and Internet sales. Revenue for the quarter rose to $82.6 million, from $72 million a year ago.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.
