Consumer prices moderated in November. The consumer price index rose 0.2 percent last month, compared with a 0.6 percent increase in October, the Labor Department said. The October increase reflected energy and food prices. Those costs didn't rise as much last month. For the first 11 months of 2004, consumer prices increased at an annual rate of 3.7 percent, compared with a 1.9 percent rise for all of 2003.
Tax Policy Official Quits Treasury Dept.
Gregory F. Jenner, the Treasury Department's top tax policy official, resigned to return to private law practice. A replacement will be named next week, the department said, and will lead the policy division as President Bush prepares to appoint a commission to study how to simplify the tax code. Jenner was nominated July 23 to replace Pamela F. Olson, who left the job in February. Jenner was never confirmed by the Senate to be assistant secretary.
MORE NEWS
American Express said it is eliminating about 2,000 jobs in a restructuring that will cost $100 million to $120 million in the fourth quarter before taxes and is designed to save the financial services company more than $75 million annually. The restructuring includes changes at American Express's business travel operations, the planned sale of certain banking operations abroad and the relocation of certain finance operations.
Metro-Goldwyn-Mayer shareholders approved the company's sale to a consortium made up of Sony, Comcast, Providence Equity Partners, Texas Pacific Group and DLJ Merchant Banking Partners for about $2.94 billion. MGM will continue to operate under that name as a private company after the acquisition. Sony will distribute its movies and television shows.
Jurors in the trial of former Westar Energy executives David Wittig and Douglas T. Lake told the judge they can't reach a verdict on 22 of the 40 charges the men face. The government accused Wittig and Lake of running a scheme at Topeka, Kan.-based Westar that netted them an estimated $30 million in unauthorized compensation. The jurors said they can't agree on the conspiracy charge or on multiple counts of wire fraud and other offenses. U.S. District Judge Julie Robinson told jurors to continue deliberations.
American Airlines will end hot-meal service in main cabins on about 500 of its daily domestic flights Feb. 1. Instead, the airline will sell $3 snack boxes. U.S. airlines ended hot-meal service on most flights after the 2001 terrorist attacks. Continental Airlines continues to offer hot main-cabin meals on some U.S. flights.
A Securities and Exchange Commission employee is suspected of soliciting a bribe from an executive at a company that was regulated by the agency, the SEC's inspector general reported. The employee wasn't identified.
INTERNATIONAL
Euro Disney shareholders approved the sale of $189 million to $227 million worth of new shares, clearing the way for the final phase of restructuring the theme park's debt and allowing it to avoid bankruptcy. Shareholders also approved a legal restructuring that transforms Euro Disney into a holding company but doesn't affect its business activity.
Parmalat, the Italian dairy giant, owes nearly $26 billion to creditors including many big international banks, a judge ruled. Giuseppe Coscioni admitted $25.8 billion in credit claims and excluded $6 billion. He recognized claims for money from creditors including Bank of America and Citigroup. Those on the list of creditors would have the right to be Parmalat's future shareholders under a proposal to exchange debt for equity in a new company. The creditors will vote on whether to accept the offer.
EARNINGS
CarMax reported a 5.8 percent drop in earnings in its fiscal third quarter, to $18 million. Revenue for the three months ended Nov. 30 rose $1.22 billion.
Circuit City Stores said it lost $5.9 million in its third quarter, compared with a loss of $2.5 million during the comparable quarter last year. Sales rose 3.6 percent, to $2.49 billion.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.
