Saturday, April 26, 2008
COPYRIGHT
U.S. Issues Piracy Watch List
The Bush administration is accusing China, Russia and seven other nations of not protecting American producers of movies, computer software and other copyrighted material from widespread piracy.
The administration placed the nine countries on a "priority watch list" that will subject them to extra scrutiny and could eventually lead to economic sanctions -- if the administration decides to pursue complaints before the World Trade Organization.
In addition to China and Russia, the other seven countries targeted are Argentina, Chile, India, Israel, Pakistan, Thailand and Venezuela.
The administration named an additional 31 countries to a lower-level watch list, indicating that it has concerns about copyright violations in those nations but that they don't warrant the highest level of scrutiny.
BANKINGWachovia Settles With Regulator
Wachovia agreed to pay as much as $144 million to settle federal allegations that it failed to block telemarketers who took advantage of thousands of elderly bank customers.
The federal Office of the Comptroller of the Currency said Charlotte-based Wachovia had improper relationships with four telemarketers and payment processors who maintained their accounts at the bank.
The marketers obtained customers' bank account information while selling vouchers for discount travel and other products. The bank will pay up to $125 million in claims, $8.9 million toward consumer education programs and a $10 million fine.
MERGERS & ACQUISITIONS
AOL Buys Fantasy Sports Site
AOL bought the Fleaflicker Web site for an undisclosed amount to target fantasy sports players.
Fleaflicker, a free service that lets players create fictional football teams, will operate independently and will be integrated into AOL's sports site.
AOL is trying to get more revenue from advertising. The purchase comes on top of the almost $2 billion AOL has committed since 2006 to buying online ad companies and Bebo, the third-largest social networking Web site.
4 States Oppose XM-Sirius DealThe proposed merger of Sirius and XM satellite radio was opposed by four states that say the combination of the only pay radio companies would pose a threat to competition.
Connecticut, Maryland, Ohio and Washington urged the Federal Communications Commission to reject the merger, in a letter signed by the four states' attorneys general.
If the agency approves the merger, "the only way it can preserve valuable competition is to introduce a new competitor" by leasing spectrum to a service that would be free to owners of satellite radio receivers, the four state officials said.
MANUFACTURINGBlack & Decker to Lay Off 700
Black & Decker will lay off 700 employees and close a plant in Arkansas in response to a disappointing quarterly report.
The Towson, Md., toolmaker made the announcement after reporting Thursday that first-quarter earnings were down 38 percent from the first quarter last year.
The company, which employs about 25,000 people worldwide, blamed the slumping housing market for many of its woes. The impact of the layoffs on the company's Towson headquarters was unclear, but company spokesman Roger Young said "a good number will be in Maryland."
LOCALOrbital Announces Share Buyback
Orbital Sciences, a Dulles-based satellite and rocket manufacturer, announced that its board authorized the repurchase of up to $50 million of its common stock. The 12-month buyback replaces a previous $50 million program -- under which Orbital acquired $45.2 million of common stock -- that was set to expire next week.
MORTGAGE FINANCEFreddie Mac Director to Retire
Freddie Mac said its lead director, Shaun O'Malley, plans to retire after the mortgage finance firm's annual shareholder meeting in June.
O'Malley, 72, has served on Freddie Mac's board since September 2001 and became lead director in December 2003. He served as chairman for about six months in 2003.
A new lead director will be named after the shareholder meeting.
AUTOMOTIVEGM Avoids Strikes at 2 Plants
United Auto Workers locals at General Motors factories in Kansas and Michigan delayed threatened walkouts and negotiated with the automaker over local contract issues. Workers at the Fairfax Assembly Plant in Kansas City and a metal stamping factory in the Grand Rapids suburb of Wyoming agreed to give the company 12 hours notice if they intend to strike.
The Kansas City plant and a related stamping operation employ about 1,900 hourly workers and make the hot-selling Chevrolet Malibu. The Wyoming plant stamps metal parts and employs about 1,000 hourly workers.
Local plants negotiate their own operating agreements separately from the UAW-GM national contract, which was settled last year. The local contracts deal with issues such as overtime and work rules.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
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