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BUSINESS BRIEFING
Richard Branson's Virgin Group and SK Telecom will each invest $25 million in the new venture.
(David Scull - Bloombergnews)
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US Airways in August will add a $25 processing fee on frequent-flier tickets in the U.S. and Canada, $35 to Mexico and the Caribbean, and $50 to Hawaii and international destinations. American charges a $5 processing fee for award tickets; $20 if they are booked by phone.
LEGAL
Va. Man Guilty in Piracy Case
A federal jury in Virginia yesterday found a former administrator for an Internet piracy Web site guilty of illegally distributing movies, some before their formal release.
Daniel Dove, 26, formerly of Clintwood, Va., was convicted of one count each of conspiracy and felony copyright infringement, according to a news release from the U.S. Department of Justice.
Dove was an administrator for EliteTorrents.org, a site that, until May 25, 2005, distributed copyrighted music and videos. Elite Torrents used BitTorrent peer-to-peer technology to distribute pirated works to thousands of members around the world, the Justice Department said.
The case is the first criminal conviction after jury trial for peer-to-peer copyright infringement. Dove's conviction is the eighth resulting from Operation D-Elite, a nationwide federal crackdown against the illegal distribution of copyrighted movies, software, games and music over P2P networks employing the BitTorrent file distribution technology.
Dove is scheduled to be sentenced Sept. 9. He faces a maximum sentence of 10 years in prison.
REGULATORS
New Fed Governor Confirmed
The Senate confirmed Elizabeth Duke as a Federal Reserve governor, ending a long impasse between the Democratic-controlled body and the Bush administration. The move averts a situation in which the Fed would have been left with only four governors, compared with the seven slots it has by law, after Frederic Mishkin leaves the board late this summer.
Duke, left, an executive at Portsmouth, Va.-based TowneBank and a former chairman of the American Bankers Association, will fill a term that expires in 2012.
FRANCE
Family to Take Clarins Private
Clarins, a French beauty-products company, said the Courtin family, which owns a controlling interest, plans to take the company private.
Executives will give details of the transaction at a news conference Monday, a spokesman said.
Clarins has lost almost a quarter of its market value this year as French consumer confidence has weakened. The stock jumped several times last year on speculation that the company might be sold after the death of its founder.
EARNINGS
KB Home reported a wider loss for its second quarter. Net loss for the period ended May 31 was $255.9 million, up from $148.7 million last year. Revenue declined 55 percent, to $639.1 million. The home builder struggled as inventories and foreclosure rates rise across the country.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
