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NATIONAL BRIEFING
BANKING
The Delta-Northwest merger cleared a key hurdle as the carriers' pilots agreed on a joint contract.
(By Michael Dwyer -- Associated Press)
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Wachovia Plans More Job Cuts
Wachovia plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt, the bank said in its filing of quarterly results with the Securities and Exchange Commission.
The bank also said it has set aside $500 million related to settlement discussions with regulators over the sale of auction-rate securities. That move widened Wachovia's second-quarter loss to $9.11 billion from the $8.86 billion it reported last month.
LEGAL
Tiffany Appeals eBay Ruling
Tiffany & Co. challenged a federal ruling that largely absolved eBay of policing its site for counterfeit items, saying the judge was wrong to leave the primary burden to the jewelry maker. The appeal with the U.S. Court of Appeals for the 2nd Circuit in New York extends a case that Tiffany filed against eBay in 2004 arguing that most items listed on eBay as genuine Tiffany products were fakes.
Last month, U.S. District Judge Richard J. Sullivan ruled that trademark holders like the jewelry maker, rather than auction platforms like eBay, are responsible for policing their brands online.
TREASURY BILLS
T-bill rates rose. The discount rate on three-month Treasury bills auctioned yesterday rose to 1.870 percent from 1.710 percent last week. Rates on six-month bills rose to 2.020 percent from 1.920 percent. The annualized return to investors is 1.905 percent for three-month bills, with a $10,000 bill selling for $9,952.73, and 2.069 percent for a six-month bill selling for $9,897.88. Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 2.23 percent last week from 2.30 percent two weeks ago.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
