The Chicago Board of Trade chairman, Karsten Mahlmann, resigned as head of the exchange and as head of Stotler Group Inc., a commodities trading firm that operates a subsidiary accused of improperly using clients' money. The board of the commodity futures exchange elected Vice Chairman William O'Connor to serve the remainder of Mahlmann's one-year term. Rep. John D. Dingell (D-Mich.), chairman of the House Energy and Commerce Committee, said his panel would look "into the facts and circumstances surrounding the recent collapse of Stotler & Co."
The index of leading economic indicators was unchanged in June for the second month this year, the Commerce Department said. Analysts said the report portends a listless economy in the months ahead.
Businesses slashed orders for manufactured goods and reduced inventories in July, the National Association of Purchasing Management reported. It was the first drop in the group's measurement in three months.
Borrowing troubles affected one out of every five businesses seeking credit in the last six months, a survey released by the U.S. Chamber of Commerce found. Real estate firms were most affected, and financial firms were least affected.
Time Warner has formed a company to coordinate and expand its involvement in sports marketing. The new company will coordinate and broaden the sports rights agreements now held by Time Warner's magazine, cable television, home video, licensing and book groups.