Bankruptcy filings set a record in 2002, a government report said. Personal bankruptcy filings totaled 1,539,111 in 2002, up 5.7 percent from the year before, according to the Administrative Office of the U.S. Courts. Business filings totaled 38,540 last year, down 4 percent from 2001, the agency said.
Former Finance Minister Arrested
Peru's former finance minister, in Argentina as a member of an International Monetary Fund team reviewing that nation's economy, was arrested in Buenos Aires on suspicion of corruption, the head of the Interpol-Argentina office said. Jorge Baca Campodonico was detained at the request of a Peruvian judge. Baca Campodonico is suspected of waiving tax payments from hundreds of Peruvians on orders of disgraced ex-spy chief Vladimiro Montesinos, who served under former president Alberto Fujimori.
Tyco International said an insurer that provides protection against lawsuits filed against company officials has canceled its policy, citing "misrepresentations" made by Tyco when it was run by former chairman and chief executive L. Dennis Kozlowski. The cancellation may increase Tyco's liability to lawsuits filed against former and current officials by investors. Kozlowski and former chief financial officer Mark Swartz were indicted last year on charges of looting Tyco for personal gain of more than $600 million through stock fraud and illegal compensation. They have sought to have the charges dismissed.
Ted Turner disclosed that he sold $50 million worth of AOL Time Warner stock outside a prearranged trading program that calls for him to sell $5 million in stock a month. The filing by the Cable News Network founder, who is quitting as AOL Time Warner's vice chairman, didn't provide any explanation for the sales.
A federal appeals court said it would reconsider a groundbreaking decision that Unocal should stand trial for alleged human rights abuses involving construction of a $1.2 billion pipeline in Myanmar. The ruling means an 11-judge panel of the 9th U.S. Circuit Court of Appeals will hear new arguments over whether the energy company should be held liable for crimes allegedly perpetrated by government troops.
General Motors filed a trademark infringement lawsuit against specialty carmaker Avanti Motor, saying Avanti's new Studebaker XUV too closely resembles GM's Hummer H2 sport-utility vehicle. The Studebaker XUV debuted at the Chicago Auto Show. Avanti said owner Michael Kelly would release a statement Monday.
Frontier Airlines, which competes mainly against United Airlines in Denver, won final approval for a $63 million federal loan guarantee in exchange for an 11.1 percent stake in the company.
Salon Media Group said it may not survive beyond this month if it can't raise money. The San Francisco-based online publisher said in a filing with the Securities and Exchange Commission that it stopped paying rent on its headquarters in December.
Continental Airlines, the fifth-largest U.S. carrier, boosted the cost of a round-trip ticket by $20 to reflect increased prices for jet fuel. RECALLS
DaimlerChrysler recalled 1.2 million Dodge and Chrysler sedans in North America because a bolt can wear out and break, causing the front seat to recline unexpectedly while the car is moving, the National Highway Traffic Safety Administration said. The voluntary recall covers 1998 through 2002 models of the Chrysler 300M, Concorde, LHS, Intrepid and the Dodge Intrepid.
Robert Bosch Tool is recalling about 2 million drill battery chargers -- sold nationwide from July 1994 to this month -- that can overheat, causing the charger housing to melt and possibly ignite flammable materials nearby. The recalled chargers, sold as accessories for Skil Warrior drills, are black with red trim and bear the word "skil" in red letters. The recall includes 9.6-volt, 12-volt, 14.4-volt and 18-volt chargers bearing model numbers 2375, 2380, 2475, 2480, 2482, 2580, 2582 and 2882. Consumers should unplug the chargers immediately and call 800-726-4202 for more information.
Venezuela's economy shrank 16.7 percent in the fourth quarter because of a general strike and lingering recession, according to government figures. The nation's oil sector, which accounts for about a third of gross domestic product, contracted by nearly 13 percent in the quarter as thousands of workers walked off their jobs while the government of President Hugo Chavez worked to restore production. Venezuela is the world's fifth-leading oil exporter and is a leading supplier to the United States.
Mary MacPherson, executive director of the Morino Institute's Netpreneur program, starts a new job next week as vice president of marketing at online education company Blackboard in Washington. MacPherson will officially leave Netpreneur, a networking group for entrepreneurs that is being shut down, next month.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers