Armando Falcon Jr., the director of the federal agency that regulates mortgage financiers Fannie Mae and Freddie Mac, won't seek a second term when his five-year tenure expires Oct. 5, the Office of Federal Housing Enterprise Oversight said. Falcon faced criticism last year from lawmakers, including Sen. Richard C. Shelby (Ala.), the Republican chairman of the Senate Banking Committee, for failing to flag accounting mistakes at McLean-based Freddie Mac.
Tribune Co. Revises Circulation
Tribune Publishing again lowered circulation figures for its Newsday and Hoy newspapers, saying Newsday's daily circulation had been misstated by as many as 100,000 copies and Hoy's by as much as 48,000. In June, the Tribune division disclosed that circulation numbers at the two New York newspapers had been inflated, but the latest revisions were significantly greater. The Chicago company said it would take a charge of up to $60 million in the third quarter to resolve the errors, in addition to a $35 million charge it took in the second quarter.
Qwest Communications International has agreed to settle fraud allegations from federal regulators for $250 million, a union official said. John Thompson, a Communications Workers of America vice president, said he was notified by a company official of the tentative settlement with the Securities and Exchange Commission.
Automakers will be required to equip power windows with safety switches to prevent injuries to children under a new regulation the federal government will announce Monday. Jeffrey W. Runge, head of the National Highway Traffic Safety Administration, will announce the rule with Sen. Mike DeWine (R-Ohio), who has long advocated such a requirement. At least seven children died nationwide in a three-month span earlier this year from getting their necks inadvertently caught in automobile power windows.
Fidelity Investments has bought $549 million of stock in Internet search service Google, about 23 percent of the shares sold in the company's initial public offering.
U.S. beef imports to Japan are likely to remain banned because differences between Japan and the United States over the issue of testing cattle for the brain-wasting mad cow disease are unlikely to be resolved soon, Japan's health minister said. Japan is demanding that the United States use the Japanese standard of testing all cattle for the illness.
Knoll filed for an initial public offering to sell $230 million of its common shares, according to an SEC filing. The furniture maker did not give an expected price range. Knoll, based in Pennsylvania, intends to apply for listing on the New York Stock Exchange under the symbol KNL.
A Japanese securities overseer recommended that Cantor Fitzgerald Securities be disciplined for illegally using its own accounts to absorb trades ordered by clients. The Securities and Exchange Surveillance Commission said it asked the Financial Securities Agency, Japan's financial watchdog, to take punitive action against two traders and the U.S. bond trading firm's entire Tokyo branch office.
Advance Auto Parts chief executive Lawrence Castellani will retire in May, but continue as chairman. Michael N. Coppola, Advance Auto's chief operating officer, will succeed Castellani as chief executive.
Compiled from reports by the Associated Press, Bloomberg News, Dow Jones News Service and Washington Post staff writers.