GM Announces Saturn Recall
General Motors said it would recall nearly 300,000 Saturn L-series sedans and wagons because of problems with brake and tail lights that could make it difficult for another vehicle's driver to realize the Saturn's brakes were being applied, leading to a rear-end crash. The recall covers 2000 to 2002 sedans and 2000 to 2004 wagons in the L-series. GM said the recall would begin in September.
Children's Tylenol Recalled
Some versions of Children's Tylenol are being recalled because of confusing packaging that could result in overdosing. Affected products include all lots and all flavors of 80 milligram-strength Children's Tylenol Meltaways packaged in bottles and blisters, 80 milligram-strength Children's Tylenol SoftChews packaged in blisters and 160 milligram-strength Jr. Tylenol Meltaways packaged in blisters.
New Rules for Gem Dealers
The Bush administration, in its latest effort to nab drug lords and terrorist financiers, will require major dealers in gold, diamonds and other precious metals and gems to set up comprehensive anti-money-laundering programs. The Treasury Department's Financial Crimes Enforcement said the rules apply only to dealers who have bought and sold at least $50,000 worth of precious metals and gems, and so most retailers are not required to set up such programs.
Martin to Name FCC Media Head
Federal Communications Commission Chairman Kevin J. Martin will nominate Donna C. Gregg, general counsel of the nonprofit Corporation for Public Broadcasting, to run the agency's media bureau. Gregg's appointment has to be approved by the three other commissioners. Gregg would replace W. Kenneth Ferree, who left the FCC in March and is acting chief executive of the Corporation for Public Broadcasting, which funds National Public Radio.
Wachovia to Make Donation
Wachovia will make a financial contribution to black history education following its public apology for reaping past profit from slavery, the Charlotte-based bank said.
Adelphia Settlement Stands
The U.S. Court of Appeals for the 2nd Circuit denied a request by several Adelphia Communications debt holders to vacate a $715 million settlement agreement by the company, the government and the Rigas family.
Ex-Qwest CFO Reaches Deal
A former Qwest Communications International finance chief reached an agreement with federal regulators to settle civil fraud charges arising from a scandal that forced the firm to erase billions of dollars in revenue. Robin R. Szeliga asked for a 60-day extension to finalize a settlement with the Securities and Exchange Commission. Terms were not disclosed. Prosecutors alleged she improperly sold 10,000 shares of Qwest stock in 2001, profiting $125,000.
Suit Hurts DreamWorks Shares
Shares of DreamWorks Animation fell to a new 52-week low of $29.10 after a shareholder lawsuit claimed that chief executive Jeffrey Katzenberg misrepresented DVD sales for the studio's blockbuster movie "Shrek 2." The lawsuit alleges that Katzenberg and Chairman Roger A. Enrico made misleading statements about profit in the first quarter.
Ex-Riggs Executive, Wife Indicted
Simon P. Kareri and wife Nene Fall Kareri were indicted by a federal grand jury for conspiracy, bank fraud, money laundering and other charges stemming from Kareri's work as a vice president of Riggs Bank. The 27-count indictment is identical to a criminal complaint filed May 27 by the FBI and the U.S. attorney's office in the District, which among other things alleged Simon Kareri had embezzled more than $1 million from Equatorial Guinea's accounts at Riggs.
Nasdaq Threatens to Delist Flyi
Flyi, parent of Dulles-based airline Independence Air, said it has received a letter from the Nasdaq Stock Market saying the company will be delisted unless it brings its stock price above $1 for at least 10 consecutive days before Nov. 23. The airline said it plans to ask its board to authorize a reverse stock split.
Firm Buys Rest of Bowen Building
Vornado Realty Trust of New York agreed to buy the remaining 90 percent of the Bowen Building in the District for about $63 million in cash. Vornado also will assume a $56 million mortgage. The building at 875 15th St. NW is 83 percent leased to two tenants whose leases expire in 2015 and 2020, Vornado said.
Employment Agency Makes Cuts
Virginia's employment agency has laid off about 400 workers, or more than a quarter of its staff, because of the state's robust economy. The federal government bases unemployment insurance funding for the Virginia Employment Commission on the volume of jobless claims.