United to Submit Plan in August
United Airlines' parent company said it would submit its plan to come out of bankruptcy protection around Aug. 1. UAL said in a bankruptcy court filing that its financial disclosure statement and reorganization plan would spell out how the carrier would settle its claims with lenders and other parties and detail its future business model.
Northwest Mechanics May Strike
The Aircraft Mechanics Fraternal Association, representing mechanics at Northwest Airlines, has authorized a strike vote as the airline attempts to cut annual labor costs by $1.1 billion. The union said its members at Northwest have until July 19 to vote.
J&J Loses Stent Patent Dispute
A Delaware jury ruled for Boston Scientific and against Johnson & Johnson in a test of patents protecting its drug-eluting stent technology. The jury said that J&J's Cypher stent infringes a Boston Scientific technology that allows drug coatings to be applied to stents and that other stents infringe a design patent held by Boston Scientific.
Manufacturing Activity Rises
U.S. manufacturing accelerated in June for the first time in seven months, the Institute for Supply Management said. Its factory index rose to 53.8, from 51.4 in May, as manufacturing remains in an uninterrupted expansion that began in June 2003.
Prison for Ex-Merrill Executive
Merrill Lynch's former head of investment banking, Daniel H. Bayly -- convicted last year in Enron's bogus sale of power barges to the brokerage -- must report to prison in Hopewell, Va., for a 21/2-year term on July 14, a judge has ruled. U.S. District Judge Ewing Werlein Jr. denied a request from Bayly's lawyers that he remain free on bond pending appeal.
Wireless Companies Ask for Delay
CTIA, a trade group representing wireless companies, filed a request with the Federal Communications Commission to suspend for an unspecified period the Dec. 31 deadline for equipping customers with handsets that let emergency dispatchers pinpoint a caller's location. The carriers say they don't want to force customers to replace their phones.
CTIA spokesman John Walls said the group's filing "is not indicative of any carrier's prospects of meeting the deadline."
SEC Sues Vermont 'Auto-Trader'
The Securities and Exchange Commission charged Terry's Tips and its founder, Terry F. Allen, with misleading more than 1,200 investors who used the firm's "auto-trading" programs. Terry's Tips said subscribers could expect annual returns of 100 percent by following Allen's trading strategies when the portfolios actually were experiencing substantial losses, the SEC said.
In auto-trading, subscribers open accounts at brokerage firms chosen by newsletters and authorize the online adviser to direct trades in their accounts.
U.S. Revives Airbus Complaint
The U.S. government took its dispute over government aid for European airplane maker Airbus back to the World Trade Organization, just two weeks after officials indicated they were committed to negotiating a solution. Washington says European government loans to Airbus amount to an illegal subsidy and should be stopped.
No Other Bids for US Airways
America West Holdings' proposal to merge with Arlington-based US Airways Group and bring it out of bankruptcy protection didn't attract any competing bids before yesterday's deadline, clearing a hurdle to its planned completion in about three months.
Taser Sues Gannett for Libel
Taser International filed a libel lawsuit in Arizona state court against McLean-based Gannett for publishing a June 3 article in USA Today that Taser said misled readers about the safety of its products, vastly overstating the electrical output of one of them. Moreover, the newspaper "further sensationalized" the story with photographic comparisons of the power of the Taser gun with the electrical output of an electric chair, a lightning storm and an electric train track, Taser said.
XM Subscriber Base Grows
District-based XM Satellite Radio said it added about 640,000 new customers in the second quarter, increasing its subscriber base to 4.4 million.
BearingPoint Names Accountant
BearingPoint, a McLean computer consultant whose financial statements are under investigation, named Judy Ethell chief accounting officer to finish the company's audit and file its delayed annual report. Ethell will be responsible for the corporate finance and accounting teams globally, BearingPoint said in a statement. She last served in PricewaterhouseCoopers's St. Louis office as tax partner in charge.
Compiled from staff and news service reports.