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TOP NEWS NOW: Court gives Napster 72 hours to crack down on ...
Futures World News - March 06, 2001 14:43


Mar. 6-MAR--

(BridgeNews) March 6, 1944 GMT/1444 ET
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TOP STORIES:

Court gives Napster 72 hours to crack down on music piracy
San Francisco, March 6 (AP) - A federal judge gave the recording
industry another victory in its bid to control digital music, saying
Napster Inc. has just 72 hours to block any copyrighted songs. This clock
starts ticking the moment record labels present Napster with lists of
songs they want banned from the song-swapping service, which has drawn
more than 50 million people into a free-music frenzy.
( Story .17976 )

US stocks hold steady
New York, March 6 (BridgeNews) - U.S. stocks held steady below their
session highs as technology stocks continued to pace the market's drive to
rack up its first back-to-back advance in five weeks. The last time all
major indexes finished in positive territory for two successive days
occurred on Jan.
29 and Jan. 30. The Dow was up 41 at 10,603, while the Nasdaq was up 79,
or 3.71%, to 2,222.
( Story .1300 )

US factory orders drop, labor productivity revised to 2.2%
Washington, March 6 (BridgeNews) - A plunge in orders for airplanes
and other transportation equipment orders helped push U.S. factory orders
down 3.8% in January, the first drop in three months, the Commerce
Department said. Wall Street economists had been expecting a 3.4% decrease
in new orders for manufactured goods. Meanwhile, the Labor Department
reported that the productivity of the U.S. workforce grew more slowly than
previously thought in the fourth quarter of 2000. Non-farm productivity
increased at a revised annual rate of 2.2%, compared with the 2.4% last
reported.
( Story .5973 )

Citigroup set to slash up to $2 billion in expenses, says report
New York, March 6 (BridgeNews) - Citigroup Inc. (US;C) is set to cut
expenses and planned investments by $1 billion to $2 billion, the Wall
Street Journal's online edition reported, quoting people familiar with the
matter. The exact amount will depend on the economy and how it affects
Citigroup's businesses, which run the gamut from investment banking to
life insurance and credit cards, the report said.
( Story .10773 )

UBS Warburg to hire 150 investment bankers
New York, March 6 (BridgeNews) - UBS Warburg (UBS), which went on a
hiring spree last year to bolster its U.S. investment banking business,
says it wants to add another 150 bankers this year, a 23% increase, at a
time when Wall Street rivals are tightening their belts amid the economic
slowdown.
( Story .17338 )

Target Corp fourth-quarter profit rises 11.7%, beats estimates
New York, March 6 (BridgeNews) - Target Corp. (TGT) said its
fourth-quarter net income rose 11.7% to $552 million, or 61 cents a share,
from $494 million, or 53 cents a share, a year ago. The results beat
analysts' estimates of 59 cents a share. Target Corp. expects annual
earnings growth of 15%. The company also said it will purchase the rights
to 35 former Ward stores, and open 30 or more of the locations as new
Target stores in 2002.
( Story .15091 )

Bank of Canada cuts rates a half-point as economy slows
Ottawa, March 6 (BridgeNews) - The Bank of Canada took an aggressive
step to bolster the weakening economy, cutting official interest rates by
one half of a percentage point. The bank rate, at which the central bank
lends overnight to major banks, was cut to 5.25%. The Bank of Canada's
target for rates on overnight loans among banks was sliced from 5.50% to
5.00%.
( Story .5970 )

Cheney is released from hospital
Washington, March 6 (BridgeNews) - U.S. Vice President Dick Cheney was
released from George Washington University hospital after undergoing a
procedure to reopen a blocked artery. The vice president will rest at home
for the day but plans to resume working later this week, Cheney aide Mary
Matalin said in a statement.
( Story .16490 )

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OF INTEREST:

Xerox to sell 25% stake in Fuji Xerox to Fujifilm for $1.3 billion
New York, March 6 (BridgeNews) - Xerox Corp., (XRX) the struggling
maker of photocopiers and other document-processing equipment, is selling
half of its 50% stake in Japan's Fuji Xerox to partner Fuji Photo Film Co.
as part of an effort to raise cash and restore it to financial soundness.
Fuji Photo Film will pay $1.3 billion in cash for the stake, which will
increase its holdings in Fuji Xerox to 75%.
( Story .5971 )

Staples beats expectations despite fourth-quarter profit decline of 21%
New York, March 6 (BridgeNews) - Staples Inc. (SPLS), the No. 2 U.S.
office supply retailer, reported a net income of $94 million, or 21 cents
a share, beating analysts' forecast of 20 cents a share. The results
exclude a charge of $206 million related to write-down of the company's
investments in Staples Communications and a number of Internet companies.
A year earlier the company posted net income of $119.39 million.
( Story .13266 )

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