Tuesday Evening Business Brief
September 24, 2013, 6:53 PM
- A series of economic reports out today sent mixed signals about business health, dragging stocks lower in late trading. The losses, although modest, extended a brief losing streak for Standard & Poor's 500 index for a fourth straight day. The Dow Jones industrial average also dropped for a fourth straight day.
- A former stockbroker has pleaded guilty in San Diego to a role in alleged insider trading by a former senior executive at Qualcomm Inc. Gary Yin pleaded guilty today to a single count of conspiracy in an agreement with prosecutors that limits his sentence to a maximum of five years in federal prison. The 54-year-old former Merrill Lynch broker says he set up an account in the British Virgin Islands for Jing Wang, the wireless technology company's former president of global business operations.
- Allegiant Air is reporting no cancellations in its modest schedule today while crews continue a system-wide rehab of emergency exit slides on MD-80 aircraft. Company spokeswoman Jessica Wheeler says the airline had 25 flights scheduled nationwide, including 12 carried over after they were canceled yesterday. Wheeler says at least 32 of Allegiant's fleet of 52 MD-80s are back in service.
- General Motors will sell $4.5 billion in bonds to reduce debts owed to union-run trusts that pay health care bills for the company's U.S. and Canadian retirees. The company says it will spend $3.2 billion from the bond sale to buy 120 million shares of GM preferred stock from a U.S. trust that provides health care to retired members of the United Auto Workers union. The lower-interest bonds will replace a 9 percent annual dividend on the stock.
- The Pennsylvania attorney general's office plans to challenge an arbitration decision in a fight over the collection of taxes on tobacco products. The dispute threatens to blow a $170 million hole in the state budget next year. First Deputy Attorney General Adrian King said the request to reconsider the Sept. 11 decision would be filed today.
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