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Published: November 7, 2009
Music sites get blocked
LOS ANGELES — A federal judge has temporarily blocked two music-sharing Web sites from selling songs by The Beatles and other artists for 25 cents apiece. U.S. District Judge John F. Walter on Thursday blocked the sites BlueBeat.com and Basebeat.com and their owners from selling copyrighted songs by The Beatles and others. Music company EMI Group filed a federal lawsuit Tuesday. A court hearing is set for Nov. 20.
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I-35W collapse suit settled
ST. PAUL, Minn. — Victims and the families of those killed in the Interstate 35W bridge collapse in Minneapolis in 2007 agreed Friday to settle their lawsuits against a construction company that was resurfacing the span at the time. About 130 people are affected by the settlement with Progressive Contractors Inc., attorneys said. Hennepin County Judge Deborah Hedlund, who approved the agreement, said financial awards for victims will be kept confidential. Thirteen people died in the collapse and 145 were injured.
Kraft nears Cadbury offer
CHICAGO — The clock is ticking on a Monday deadline for Kraft Foods Inc. to make a formal offer for British candy maker Cadbury PLC. Kraft, which makes Oreo cookies, Nabisco crackers and its namesake cheese, on Tuesday told investors to keep an eye on its filings — a clue that a bid may be right around the corner. Monday is the last day permitted for Kraft to "put up or shut up,” according to U.K. regulators. If Kraft doesn’t make a formal bid by then, it must walk away for six months.
Oil, gas rigs on the rise
HOUSTON — The number of rigs actively exploring for oil and natural gas in the U.S. has risen by nine this week to 1,078. Houston-based Baker Hughes Inc. said Friday that 734 rigs were exploring for natural gas and 332 for oil. Twelve were listed as miscellaneous. A year ago this week, the rig count stood at 1,992. Of the major oil- and gas-producing states, Louisiana gained five rigs, New Mexico gained three, Arkansas and California each gained two, and Oklahoma and Colorado each gained one. Texas lost four rigs, while North Dakota lost one. The rig count tally peaked at 4,530 in 1981, during the height of the oil boom.
Ebay, Skype settle battle
SAN FRANCISCO — eBay Inc. has settled a legal skirmish with the founders of Skype that threatened to complicate eBay’s plans to sell most of the Internet phone service to a group of investors for $2 billion. The online marketplace operator said Friday the settlement gives Skype ownership of critical software that had been licensed from Joltid Ltd., which is a company founded by Skype co-founders Niklas Zennstrom and Janus Friis. The settlement effectively ends Zennstrom and Friis’ litigation against the investor group and eBay. In return, Zennstrom and Friis will get a 14 percent stake in Skype.
Regulators close bank
WASHINGTON — Regulators on Friday shut United Security Bank, a small bank in Georgia, bringing the number of bank failures this year to 116 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits and two branches. Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of the failed bank. The failure of United Security Bank is expected to cost the federal deposit insurance fund an estimated $58 million.
FDA warns online stores
RICHMOND, Va. — The Food and Drug Administration said Friday that it warned several companies to stop selling banned flavored cigarettes to U.S. consumers online. The agency sent letters this week to more than a dozen Web-based companies saying they are violating a new ban and asking the companies to describe what action they’ve taken to comply. The FDA banned candy-, fruit- and clove-flavored cigarettes in September. Federal health authorities and regulators say those products appeal especially to young people and are thought to attract new smokers.
Berkshire says gains tripled
OMAHA, Neb. — Warren Buffett’s company says its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.’s derivative contracts. Berkshire said Friday it generated $3.2 billion, or $2,087 per share, in net income. That’s up significantly from last year’s $1.1 billion, or $682 per share. Most of the swing in earnings is related to unrealized gains in the value of Berkshire’s derivatives, some of which are tied to credit defaults and some of which are tied to equity markets. Berkshire’s insurance companies performed well, but its other operating companies struggled.
WORLD
Group of 20 talks climate
ST. ANDREWS, Scotland — The world’s top financial officials on Friday sought a blueprint for securing future global growth and worked to break a deadlock over who bears the cost of fighting climate change. Finance ministers and central bankers from the Group of 20 leading rich and developing countries are likely to agree that it is too early to kill economic stimulus measures.
China launches U.S. auto probe
BEIJING — China criticized Washington for imposing anti-dumping duties on Chinese-made steel pipes and launched a probe Friday of imported U.S. autos, adding to trade tensions two weeks before President Barack Obama visits Beijing. The latest moves ratchet up disputes over market access for goods from poultry and tires to Hollywood movies. But Beijing and Washington are confining the conflicts to diplomatic channels, apparently hoping to avert a trade war that could damage cooperation on several issues.
From wire reports
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