BIZWATCH : MARKETS.MARKET LOGIC: First there was hesitation, but the blinking contest ended quickly Wednesday as investors bid the stock market to record territory after the Federal Reserve left interest rates unchanged. The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. rose 73.05 to 7,795.38, slightly more than a point shy of June 20's record finish of 7,796.51. MEMO MARKETS, BANKS CURTAIL HOURS THIS WEEK: U.S. financial markets, government offices and banks will be closed Friday in observance of Independence Day. Foreign financial markets will be open. Stock trading will end today at 10 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT and bond markets will close at noon PDT. ?13- Daily News ALABAMA TARGETS LONG BEACH COMPANY: A Long Beach-based company suspected of portraying itself as AT&T is being targeted by an Alabama campaign to crack down on companies that switch consumers' long-distance service without approval. The state Public Service Commission said Wednesday the PSC has received 108 complaints this year - mostly from small Alabama businesses - that their long-distance service was improperly switched to Business Discount Plan of Long Beach. Officials at BDP did not return telephone calls seeking comment Wednesday. ?13- Associated Press DISNEY ANGERS BLIND ORGANIZATIONS: Walt Disney Co.'s planned movie revival of the nearsighted near·sight·ed adj. Unable to see distant objects clearly; myopic. Mister Magoo cartoon character drew a protest from the National Federation of the Blind The National Federation of the Blind (NFB) is an organization of blind people in the United States. It is the oldest and most likely largest national organization to be led by blind people. Its national headquarters are in Baltimore, Maryland. . The association passed a resolution requesting that the Burbank-based entertainment giant halt production of a movie about Mister Magoo, who is accident-prone because of his nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the . The group claims the character fosters bad impressions about the capabilities of the blind. Disney officials didn't return calls seeking comment. ?13- Bloomberg News FORMER CFO See Chief Financial Officer. PLEADS GUILTY TO $60 MILLION EMBEZZLEMENT embezzlement, wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larceny at common law because larceny was committed only when property was acquired by a "felonious taking," i. : The former chief financial officer of Day-Lee Foods Inc. pleaded guilty Wednesday to embezzling at least $60 million from the Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. meat packing firm, a federal prosecutor said. Yasuyoshi Kato, 39, had faced dozens of charges stemming from the scheme that U.S. Attorney Nora Manella called ``one of the largest embezzlements in United States history.'' The Redondo Beach man pleaded guilty to two counts of wire fraud, bank fraud and tax fraud and one count of criminal forfeiture, said Assistant U.S. Attorney Mike Zweiback. He faces up to 76 years in federal prison and a $3 million fine when he is sentenced Sept. 22. CAPTION(S): 2 Charts Chart: (1--Color) DOW INDUSTRIALS (2--Color) BIZ FACTS Where the homeowners Percent of U.S. families who own their own homes, by location Knight-Ridder Tribune/PAUL TRAP |
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