BRIEFCASE HEALTH NET TO BUY MORE OF ITS STOCK.

Byline: - Staff and Wire Services

WOODLAND HILLS - Health Net Inc. announced Monday that its board of directors has authorized the company to repurchase up to an additional $200 million of its common stock.

The purchases will be made from time to time through open market purchases or through privately negotiated transactions.

As of Aug. 20, Health Net had repurchased 13.4 million shares at an average price of $25.66 under the $250 million stock repurchase program approved by the Health Net board of directors in May 2002.

Health Net is one of the nation's largest publicly traded managed health care companies.

Semtech has deal with Samsung SDI 

CAMARILLO - Semtech Corp. will join forces with Samsung SDI Co. Ltd. to develop ultra fine, high-speed liquid crystal display screens, the semiconductor manufacturer announced Monday.

Semtech will supply Samsung with power management systems for use in mobile phone handsets, facilitating high-speed video on the 2.32-inch screens. Terms of the deal were not disclosed. Production should begin this fall.

Short-term T-bill interest rates up

WASHINGTON - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in more than two months.

The Treasury Department sold $16 billion in three-month bills at a discount rate of 0.98 percent. Another $16 billion in six-month bills was sold at a discount rate of 1.04 percent.

The three-month rate was the highest since June 9, when the bills sold for 1.005 percent. The six-month rate was the highest since June 2, when the bills sold for 1.095 percent.

In a separate report, the Federal Reserve said the average yield for one- year Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 1.33 percent last week from 1.29 percent the previous week.

Bankrupt United remains on track

CHICAGO - United Airlines remained unprofitable last month but reported it earned $35 million from operations as improving revenues helped keep its bankruptcy reorganization on track.

The world's No. 2 carrier reported a net loss of $112 million in announcing results Monday for July, its eighth month in Chapter 11 bankruptcy. The company said its financial performance met the requirements of its bankruptcy lenders and that it's on pace to meet them for August as well.

Excluding $105 million in reorganization expenses, mostly attributed to the rejection of costly aircraft leases, United said the net loss was $7 million. Systemwide unit revenue increased 10 percent over July 2002 and was well ahead of the industry average for the month, according to the airline based in Elk Grove Village, Ill.

Wal-Mart predicts increase in sales

BENTONVILLE, Ark. - Wal-Mart Stores Inc., the world's largest retailer, increased its August sales forecast Monday.

Wal-Mart said it was expecting sales in stores open at least a year to increase by between 4 percent and 6 percent for the month. It had previously expected sales growth of 3 percent to 5 percent for August.

On the New York Stock Exchange, Wal-Mart shares were up 70 cents to close at $59.10.

In sales last week, Wal-Mart said its best-selling categories were food, electronics, men's apparel, hardware, pharmacy, toys and intimate apparel. The company said sales were strongest on the East Coast.

The average amount each customer spent was up, as was the volume of customers, Wal-Mart said. Wal-Mart also said it opened 35 new stores last week, 30 of them Supercenters and five of them discount stores.