BRIEFCASE HOMEBUILDER.COM JOINS WITH YAHOO.Byline: - Staff and Wire Services WESTLAKE VILLAGE - Shares of Homestore.com jumped more than 30 percent Friday after the online real estate company announced an agreement with Yahoo. Homestore shares gained 86 cents to close at $3.70 on the Nasdaq market. The Westlake Village-based company said it will provide apartment listings for Yahoo Real Estate. The agreement will enable Yahoo members to access more than 6.4 million apartment units and more than 100,000 new home listings from Homebuilder.com. Economic signs indicate recovery WASHINGTON - The economy is showing fresh signs of snapping out of its funk Funk , Casimir 1884-1967. Polish-born American biochemist whose research of deficiency diseases led to the discovery of vitamins, which he named in 1912. : Orders to factories for big-ticket goods registered the biggest increase since the beginning of the year and new-home sales climbed to the highest level on record. The latest batch of economic news Friday reinforced hopes that a much anticipated revival will take hold in the second half of this year. In more welcome news, sales of new, single-family homes rose 4.7 percent in June from the month before to a seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate of 1.16 million units, the best month for sales on record, the department said in a second report. That comes on top of a 10.9 percent jump in new-home sales from April to May. GM mailing new child seat manual WASHINGTON - General Motors Corp. is sending child seat instructions to 1.7 million vehicle owners after a federal investigation found the company's vehicle manuals were inadequate, GM and the National Highway Traffic Safety Administration The National Highway Traffic Safety Administration (NHTSA, often pronounced "nit-suh") is an agency of the Executive Branch of the U.S. Government, part of the Department of Transportation. said Friday. NHTSA NHTSA National Highway Traffic Safety Administration (US government) said GM didn't meet a federal requirement to explain how to find and use child safety seat anchors - also called the LATCH An electronic circuit that maintains one of two states. See flip-flop. latch - A digital logic circuit used to store one or more bits. A latch has a data input, a clock input and an output. system - in the back seats of 13 different brands. The safety anchors, which connect to child seats and hold them in place, have been on GM vehicles since 2001, spokesman Jim Schell said. No injuries have been reported due to the inadequate instructions, NHTSA said. Owners will receive supplemental instructions in the mail in August, Schell said. Adelphia names two new directors GREENWOOD Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. VILLAGE, Colo. - Adelphia Communications Corp. said Friday it has hired two new independent directors to replace two of the four remaining board members that served before its Chapter 11 filing. E. Thayer Bigelow Jr., a former TV executive, and Kenneth L. Wolfe, the former chief executive of Hershey Foods Corp., will replace outgoing board members Leslie Gelber and Pete Metros effective Aug. 2. In January, the committee representing Adelphia shareholders filed a lawsuit lawsuit: see procedure; tort. seeking to force the election of new directors, on the basis that a number of the members were ``tainted'' by their ties to Rigas family members, who controlled Adelphia and have been charged with a range of fraud and misconduct MISCONDUCT. Unlawful behaviour by a person entrusted in any degree: with the administration of justice, by which the rights of the parties and the justice of the, case may have been affected. 2. . In June, Adelphia said the four remaining pre-bankruptcy directors planned to step down from the nine-member board once replacements were found. John Rigas John J. Rigas (born November 14, 1924 in Wellsville, New York) was one of the founders of Adelphia Communications Corporation, which at its peak was one of the largest cable companies in the United States. , the company's founder, his two sons and another executive were indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. by a federal grand jury in September on charges of looting the company of hundreds of millions of dollars. All have pleaded not guilty. U.S. AID awards contract for Iraq WASHINGTON - The U.S. Agency for International Development on Friday awarded a contract to BearingPoint Inc. of McLean, Va., to help boost Iraq's economy. The initial $9 million would be used to support a competitive private sector in Iraq, including measures to boost employment and stimulate trade. The company may offer support to Iraq's Central Bank and its ministries of finance, trade, commerce and industry, and will work on building a food policy safety net to help Iraqis once the U.N. food program ends. Green light given for securities sale HAGERSTOWN, Md. - The Securities and Exchange Commission has given permission to Allegheny Energy Allegheny Energy (NYSE: AYE) is a traditional public utility based in the Pittsburgh suburb of Greensburg. It services communities in Western Pennsylvania, Western Maryland, Northern West Virginia, Northwest Virginia. Inc. to sell $325 million in securities as the utility struggles to avoid bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . The Hagerstown energy company's subsidiary, Allegheny Energy Supply Co., will also be allowed to borrow up to its $2.2 billion limit, the SEC said Thursday. Allegheny has warned that if it were unable to secure new financing, its Allegheny Energy Supply subsidiary would be unable to conduct business, possibly forcing the company to seek bankruptcy protection. Late last month, though, the company acknowledged it was in violation of a 1935 federal law that says a utility's ratio of common stock to total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. must not fall below 28 percent. Roche buying rival blood-testing firm COLLEGE PARK, Md. - Roche Holdings AG is buying biotechnology company Igen International for $1.4 billion, a takeover that ends a long licensing dispute between the two over blood testing technology. Switzerland-based Roche will get access to Igen's diagnostic process, known as Origen, that the companies have fought over in court since 1997. For each of the 26.7 million shares of Igen, Roche will pay $47.25 and give Igen shareholders one share in a spinoff Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. company that will hold the license to Origen. Roche will also give the as-yet unnamed company $155 million and get nonexclusive rights to Origen at no cost. The deal announced Thursday is expected to close by the end of the year if approved by Igen shareholders and by regulators. |
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