BRIEFCASE RAYTHEON TO BUY OUTSTANDING NOTES.Byline: - Staff and Wire Services < WALTHAM, Mass. - Rayteon Co. said Tuesday it plans to repurchase up to $1.24 billion of its outstanding notes. The aerospace and defense contractor said the offer is for all $439 million of 6.3 percent notes due March 15, 2005, and $800 million of 8.2 percent notes due March 1, 2006. James Fetig, a Raytheon spokesman, said the note buyback is meant to help reduce interest expense, which rose 16 percent for the third quarter to $137 million. The offer is valid only on Dec. 9, unless extended or canceled earlier, Raytheon said. Raytheon plans to finance the note buyback with cash on hand, borrowings under certain credit facilities or the proceeds of a debt offering. HealthSouth OKs change in board BIRMINGHAM, Ala. - HealthSouth Corp., ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. to the demands of a shareholder lawsuit, agreed Tuesday to replace five directors who served while executives engaged in a huge accounting fraud. Changes in the board membership will begin this month under a settlement of a suit filed by the teachers pension system in Louisiana, a major HealthSouth investor. A lawyer for the $10.5 billion Teachers Retirement System of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. said the fund's goal was to remove the directors who presided over HealthSouth's plunge into scandal. Fifteen former executives have pleaded guilty to participating in a scam that allegedly resulted in HealthSouth earnings being overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o by some $2.7 billion to meet Wall Street forecasts. Former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard M. Scrushy Richard Marin Scrushy (born 1952) is the founder of HealthSouth, a global healthcare company based in Birmingham, Alabama, convicted in 2006 of bribing Alabama governor Don Siegelman for political favors and currently in prison awaiting appeal. was indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. for allegedly directing the fraud. He has pleaded not guilty and is free on $10 million bond. Pepsico cutting 750 company jobs Pepsico is cutting 750 jobs and restructuring several parts of its operations, including a move to combine its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. juice businesses into one unit. The job losses primarily involve workers in the United States. Of the 750 cuts, 330 are coming from Pepsico's Frito-Lay North America division, mainly due to the closing of a plant in Louisville, Ky., early next year. The changes harken har·ken v. Variant of hearken. Verb 1. harken - listen; used mostly in the imperative hark, hearken listen - hear with intention; "Listen to the sound of this cello" to some of those made earlier this year at Pepsico rival Coca-Cola, where a reorganization of North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. included about 1,000 job cuts. France rejects settlement plan PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. - France has rejected a settlement proposal by U.S. authorities over charges arising from the buyout of bankrupt Californian insurer Executive Life, the French government said Tuesday. In a statement, the French finance ministry said talks with California federal prosecutors had ended in failure, ``despite all the efforts made over several weeks.'' The statement said the government had decided ``not to approve the latest proposals put by the federal prosecutor in California'' to the CDR (1) See CD-R and extension. (2) (Call Detail Reporting) See call accounting. (3) (Common Data Rate) A standard sampling rate for digital video for 480i and 576i systems. The rate is 13.5 MHz. See ITU-R BT. , the French state holding involved in the affair. Credit Lyonnais, the French bank that secretly acquired Executive Life in 1991-1992 - when California law barred banks from controlling insurers - would have paid $100 million under the settlement rejected Tuesday. The announcement came after the latest in a series of settlement deadlines imposed by Assistant U.S. Attorney Jeffrey Isaacs expired Monday evening in Los Angeles. U.S. officials had negotiated to the wire with lawyers representing French tycoon Francois Pinault, a close friend of French President Jacques Chirac. Market indexes decline slightly Stock market investors pulled back on Tuesday to take profits from a six-day advance, capped on Monday when stock indexes surged to 18-to- 22-month highs. All the indexes dipped minimally after trading in plus territory for part of the day. Missing as a buying catalyst was the kind of compelling economic news that occurred Monday for the manufacturing and construction industries. Strategists generally look for a December rebound from November's weaker-than-normal performance. |
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