BRIEFCASE WACHOVIA ORDERED TO PAY FOR LOSSES.Byline: - Staff and Wire Services A securities watchdog ordered brokerage house Wachovia to pay a pension-fund manager nearly $400,000 for failing to take steps to take action; to move in a matter. See also: Step to prevent significant investment losses, a Beverly Hills attorney said Tuesday. Wachovia Securities Corp. - formerly know as First Union Securities - was found liable by a National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. , according to attorney Robert Uhl, who represented Pro- Guard International Inc. The panel ordered Wachovia to pay Pro-Guard International and the investing company's pension plan a total of $391,516 for breach of fiduciary duty and failure to supervise its registered representative Robert Venezia, Uhl said. A representative for Wachovia said the company does not comment on NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). arbitration proceedings. Gemstar to lease guide to EchoStar Los Angeles-based Gemstar-TV Guide International Gemstar-TV Guide International, Inc. is a media company that licenses interactive program guide technology to multichannel operators, such as cable and satellite television providers, and consumer electronics manufacturers, video recorder scheduling code under brands such as VCR Inc. Tuesday said it will license its interactive program guide technology to EchoStar Communications Corp. for a one-time payment of $190 million, ending a patent dispute that ran nearly four years. EchoStar of Littleton, Colo., will also launch the TV Guide Channel on its Dish Network and the two companies extended their existing distribution agreement for the TVG Network. TVG Network is an interactive horse racing network that allows viewers to bet on races via telephone and the Internet in states where that is legal, Gemstar said. EConnect ex-CEO will go to prison The 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. of technology firm eConnect was sentenced to more than eight years in prison for overseeing a scheme that defrauded investors of $4.1 million by artificially inflating the company's stock price, officials said Tuesday. Thomas Hughes, 56, of Rancho Palos Verdes Rancho Pal·os Ver·des A city of southern California on a channel of the Pacific Ocean west of Long Beach. Population: 42,100. was sentenced late Monday in federal court, the U.S. attorney's office said in a statement. Hughes pleaded guilty last August to three counts of securities fraud for distributing false press releases and making misleading statements on the company's Web site. Gateway predicts over 2,000 layoffs POWAY - Gateway Inc. expects to cut more than 2,000 jobs in the next few months, according to Chief Financial Officer Roderick Sherwood. Sherwood told a presentation Monday at the Morgan Stanley Semiconductor & Systems Conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of that once the merger with eMachines Inc. is complete, the head count is projected to be in the mid-5,000 range, down from the 7,400 employees Gateway had at year's end. The Poway computer and electronics manufacturer now has 6,500 employees. When it announced restructuring efforts late last year, it said would employ about 6,700 people by the middle of 2004. Fed chief says low interest can't last WASHINGTON - Federal Reserve Chairman Alan Greenspan said Tuesday that extra-low short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. eventually will have to go up. He gave no clue when. Since last June, the Fed's main lever to influence economic activity, called the federal funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. , has been at 1 percent, a 45-year low. Near rock-bottom short-term interest rates have helped motivate consumers and businesses to spend and invest, an important factor to lift economic growth. Some economists believe the Fed will start to push up rates this year. Others don't believe higher rates will come until 2005. Most economists expect the rate-setting Federal Open Market Committee to hold rates steady when it meets next on March 16. |
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