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Byline: -- Staff and Wire Services

NABET-CWA vote supports strike

BURBANK -- The union representing technicians and other employees at four of NBC Universal's owned-and-operated stations, including KNBC, has overwhelmingly voted to authorize a strike, a union official said Monday.

NABET-CWA has been negotiating with NBC Universal for a new contract covering about 2,500 employees at the stations and those involved in network operations in Burbank, New York City, Chicago and Washington D.C. since November, according to the union's Jeff Miller. The contract between the union and NBC Universal expired March 31.

A strike date was not set, Miller said.

There was no immediate comment from a KNBC representative.

Issues under negotiation included job security and NBC's attempt to expand the circumstances under which non-union employees could use digital cameras and related equipment, NABET-CWA President John S. Clark said.

NBC Universal is also seeking to reduce hours for night shift differential pay, eliminate retiree health care coverage for new hires, and make other changes in staffing and work hours affecting union-represented workers, Clark said.

Movie Gallery stock climbs

DOTHAN, Ala. -- Shares of Movie Gallery Inc. soared nearly 20 percent on Monday on rumors that the video rental chain might be an acquisition target of larger rival Blockbuster Inc.

Movie Gallery officials declined to comment on the speculation. However, they didn't rule out the possibility less than a month ago.

A transcript from a May 11 conference call between Movie Gallery executives and analysts showed the Dothan company open to the idea.

International Paper to sell unit

STAMFORD, Conn. -- International Paper Co., the world's largest paper maker, will sell its coated paper business to CMP Holdings LLC, an affiliate of the investment firm Apollo Management, for $1.4 billion, the companies said Monday.

International Paper has been selling millions of acres of forest and had said it wanted to sell some of its paper businesses as part of an effort to boost performance.

The transaction, which requires regulatory approval, is expected to close this summer.

Greenspan picks memoir co-writer

NEW YORK -- After weeks of speculation, Alan Greenspan, the former chairman of the Federal Reserve, has chosen a collaborator for his memoir, to be published by Penguin Press in fall 2007. Peter Petre, a senior editor at large at Fortune magazine and co-author of best sellers by Gen. H. Norman Schwarzkopf and by Thomas J. Watson Jr., former chairman of IBM, will help Greenspan write his book.

Greenspan, who sold the book for an $8.5 million advance in March, has been interviewing ghostwriting candidates since then.

Bawag to settle claims in case

NEW YORK -- Austria's Bawag PSK bank will pay at least $675 million to avoid prosecution and to settle bankruptcy claims after admitting its role in the collapse of commodities brokerage Refco Inc., U.S. authorities announced Monday.

The bank, together with the Austrian Trade Unions Association, which owns Bawag, will forfeit $337.5 million to the United States to be distributed to victims of the fraud at Refco, according to prosecutors and the Securities and Exchange Commission.

In return, U.S. authorities have agreed not to prosecute Bawag, U.S. Attorney Michael Garcia said.

Google releasing Excel-ish product

SAN FRANCISCO -- Google Inc. will introduce a spreadsheet program Tuesday, continuing the Internet search leader's expansion into territory long dominated by Microsoft Corp.

Although it's still considered a work in progress, Google's online spreadsheet will offer consumers and businesses a free alternative to Microsoft's Excel application -- a product typically sold as part of the Office software suite that has been a steady moneymaker for years.

To avoid swamping the company's computers, Google's spreadsheet initially will be distributed to a limited audience. Google also wants more time to smooth out any possible kinks and develop more features, said Jonathan Rochelle, the product manager of the new application.