IN BRIEF.LABOR DAY Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. CLOSURES: Most businesses, government offices, banks and financial markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. were closed Monday in observance of Labor Day. They will reopen today at normal business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a . The Treasury Department's weekly sale of notes will be today instead of Monday. Results from today's day on Wall Street will be in Wednesday's paper. - Daily News HOTEL SALE: Sunstone sun·stone n. See aventurine. Noun 1. sunstone - a translucent quartz spangled with bits of mica or other minerals aventurine Hotel Investors Inc. acquired the Pacific Shore Hotel in Santa Monica for about $22 million. Sunstone bought the 168-room hotel on Ocean Avenue from Pacific Shore Hotel Ltd. Sunstone is a San Clemente-based real estate investment trust whose portfolio includes luxury, upscale and midprice hotels, mostly in the Pacific and Mountain regions of the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . - City News Service GOODBYE WESTWOOD: Spelling Entertainment Group Inc. recently completed the sale of the stock of Westwood Studios Inc. and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. to Electronic Arts for $122.5 million in cash. Westwood Studios was a subsidiary of Virgin Interactive Entertainment Ltd., some of whose assets belong to Spelling Entertainment. Spelling produces and distributes television and filmed entertainment programming. Its other units include Spelling Television, Big Ticket Television, Worldvision Enterprises, Republic Entertainment and Hamilton Projects. The company's common stock is 80 percent owned by Viacom Inc. - City News Service TESH SUED: Irvine-based Ritz Entertainment is suing John Tesh, the Sherman Oaks-based singer and former Entertainment Tonight host, for breach of contract. Ritz says the company suffered more than $80,000 in damages after Tesh allegedly backed out of an agreement to perform at a New Year's Eve concert last year in Newport Beach, according to a civil lawsuit filed in Orange County Superior Court. Tesh cited ``a family problem'' for the cancellation. He would have earned $50,000 for performing 90 minutes, the lawsuit said. - Knight Ridder Newspapers SEAGRAMS ON THE SHELF: Joseph E. Seagram Joseph Emm Seagram (April 15, 1841 - August 18, 1919) was a Canadian distillery founder, politician, philanthropist, and major owner of thoroughbred racehorses. Born at Fisher's Mills, now part of Cambridge, Ontario, his parents died when he was in his teens and for several & Sons Inc., the U.S. spirits and wine subsidiary of Seagram Co. Ltd., filed with the Securities and Exchange Commission to sell as much as $4.5 billion of debt securities. The subsidiary will use the proceeds to reduce debt, finance its operations and meet other general corporate purposes, including acquisitions, according to a registration statement filed with the SEC.A shelf registration lets companies register securities in advance and sell them as financing needs arise. Joseph E. Seagram also filed to sell $10 million of Class A preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and $10 million of warrants. Seagram, the parent company based in Montreal, is the parent company of Universal Studios. - Bloomberg News |
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