Former Dow Jones & Co. board member David Li and two others will pay $24-million to settle insider-trading charges. Federal regulators had accused them of being involved in an illegal-trading scheme ahead of news of a $5-billion takeover offer for the financial news company. The Securities and Exchange Commission announced Tuesday the settlement with Li, a lawmaker in Hong Kong who is chairman and CEO of the Bank of East Asia, Michael Leung and Kan King Wong. Li is paying an $8.1-million civil fine; Leung is paying a $8.1-million fine and the same amount in restitution and Wong is paying a $40,000 fine and $40,000 in restitution.
Microsoft-Yahoo deal fills dockets
The House Energy and Commerce subcommittee said Tuesday that it plans to hold a hearing this year on the online advertising market and other issues related to Microsoft's bid to buy Yahoo. That makes three congressional panels planning hearings on Microsoft Corp.'s $44.6-billion unsolicited offer, which Yahoo Inc. hasn't yet accepted. The House Judiciary Committee said last week it would hold a hearing on the deal, while the Senate Judiciary Committee's antitrust panel also said it would examine the transaction if it proceeds.
Mover, parent file for bankruptcy
Moving company Allied Van Lines Inc., with its corporate parent Sirva Inc., filed for bankruptcy protection Tuesday, the latest victim of a heavy debt load and the downturn in the U.S. housing industry. The company, based in Westmont, Ill., listed assets of $924-million and debts of $1.2-billion. The company has more than 100,000 creditors. Sirva filed for Chapter 11 protection in U.S. Bankruptcy Court in Manhattan.
Charming Shoppes clearing its racks
Women's apparel retailer Charming Shoppes Inc. said Tuesday it has cut 200 jobs and will close 150 unprofitable stores to shore up cash flow as consumer spending weakens. The operator of Lane Bryant, Petite Sophisticate Outlet and other stores said it's also going to significantly pare back on store openings this year as part of a plan to reduce its capital budget by 30 percent, or $40-million.
Clean-energy ideas will attract money
High oil prices and growing concerns about the environment may drive more than $7-trillion of new investment in so-called clean-energy technologies by 2030, an energy research group says.Public pressure and private investment dollars are combining to bring clean-energy technologies from the fringes of the energy industry to its center, said Cambridge Energy Research Associates, or CERA, in a new report.
United Airlines, the world's second-largest carrier, is in a "good position" to take part in consolidation that's necessary for the U.S. industry's long-term health, CEO Glenn Tilton said. "Industry consolidation is essential for future viability."