Copyright 2000 Chicago Sun-Times, Inc.
Chicago
Sun-Times
October 13, 2000, FRIDAY, Final
Markets Edition
SECTION:
FINANCIAL; BUSINESS; Pg. 4
LENGTH: 682 words
BODY:
Soros
group seeks control of Bluefly A group led by billionaire investor George Soros
could acquire a controlling stake in Internet clothing retailer Bluefly Inc.,
under a proposal filed today with the Securities and Exchange Commission. Under
the plan, the hedge fund group, Soros Fund Management, would first buy $ 5
million of notes, then convert them to newly issued shares of preferred stock
worth $ 2.34 a share. Bluefly would then issue up to $ 20 million of new shares
to existing investors for $ 2.34 a share. The Soros group would buy the shares
left unsold after the offering, or $ 10 million of securities, whichever is
less.
Veto of debt eradication bill likely A presidential veto looms
over legislation making it harder for people to erase credit-card and other
debts in bankruptcy court. The measure has cleared the House and is moving
toward a vote in the Senate. On Thursday, the White House said President
Clinton -- who supports a bankruptcy law overhaul in
principle -- would veto the bipartisan measure approved by lawmakers
on a voice vote after a fairly brief debate. With Congress racing to adjourn
next week, it was doubtful lawmakers would have an opportunity to override his
action.
Spanish-American War must be over A telephone
tax that has outlived by a century the Spanish-American War it was
created to finance appears finally headed for the history books. Repeal of the 3
percent excise tax levied on all types of telephone service was included in an
unrelated government spending bill sent to President Clinton on a 58-37 Senate
vote. The president is expected to sign the bill.
Smoker's husband wins
$ 200,000 A jury ordered R.J. Reynolds Tobacco Co. to pay about $ 200,000 in
damages in the case of a woman who died of lung cancer after more than 40 years
of smoking. A six-member jury found Reynolds was negligent, but stopped short of
finding that the nation's second-largest cigarette maker conspired to defraud
customers. It also found that the Winston-Salem, N.C., company should not pay
punitive damages. "I wanted to make a point and we made a point," said Bob
Jones, 70, who filed the case on behalf of his deceased wife, Suzanne. Reynolds
called the split verdict "a victory," but said it will appeal. Lawyers for the
tobacco company had argued Suzanne Jones chose to smoke despite more than 30
years of government health warnings.
Retail sales rise 0.9 percent U.S.
retail sales rose in September after stalling the previous month, a sign
consumer spending will support sustained economic growth in the face of higher
energy costs. Retail sales rose 0.9 percent last month after increasing just 0.1
percent in August, the Commerce Department said. Auto sales rose at the fastest
rate in seven months, and rising oil prices pushed up sales at gasoline
stations. Sales of furniture, groceries, clothing and drugs also rose.
September's sales gains could persuade Federal Reserve policy-makers there's no
threat the record nine-year economic expansion is in jeopardy, analysts said.
Recent company profit warnings and declines in home building in three of the
last four months suggested the economy might be slowing more than desired. "It's
exactly what the doctor ordered," said David Orr, chief economist at First Union
Corp. in Charlotte.
Grain, soybean futures slip Grain and soybean
futures closed mostly lower today on the Chicago Board of Trade in a flurry of
technically inspired selling ahead of the weekend. Wheat prices took the biggest
drop. The decline was partly triggered by forecasts calling for more rain in the
Plains states, which should alleviate concerns about dryness and clear the way
for planting of the all-important winter wheat crop. Soybeans also fell sharply,
pressured by a plunge in soymeal prices and by traders' hedging ahead of what is
expected to be a busy harvest weekend. Wheat for December delivery fell 6 1/4
cents to $ 2.67 1/4 a bushel; December corn was unchanged at $ 2.08 a bushel;
December oats fell 1 cent to $ 1.07 1/2 a bushel; November soybeans fell 8 1/4
cents to $ 4.66 a bushel.
LANGUAGE: English
LOAD-DATE: October 13, 2000 
