Copyright 2000 The Detroit News, Inc.
The Detroit
News
May 26, 2000, Friday
SECTION: Business; Pg. 3
LENGTH: 610 words
HEADLINE:
Nation/World Briefs
BYLINE: The Detroit News
BODY:
Acquisition
AT&T, MediaOne deal approved
WASHINGTON -- The Justice
Department gave conditional approval to AT&T Corp.'s acquisition of MediaOne
Group Inc., a deal that would make the long-distance carrier the nation's
largest cable company.
AT&T has agreed to shed its stake in Road
Runner, the second-largest provider of high-speed Internet access, which
MediaOne has an interest in. AT&T already has a controlling interest in the
biggest provider of high-speed Internet access, ExciteAtHome.
The deal
still requires approval by the Federal Communications Commission, which an
AT&T official expected would come soon.
Policy
House moves
to repeal telephone tax
WASHINGTON -- The House voted
overwhelmingly to repeal a federal telephone tax originally
passed to finance the Spanish-American War, when telephones were a newfangled
luxury enjoyed by fewer than 1,500 wealthy households.
With the 3
percent telephone excise tax now affecting an estimated 252 million telephone
lines -- including those connected to cellular phones, fax machines and computer
modems -- Democrats and Republicans jockeying to be viewed as
technology-friendly agreed it was time to use a portion of the projected budget
surplus to scrap it.
The bill, which would reduce government revenue by
about $20 billion over five years, next moves to the Senate.
Investment
Market decline ends new recovery
NEW YORK --
Nervous investors turned against the financial sector, sending shares in Wall
Street's largest investment firms sharply lower on fears that the stock market's
continuing weakness will hurt their profits.
The decline ended a nascent
recovery in the technology sector and stifled hopes that Wednesday's rally
signaled a reversal of the pessimism that has driven the market lower in recent
weeks.
The Dow Jones industrial average fell 211.43 o close at
10,323.92. The Nasdaq composite index fell 65.26 to 3,205.35. In earlier
trading, the index rose as much as 115.23 as investors went on a brief
bargain-hunting spree.
Agriculture
Farmers ordered to remove
altered crops
PARIS -- The French government ordered farmers to uproot
genetically modified crops that were planted unintentionally this year amid
concerns they will cross-fertilize with other plants in the area.
Farmers will dig up 600 hectares (1,483 acres) of oilseed rape, though
the government suggested the cost will be shouldered by Advanta, a joint venture
of AstraZeneca Plc and Netherlands- based Cosum that imported the seeds.
Retail
Profits rise for doughnut maker
WINSTON-SALEM,
N.C. -- Krispy Kreme Doughnuts Inc., which sold stock to the public last month,
said fiscal first-quarter profit rose 61 percent, more than expected, on higher
sales of its glazed doughnuts. Shares rose as much as 13 percent.
The
retailer, which also sells its crullers and honey buns through grocery stores,
said net income rose to $3.05 million, or 27 cents a share,
from $1.89 million, or 20 cents, a year earlier. Sales rose 33
percent to $71 million in the quarter ended April 30 from
$53.3 million.
Krispy Kreme said sales at stores open
at least a year rose 19 percent. The 63-year-old company operates 153 doughnut
shops in 27 states.
Trade
Steel imports rise, proving U.S.
hurting
WASHINGTON -- Steel imports rose by 14 percent in April to their
highest level in 18 months, the U.S. Commerce Department reported.
The
increase is a departure from the downward trend of imports; there have been
declines in six of the last nine months.
The import level of 3.2 million
metric tons, the highest since November 1998, represents an increase from 2.8
million in March.
LOAD-DATE: May 26, 2000
