Copyright 1999 The New York Times Company
The New
York Times
December 28, 1999, Tuesday, Late Edition -
Final
SECTION: Section C; Page 1; Column 1;
Business/Financial Desk
LENGTH: 655 words
HEADLINE: BUSINESS DIGEST
BODY:
Clinton to Seek New Rules For
Pharmacies on Internet
White House
officials said that President Clinton would propose legislation setting new
federal standards for online drugstores. Under the proposal, such pharmacies
would need to be certified by the Food and Drug Administration. It would also
increase the agency's investigative powers and increase the penalties for online
sales of drugs without prescriptions.
The proposals are intended to make
it easier for the government to stop online sales of unapproved or counterfeit
drugs and products promoted with false claims. Page A1.
Bond
Yields Fall in Thin Trading
As shoppers returned to stores and malls looking
for post-Christmas bargains, a faint echo of that trend was heard in the
Treasury market as scattered bargain-hunting lifted prices off 27-month lows.
The yield on the 30-year Treasury fell to 6.46 percent from 6.49 percent on
Thursday. But analysts said the modest upward move occurred on such light
trading that it held little significance. C7.
Prison Realty Trust to
Reconvert
A 1997 decision by the Corrections Corporation of America, the
nation's leading private builder and operator of prisons, to spin off its real
estate operations and, in effect, become a real estate investment trust, has
come to an end. Prison Realty Trust, the once high-flying offshoot, announced a
plan under which it will raise up to $350 million in badly needed financing and,
not incidentally, convert back to a tax-paying company. Market Place. C6.
Bid Made for Office Supply Chain
Seat Pagine Gialle, the
Italian publisher of yellow pages that has expanded into online businesses, has
offered to buy Buffetti, which operates a chain of office supply stores, for
$718 million in cash and stock. The acquisition would create a big European
company in the growing market for electronic sales. C3.
Sprint
Barred From Managing Unit
In a decision that may shake up Brazil's
long-distance industry, Sprint was barred from managing its Brazilian subsidiary
after its partner in the company, National Grid of Britain, persuaded a court
that delicate corporate information could be disclosed to MCI Worldcom, which
plans to acquire Sprint. C5.
Buffett Donates Stock to Charity
Warren E. Buffett, the billionaire investor, and his wife, Susan, have
donated 2,500 shares of Berkshire Hathaway stock worth about $134 million to
four charities. A spokeswoman at Berkshire Hathaway declined to identify the
charities. The company's class A common stock fell $600, to $53,400. The
charities have agreed not to sell more than 10 shares during any one-week
period. C2.
Merrill Ordered to Pay $225,000
Merrill Lynch has
been ordered to pay more than $225,000 in fines and restitution to investors for
failing to supervise some agents at its Baltimore office, the Maryland attorney
general's office said. C4.
Chiquita Seen in a Possible Sale
Chiquita Brands International may consider an auction to put some or all of
its assets up for sale, according to a filing with the Securities and Exchange
Commission made by a shareholder, Consolidated Fruit. The company said it
learned of the possibility of an auction during discussions with American
Financial Group, the parent of Chiquita. C3.
Alliance Medical
Faces F.D.A. Action
Alliance Medical of Phoenix, which contracts with
hospitals to clean and reprocess medical devices, has been threatened by the
Food and Drug Administration with regulatory action if the company fails to
correct problems in its Florida decontamination operation, government officials
said. A23.
Dow Jones to Sell Magazine Unit
Dow Jones, which
publishes The Wall Street Journal, said that it would sell the unit that
produces Investment Advisor, Asset Management and Property magazines and the
newsletter Realty Stock Review to Wicks Business Information. Terms were not
disclosed. C4.
http://www.nytimes.com
GRAPHIC: Photo
Chart: "YESTERDAY"
Dow industrials -- 11,391.08 down 14.68
30-yr. Treasury yield -- 6.46%
down 0.03
The euro -- $1.013 down 0.001
The dollar -- 102.35 yen up 0.23
Graph shows the daily price (ending yesterday) of the 30-year
bond yield.
LOAD-DATE: December 28, 1999
