Originally created 08/17/99

Additional business news

Dow up 73.14

NEW YORK -- The Dow Jones industrial average rose 73.14 Monday to close at 11,046.79, the index's first close above 11,000 since July 21.

Declining issues outnumbered advancers by a 10-to-9 margin on the New York Stock Exchange. Volume totaled just 576.99 million shares.

UPS to charge against earnings

ATLANTA -- United Parcel Service announced Monday it would take a $1.44 billion charge against second-quarter earnings because of a judge's recent ruling that the company illegally was using offshore companies as tax shelters. The move could set the stage for the Atlanta-based shipping giant to pay the tax bill as a way to stop interest from accruing while UPS appeals the decision or tries to negotiate a settlement.

Judge tosses AOL e-mail suit

NEW YORK -- A federal judge tossed out America Online Inc.'s case against AT&T Corp. over the "You have mail" slogan, ruling that AOL does not have exclusive rights to the popular expression. The judge also refused to block AT&T from using "buddy list" and the abbreviation "IM" with its free instant messaging service.

Russia's industrial output up

MOSCOW -- Russia's industrial output during the first seven months of 1999 was up 4.5 percent from the same period in 1998, the Russian Statistics Agency said Monday.

The growth, ironically, was triggered by the country's economic crisis a year ago. The fall of the ruble -- from 6 to the U.S. dollar to about 25 to the dollar -- has helped Russian manufacturers by making their goods less expensive to produce and therefore more competitive.

Venator to divest some businesses

NEW YORK -- Venator Group Inc., formerly known as Woolworth, moved closer to becoming primarily a sporting goods retailer with its announcement Monday to sell or close eight of its noncore businesses, totaling more than 500 stores.

MCI WorldCom offers free service

NEW YORK -- MCI WorldCom, its data network back online after 10 days of intermittent outages, is offering 20 days of free service to compensate about 3,000 businesses affected by the costly disruptions.

MCI WorldCom took the entire network down for repairs during the weekend and said service was more than 99 percent back to normal Monday.

Sony, Nintendo cut console prices

SAN JOSE, Calif. -- Prices on both the Sony PlayStation and the competing Nintendo 64 will be cut to $99 as the gaming console companies prepared for the upcoming release of Sega's new $199 Dreamcast system.


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