Originally created 05/15/04

Business briefs



BRIEFLY

NORTEL CALLED ON TO PRODUCE FILES

TORONTO - NORTEL NETWORKS RECEIVED A SUBPOENA FROM FEDERAL PROSECUTORS IN DALLAS on Friday, ordering the Canadian telecom equipment maker to produce its accounting records and other documents going back more than four years.

The company, one of the world's biggest suppliers of telecommunications equipment, is under investigation by stock-market regulators in Canada and the United States over its accounting practices.

In October, Nortel began its own probe of financial results. So far, Nortel said it expects to restate results for 2001, 2002 and 2003. The company said it lost money in the first half of 2003; it had previously reported a net profit of $40 million.

Toyota looks to land young market

TOKYO - With video games, baby strollers and manicure kits to welcome visitors, Toyota dealers in suburban Tokyo are working to convince buyers that today's models aren't their parents' boring old cars.

Such efforts by Toyota dealers have paid off; the company is in its second straight year of record profits. Toyota also freshened up its image in North America and is determined to extend its appeal to baby boomers' children through its Scion division.

Raytheon reaches deal on lawsuit

WALTHAM, Mass. - Defense contractor Raytheon Co. will pay $410 million in cash and securities to settle a lawsuit filed nearly five years ago by shareholders who claimed the company misled them about financial problems.

The trial was set to start later this month in U.S. District Court in Boston.

The tentative settlement leaves standing less-sweeping allegations against Raytheon's auditor, PricewaterhouseCoopers LLP, claiming the company signed off on misleading financial statements by Raytheon and stood to get more than $70 million in fees for nonaudit services.

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