Former futures trader Nick Leeson was sentenced by a districtcourt today to serve 61/2 years for his conviction on two chargesof cheating.
The nearly nine months Leeson already spent in a German jailwill be subtracted from the time he has to serve in Singapore.
Leeson, a 28-year-old Briton, pleaded guilty to the two chargesFriday after prosecutors said they would not proceed with nineother fraud and forgery charges against him.
Leeson, who worked for the Barings bank Singapore operation, isblamed for piling up some some $1.4 billion in losses that brokethe venerable British merchant bank.
Babbitt decries mining giveaway
WASHINGTON (AP) -- Decrying "billion-dollar rip-offs," InteriorSecretary Bruce Babbitt on Friday reluctantly turned over to aprivate company an estimated $2.9 billion worth of mining rightsfor $1,745. The sale was required by a mining law enacted 123 yearsago to promote development of the West.
"This process has gone from distasteful to obscene," Babbittdeclared. The agreement signed Friday transferred ownership of 347acres in the Coronado National Forest near Tucson, Ariz., to ASARCOInc. in exchange for $1,745, he said.
"In the spirit of the Christmas season I'm delivering a gift tothe mining industry," Babbitt said before renewing his attack onthe 1872 Mining Act, which requires the sale of federal land formining for as little as $2.50 an acre.
Under the law, the company will be free to mine extensivereserves of copper and silver believed to be in the region withoutpaying royalties to the government.
Is Taligent venture doomed?
SAN FRANCISCO (Reuters) -- International Business Machine Corp.and its partners plan to dismantle their Taligent Inc. softwareventure and lay off up to half of its more than 350 staff, sourcesclose to the company said Friday.
An IBM spokeswoman denied reports of Taligent's imminentclosure, but confirmed that IBM was in talks of an unspecifiednature with the other two investors in the venture, Apple ComputerInc. and Hewlett-Packard Co.
A Taligent spokeswoman said that an announcement concerning thecompany's future was expected to be made Monday.
Apple cutting prices up to 25%
SAN FRANCISCO (AP) -- Apple Computer Inc. cut recommendedprices an average of 15 percent on six desktop computers, aimingfor more sales during the busiest period of the year.
The cuts, announced Friday, ranged from 8 percent to 25percent, with the deepest on older models. Two Power Macintosh 7200models, which have been on sale just since August, were cut 8percent to 11 percent. The move comes at what some analysts say isan unusual time -- early in the holiday season -- and may be a signof price pressure on Apple.
Merrill back in Orange County suit
SANTA ANA, Calif. (AP) -- Orange County's $2 billion lawsuitblaming Merrill Lynch & Co. for its vast investment losses has beenreinstated by a judge, a major victory for the bankrupt county.
Merrill Lynch, the nation's largest brokerage firm, had beenthe chief source of investments for the county before its $1.7billion loss, initially disclosed a year ago. The loss forcedOrange County to file for bankruptcy court protection from itscreditors. The court action came Friday.
IBM to push Internet software
NEW YORK (Reuters) -- International Business Machines Corp.said Friday it was forming a new Internet software division andadjusting its research budget in a major push into the explodingmarket of networked computing.
IBM is building on its recent $3.5 billion purchase ofnetworking software specialist Lotus Corp., and trying to takeadvantage of the fast-growing interest in the global Internetnetwork.
Merrill loses big muni bond job
NEW YORK (Reuters) -- New York City, one of the nation'sbiggest issuers of municipal bonds, Friday suspended Wall Streetunderwriting powerhouse Merrill Lynch & Co. from the city's mostlucrative bond job.
City officials said they were barring Merrill from running thebooks on New York bond sales until at least next summer, citing thefirm's role in a recent bond scandal in Massachusetts.
Merrill will still be called a senior manager on city debt, butwill receive no fees. Running the books is the most profitable postbecause it involves allocating bonds to other firms in anunderwriting syndicate. The bookrunner often keeps the meatiestportion of a deal for itself.
Kmart won't sell Canadian unit
TROY, Mich. (Reuters) -- Kmart Corp. said Friday it hasdecided not to sell its Canadian operations and will continue tooperate 127 stores across Canada.
Kmart, the nation's second-largest retailer, said it hadreceived interest from possible buyers but that it was in thecompany's best interest to retain the operation. It did notelaborate.
Northwest holds fare sale
MINNEAPOLIS (Bloomberg) -- Northwest Airlines Corp. is offeringas much as 35 percent reductions in fares through Wednesday fortravel between Dec. 14 and Jan. 7.
Tickets must be purchased at least seven days in advance andrequire a Saturday night stay. They aren't good for travel on Dec.22 and 23 and Jan. 2.
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