Daily Briefing

AUTOMOTIVE

Chrysler may sell Viper nameplate

Chrysler LLC said Wednesday that it is weighing options for its iconic Dodge Viper sports car, which could include a sale of the nameplate. The automaker has been approached by third parties “interested in exploring future possibilities with Viper,” Chairman and Chief Executive Bob Nardelli said in a statement. Chrysler spokesman Todd Goyer declined to name the parties.

FINANCIAL

Fidelity part of auction-rate probe

New York —- The New York attorney general’s office said Wednesday that it is investigating whether Fidelity Investments was given incentives by Goldman Sachs Group Inc. to sell auction-rate securities to investors. Investigators are examining if Fidelity pitched auction-rate securities that were underwritten by Goldman Sachs because it received other services from the investment bank. A spokesman for New York Attorney General Andrew Cuomo confirmed the investigation but declined to provide details.

Three top execs to leave Fannie Mae

Washington —- Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses. Chief Financial Officer Stephen Swad is leaving to “pursue other opportunities” in the private equity business. He is being replaced by David C. Hisey, formerly the company’s senior vice president and controller. Fannie also named Peter Niculescu as chief business officer, replacing the retiring Robert J. Levin. Michael Shaw is taking over as chief risk officer for Enrico Dallavecchia, who is also leaving.

BB&T chief to retire Dec. 31

Winston-Salem, N.C. —- BB&T Corp. said Wednesday that longtime Chief Executive John Allison will retire on Dec. 31. He will continue as chairman of the board until Dec. 31, 2009. The board voted unanimously to promote Chief Operating Officer Kelly King, the No. 2-ranking executive manager at BB&T since 2004, to succeed Allison as CEO and president.

HEALTH CARE

Hospital cost increases slow

Cost increases incurred by hospitals in the United States slowed in 2006 as health insurers pressed for discounts and directed more people to outpatient care, according to a government report. Expenses for providing care rose 0.9 percent in 2006, the latest year reviewed, compared with the average annual increase of 4.8 percent for 1997 through 2006, the Agency for Healthcare Research and Quality said in a report Wednesday. Inflation-adjusted costs for that period climbed by more than half to $329.2 billion in 2006, from $216.3 billion in 1997, the agency said. The rate of increase in 2006 probably reflects pressures applied by insurers that promoted the use of outpatient care, said Claudia Steiner, a research physician for the Rockville, Md.-based agency.

LEGAL

Herbal products seller sentenced

Cincinnati —- A business owner convicted of defrauding customers seeking male sexual enhancement products and a variety of herbal supplements was sentenced Wednesday to 25 years in prison. Steve Warshak, 42, founder of Berkeley Premium Nutraceuticals, also was ordered to pay $93,000 in fines. He was convicted in February on 93 counts of conspiracy, fraud and money laundering. Federal prosecutors accused the company of bilking customers out of $100 million through a series of deceptive ads, manipulated credit card transactions and refusal to accept returns or cancel orders. U.S. District Judge S. Arthur Spiegel ordered the company, along with other defendants, to forfeit more than $500 million.

Target settles with blind plaintiffs

Target Corp. has agreed to pay $6 million in damages to plaintiffs in California unable to use its online site as part of a class-action settlement with the National Federation of the Blind. As part of the settlement, announced Wednesday, Target will place $6 million in an interest-bearing account from which members of the California settlement class can make claims. Furthermore, the settlement requires Target to implement internal guidelines to make its site more accessible to the blind by Feb. 28, 2009, with assistance from the NFB. The issue centers on the Americans With Disabilities Act, a 1990 law that requires retailers and other public places to make accommodations for people with disabilities. Target had argued that the law only covered physical spaces.

REGULATORY

SEC to pursue new accounting rules

The Securities and Exchange Commission may let large U.S. companies switch to international accounting rules in six years, a step it says will lower compliance costs and make American firms more competitive. SEC commissioners on Wednesday approved a “road map” that might allow corporations with market values exceeding $700 million to abandon U.S. accounting standards by 2014. Under the plan, about 110 U.S. companies that are global leaders in their industries could move to international rules as soon as 2010. “A global set of high-quality accounting standards would be an international language of disclosure, transparency and comparability,” SEC Chairman Christopher Cox said at an open meeting in Washington. “It’s a goal worth pursuing.”

Xcel energy agrees to disclosures

Albany, N.Y. —- New York Attorney General Andrew Cuomo says Xcel Energy Inc. has agreed to disclose risks to investors from its stake in coal-burning power plants and any related liability from global warming, lawsuits and new regulations or laws. Cuomo says coal plants can significantly contribute to climate change “and investors have the right to know all the associated risks.” Cuomo said in September he was investigating Xcel, AES, Dominion Resources, Dynegy and Peabody Energy. He said Wednesday that the Xcel agreement sets a precedent. Cuomo spokesman Alex Detrick says negotiations are under way with the other four companies subpoenaed along with Xcel.

TECHNOLOGY

Report: Alcatel to name new CEO

Paris —- Alcatel-Lucent shares jumped in European trading Wednesday on a report that the company is close to naming a successor for outgoing Chief Executive Patricia Russo. The world’s largest supplier of fixed-line telecommunications gear declined to comment on the report in Le Canard Enchaine, a satirical and investigative newspaper, which said former top Alcatel executive Mike Quigley has been chosen to replace Russo. Alcatel-Lucent shares rose as investors welcomed the idea of Quigley’s possible return, a year after his departure from the company for personal reasons.

TRANSPORTATION

United to furlough 1,550 attendants

United Airlines will eliminate 1,550 flight attendant jobs as it shrinks operations to stem losses from record fuel bills. The furloughs cover about 10 percent of Chicago-based United’s attendants and take effect Oct. 31, the Association of Flight Attendants-CWA said on its Web site. From Sept. 8 to Sept. 22, attendants can volunteer to leave in exchange for company incentives including keeping most of their benefits. The move attaches a job-reduction total to a key employee group at UAL, which has posted more than $3.3 billion in net losses over the past three quarters.

UTILITIES / ENERGY

ConocoPhillips to sell all stations

ConocoPhillips will sell the remainder of its gas stations in the United States, the company said Wednesday, though stations branded Phillips 66, Conoco, and 76 will continue to operate under those familiar signs. The 600 or so stations are being sold to Pacific Convenience & Fuel LLC, a subsidiary of PetroSun Fuel. The deal is “in the ballpark” of $800 million, said Sam Hirbod, chairman and chief executive of PetroSun and Pacific Convenience. The sale has yet to be approved by regulators. Part of the deal includes a long-term contract in which ConocoPhillips would provide fuel for the stations. “If our brand is at that site, we will be supplying the gas,” ConocoPhillips spokeswoman Terry Hunt said.

Venezuela to grab fuel-related assets

Caracas, Venezuela —- President Hugo Chavez said Wednesday that wholesale gasoline sales by private companies in Venezuela will soon disappear after his congressional allies pass a bill nationalizing the business. Under the measure, which received initial approval in the National Assembly on Wednesday, state-run PDVSA will control the fuel distribution network but will not nationalize private gas stations.

WORKPLACE

Workers’ view of job market sags

New York —- American workers’ confidence in the job market is as low as it was during the 2001 recession, according to a survey released Thursday. When asked whether this is a bad time to find a quality job, 65 percent said it was, matching the level of the 2001 recession, according to the survey by Rutgers University’s John J. Heldrich Center for Workforce Development.