February buying binge pushed up America's retail sales by 1.1%
WASHINGTON (AP) -- Americans went on a buying binge in February, pushing up retail sales by 1.1 percent, the government said Tuesday.The advance came despite rising interest rates, a jump in oil prices and stock market volatility -- factors that could have tempered spending.
The 1.1 percent advance in retail sales marked the strongest pace since a 1.9 percent rise in December and was bigger than the 0.9 percent increase many analysts were expecting.
3 Japanese banks are merging to form world's third-largest bank
TOKYO (AP) -- Riding a wave of consolidation in the international financial industry, three Japanese banks Tuesday announced a merger that would create the world's third-largest bank.
Sanwa Bank Ltd., Tokai Bank Ltd. and Asahi Bank Ltd. said they would establish a joint holding company in April 2001 and "swiftly" reorganize their retail, wholesale, international, computer systems and other operations.
The new entity, which has not yet been named, will have combined assets of $1 trillion to become the second-largest bank in Japan and the third-largest in the world.
Japan's backing helps German bid for control of the IMF pay off
BERLIN (Reuters) -- Germany's double-or-quits bid to take control of the International Monetary Fund paid off Tuesday as Japan added its support to that of the United States for Berlin's second-string candidate Horst Koehler.
Chancellor Gerhard Schroeder said he was pleased that President Clinton had backed the head of the European Bank for Reconstruction and Development to become the first German to head the Fund in its 50-year-old history.
White House invites suggestions on repetitive motion injuries
WASHINGTON (AP) -- The Clinton administration is inviting the public to suggest improvements to its proposal for new worker protections against repetitive motion injuries.
It already knows, and is unlikely to grant, what business wants: scrap the idea altogether.
"There's nothing here that isn't subject to change depending upon the nature of the comments," said Assistant Labor Secretary Charles N. Jeffress. But he added, "We're on a schedule to have a final rule adopted by the end of this year. That remains our current goal."
Corporate lawyers turned out in force Monday, as the administration began nine weeks of public hearings, to grill officials from the Labor Department's Occupational Safety and Health Administration, which Jeffress heads.
A lobbying coalition including the U.S. Chamber of Commerce, the National Association of Manufacturers and hundreds of other business groups and corporations is asking that the proposal be dropped. They contend it is not based on sound science, and its costs are grossly underestimated.
NTSB chief criticizes 6 carmakers for insufficient work on child safety
ATLANTA (AP) -- After praising DaimlerChrysler and General Motors for their child seat safety programs, the chairman of the National Transportation Safety Board criticized six other automakers for not doing enough.
Chairman Jim Hall, in a speech Monday at a national highway safety meeting in Atlanta, scolded Volvo, Mitsubishi, Kia, Subaru, Suzuki and Isuzu.
Sweden's Autoliv to purchase air bag firm OEA for $206 million
DENVER (Dow Jones News) -- OEA Inc., a maker of air bag parts, said Monday it agreed to be acquired by Swedish seat belt and air bag maker Autoliv Inc. for $206 million, or $10 a share. Both have Utah operations.
OEA makes parts that trigger and inflate air bags. The Denver-based company also makes ejection systems for military aircraft. It had $119.5 million in sales in the six months ended Jan. 30.
Autoliv, the world's largest air bag maker, has been expanding its worldwide operations. It had $3.81 billion in sales last year.
OEA's Utah plant is in Tremonton, while Autoliv's 4 facilities are located primarily in Weber and Box Elder counties.
Micron and Best Buy reach pact on selling computers via kiosks
NAMPA, Idaho (AP) -- Micron Electronics has reached an agreement with Best Buy Co. Inc. that will allow Micron to sell its computers through retail kiosks.
Micronpc.com says consumers will gain access to the latest technology and will be able to select, personalize and order their computers direct from micronpc.com through in-store kiosks in all Best Buy stores.
The company says the retail-direct model will still provide local support and service.
The partnership is expected to launch nationwide in all 357 Best Buy stores by mid-spring.
Best Buy is headquartered in Minneapolis, Minn.