World News

www.ohio.com Posted on Tue, Feb. 18, 2003 Duke gets subpoena for audit documents

Duke Energy Corp., the No. 2 U.S. utility owner, has been subpoenaed by a federal grand jury for documents related to an audit that led to a $25 million settlement with state regulators for misstating profit.

Duke received the subpoena Friday from a Western District of North Carolina grand jury and will cooperate with the inquiry, the company said. The company, which denied intentional wrongdoing after the audit, agreed last year to credit consumer bills in North Carolina and South Carolina.

An auditor retained by the states said the company misstated $123.7 million in profits between January 1998 and July 2001, allowing Duke to avoid lowering rates.

Tankers will return for Venezuelan oil

Oil output could reach 2.8 million barrels a day within a month, when restrictions on sending tankers to Venezuelan ports are lifted, the head of Venezuela's state-run oil company said Monday.

Foreign shippers were warned against loading in Venezuelan ports during a two-month strike, which ended Feb. 3 in all sectors except the oil industry.

Some major companies have decided to return to Venezuela. ExxonMobil Corp. plans to resume loading this week.

Mall giants to merge in $4.25 billion deal

Simon Property Group Inc., the world's largest mall owner, said holders of 85 percent of the common stock in rival mall owner Taubman Centers Inc. agreed to its $4.25 billion offer.

A total of about 44.1 million of 52.2 million Taubman Centers shares were tendered as of Friday, said Dan Gagnier, a spokesman for Simon Property, which is joined in its bid by Australia's Westfield America Inc. Taubman Centers' board has recommended investors reject the $20-a-share offer, and Simon Property had threatened to abandon its bid if at least two-thirds of the shares weren't tendered.

Executive appointed at Myers Industries

John C. Orr has been appointed chief operating officer of Myers Industries Inc.

Orr, 52, will be in charge of Myers' worldwide operations, reporting to Stephen E. Myers, the president and chief executive officer of the Akron-based company.

Orr previously was the general manager of Buckhorn Inc., a subsidiary of Myers.

Myers Industries is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

Johnny Unser to aid Cooper Tire racing

Cooper Tire & Rubber Co. said Monday it has engaged Johnny Unser as a technical consultant for its Ultra-High Performance and Racing tire product lines.

Unser, son of racing veteran Jerry Unser and nephew of Al and Bobby Unser, joined the IndyCar circuit in 1993.

Overseas markets rise after U.S. rally

Stocks rose overseas Monday with investors feeling more confident in their buying after Friday's big rally on Wall Street. Worldwide anti-war protests over the weekend also soothed investors worried about prospects of war in Iraq.

Analysts said investors were encouraged after stocks in the United States claimed their first winning week in five weeks, having been persistently pummeled by war fears.

U.S. financial markets were closed Monday for the Presidents Day holiday and will reopen today.

Big N' Tasty to cost more at McDonald's

McDonald's Corp., the world's largest hamburger chain, will drop the Big N' Tasty sandwich from its Dollar Menu, easing price cuts that hurt profit and prompted discounts by such rivals as Burger King.

U.S. franchisees voted Friday to replace the lettuce-and-tomato burger in the national advertising for the Dollar Menu with a double cheeseburger, said McDonald's spokesman William Whitman. Restaurants can now begin selling the Big N' Tasty at a higher price, though the ads won't air until this summer.