Factory orders for costly manufactured goods in July recorded the biggest gain in four months. New-home sales, meanwhile, slid, according to a pair of reports that offered a mixed picture of economic activity. The Commerce Department reported Wednesday that orders for durable goods – big-ticket items expected to last at least three years – rose 1.7 percent in July from the previous month.
Ex-Enron exec pleads guilty
Enron Corp.’s former top investor relations executive pleaded guilty Wednesday to one count of aiding and abetting securities fraud, which carries a maximum penalty of 10 years in prison. Mark Koenig, 49, had pleaded innocent earlier Wednesday. In a related civil action brought by the Securities and Exchange Commission, Koenig agreed Wednesday to turn over to the government $1.49 million in forfeited assets and civil penalties and cooperate with government investigations.
Oil prices drop below $44 mark
Oil prices plummeted below $44 a barrel Wednesday, sinking for the fourth consecutive day as supply fears receded, gasoline futures plunged and profit-taking took over. Light crude for October delivery settled at $43.47, down $1.74.
Microsoft faces another EU probe
Risking another trans-Atlantic tussle over Microsoft Corp., European Union antitrust regulators said Wednesday they were investigating whether the software giant’s deal with media conglomerate Time Warner Inc. to develop anti-piracy software might lead to a new monopoly. Microsoft, already fighting to overturn March’s EU ruling that it abused its dominant position with the Windows operating systems, and Time Warner both said they were cooperating with the EU probe.
Federal agents raid Web network
Federal agents seized computers and software Wednesday as part of an investigation targeting an Internet network allegedly used to illegally share copyrighted music, movies, software and games, U.S. Attorney General John Ashcroft said. The case marks the first federal criminal copyright action taken against a peer-to-peer, or P2P, network in which users can access files directly from the hard drives of fellow users’ computers. Agents executed search warrants at residences and an Internet service provider in Texas, New York and Wisconsin. The warrants targeted the operators of five of the network’s hubs, rather than the individual users, and criminal charges are likely, according to the FBI.
From Herald staff and news services
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