Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
ENTERTAINMENT
DISNEY TO BUY PIXAR IN ALL-STOCK DEAL
Walt Disney Company said it had agreed to buy Pixar Animation Studios for about $7.4 billion in an all-stock deal.
The chairman and chief executive of Pixar, Steve Jobs will take a seat on Disney’s board and become the company’s largest individual shareholder.
– Dow Jones Newswires
IN THE COURTS
IBM SUED, CHARGED WITH NOT PAYING OVERTIME
SAN FRANCISCO – International Business Machines Corporation was sued in federal court yesterday for allegedly not paying overtime to tens of thousands of rank-and-file employees.
– Associated Press
ENRON’S LAY, SKILLING DENIED CHANGE OF VENUE
HOUSTON – The founder of Enron, Kenneth Lay, and a former chief executive, Jeffrey Skilling, will go to trial in the scandal-ridden company’s hometown of Houston, a judge has ruled.
The judge said he wasn’t persuaded by defense arguments that a fair jury can’t be found in Houston because the questionnaire answers reveal inherent prejudice against Messrs. Lay and Skilling.
– Associated Press
AUTOMOTIVE
DAIMLERCHRYSLER TO CUT 6,000 JOBS
DaimlerChrysler AG, the world’s fifth largest carmaker, plans to eliminate 6,000 administrative jobs as new Chief Executive Officer Dieter Zetsche deepens cost cuts. The maker of Mercedes and Chrysler sedans will save $1.8 billion a year with the latest reductions, Mr.Zetsche said on a conference call yesterday.
– Bloomberg News
TAXES
IRS COMMISSIONER ORDERS REVIEW OF REFUND FREEZES
WASHINGTON – IRS Commissioner Mark Everson ordered a review yesterday of a tax fraud detection program criticized for freezing thousands of refunds without notifying taxpayers. Mr. Everson said the tax agency will soon announce new procedures to advise taxpayers when a refund has been frozen.
– Associated Press
