Thursday, June 26, 2003

Business digest

From wire reports

More than 8 million could lose overtime

WASHINGTON - More than 8 million professionals would lose their overtime pay under a Bush administration proposal to change the types of jobs that must receive more money for extra work, says a study by a union-supported think tank.

The analysis being released today by the Economic Policy Institute is among the first to assess how many workers might be affected by the Labor Department's revisions to the overtime rules, which were proposed in March.

Freddie Mac: Errors will cut future profits

WASHINGTON - Accounting errors will boost past earnings of the second-largest financer in the home-mortgage market by as much as $4.5 billion but also likely reduce future profits, the new leaders of shaken-up Freddie Mac said Wednesday.

The big government-sponsored company, which ousted three top executives earlier this month, is under criminal investigation by federal prosecutors as the Securities and Exchange Commission examines its accounting.

The anticipated restatement of $1.5 billion to $4.5 billion for the last three years puts Freddie Mac among the biggest corporate accounting debacles of the past year or so.

Nissan moving Pathfinder to Smyrna

NASHVILLE, Tenn. - Nissan North America Inc. announced Wednesday that it is moving production of the Pathfinder sport utility vehicle from Japan to Tennessee, an expansion that could mean 1,500 new jobs in the state.

The company said the move will require an investment of $250 million at the Nissan plant in Smyrna, adding 170,000 square feet to the 5.4-million-square-foot facility.

Nissan senior vice president Emil Hassan said the redesigned 2005 Pathfinders should begin production in fall 2004.

Fed sees firmer economy, trims rates
Teamsters joining effort at Cintas
Home sales increase
Another likely to plead guilty
Durable-goods orders decrease
Concorde set for final trip, by river, to German museum
FERC deals death blow to Enron
Music labels say they'll sue over file downloading
Tristate summary
Business digest
What's the Buzz?