Tuesday, July 22, 2003

Business digest

ImClone co-founder H. Waksal resigns

From wire reports

NEW YORK - Harlan W. Waksal resigned from ImClone Systems Inc., the biotech company at the center of an insider trading scandal that ensnared his brother and co-founder, and threatens Martha Stewart.

Harlan Waksal, who co-founded the company with his brother Sam, was chief scientific officer of ImClone, after he was demoted in April from chief executive and president. He also resigned from the company's board. Sam Waksal was sentenced last month to prison and ordered to pay more than $4 million after pleading guilty last year to securities fraud and perjury.

3M celebrates healthy 2nd quarter

MAPLEWOOD, Minn. - Second-quarter earnings at 3M Co. soared 33 percent on stronger sales, improvements in productivity and a weaker U.S. dollar, prompting the company to raise its earnings outlook for the rest of the year.

3M on Monday reported income of $619 million, or $1.56 a share, for the quarter ended June 30. Sales rose 10 percent to $4.58 billion from $4.16 billion.

T-bill rates rise

WASHINGTON - Interest rates on short-term Treasury securities rose in Monday's auction. The Treasury Department sold $15 billion in three-month bills at a discount rate of 0.895 percent, up from 0.880 percent last week. An additional $17 billion was sold in six-month bills at a rate of 0.950 percent, up from 0.930 percent.

Fashion makeover is part of Sears strategy
Embezzler gets year in prison
Indiana's casino take rising in '03
First Financial posts 17.2% drop in profits
What's the Buzz?
Morning memo
Small-business tort aid sought
Tristate summary
Economic indicators show slight rise
Business digest