Yuan climbing against dollar
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SHANGHAI, China — A senior People's Bank of China official said the central bank does not plan more abrupt changes in the yuan's value, squelching speculation over further currency revaluations ahead of a meeting of top international finance officials later this week in China.
But the yuan yesterday climbed to its highest level since its July 21 revaluation — 8.0954 to the dollar — as the comments by Ma Delun, a deputy governor of the People's Bank of China, suggested authorities will allow the yuan to appreciate in the foreign exchange market.
EIGHT FORMER KPMG OFFICIALS INDICTED
NEW YORK — Eight former executives of KPMG were indicted yesterday as the Big Four accounting firm admitted it had set up fraudulent shelters to help rich clients dodge billions of dollars in taxes.
The firm, mindful of how criminal charges wrecked competitor Arthur Andersen in an Enron-related accounting scandal, avoided an indictment but agreed to pay $456 million in penalties.
MERCK'S VIOXX REQUEST REJECTED
TRENTON, N.J. — Beleaguered drug maker Merck & Co.'s request to postpone the next trial over its withdrawn painkiller Vioxx was turned down yesterday by the New Jersey judge presiding over the case.
Superior Court Judge Carol E. Higbee, who is overseeing nearly 2,500 Vioxx product liability cases that have been filed in New Jersey, also rejected two other Merck motions related to the trial. Merck had urged Higbee to postpone the trial's start for 45 days, citing a "media blitz" after the first Vioxx trial.
FALLOFF IN VEHICLE SALES PREDICTED
DETROIT — Auto industry analysts predict a slowdown in vehicle sales for August, a trend due less to high gas prices than to a summer of heavily publicized discounts that thinned dealer lots and satiated consumers. Analysts are predicting a seasonally adjusted sales rate of around 16.9 million vehicles for August, down from a near-record 20.8 million vehicles in July.
SATELLITE LEADER MAKES $3.2B DEAL
NEW YORK — Satellite pioneer Intelsat Ltd. said yesterday it is acquiring PanAmSat Holding Corp. for $3.2 billion in a deal that would add a top cable TV broadcaster to Intelsat's dominant position as the biggest provider of space-based data and voice communications for governments and businesses.
