BUSINESS BRIEFS
SEC, Madoff reach pact, but judge must approve
Advertiser News Services
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WASHINGTON — The Securities and Exchange Commission yesterday announced an agreement with disgraced money manager Bernard Madoff that could eventually force him to pay a civil fine and return money raised from investors.
The partial judgment, which renders permanent a preliminary injunction that froze Madoff's assets after his arrest in December, must be approved by the judge overseeing the case in federal court in Manhattan.
The civil proceeding is separate from the criminal case against the prominent Wall Street figure, who is accused of bilking $50 billion from investors in what may be the largest Ponzi scheme in history. Madoff was arrested on Dec. 11 after allegedly confessing to his sons that he had stolen from investors for years.
GM MAY RETAKE PARTS FACTORIES
DETROIT — General Motors Corp. is in talks with its former parts arm Delphi Corp. about taking back some Delphi factories that make key parts for GM vehicles, a person familiar with the negotiations said yesterday.
Troy-based Delphi has been operating under Chapter 11 bankruptcy protection for more than three years, and like many suppliers is struggling with the shrinking U.S. auto market. The person said GM is worried that the plants could shut down if Delphi runs short of cash, crippling GM's production.
The person, who asked not to be identified because the negotiations are private, said the talks have been under way for several weeks and may not lead to any takeover of the plants. GM has had the option to take back factories in its 1999 agreement to spin off Delphi as an independent parts supplier.
HASBRO PROFITS DROP 30 PERCENT
NEW YORK — Hasbro Inc. said yesterday its fourth-quarter profit fell a sharper-than-expected 30 percent as the nation's second-biggest toy maker cut prices on many items during the sluggish holiday season and the stronger dollar hurt results.
Hasbro's earnings report and Mattel Inc.'s last week indicate toy makers were not immune to the consumer spending drop-off that led to the weakest holiday season in decades.
Hasbro shares, which fell last week when Mattel reported its earnings, rose $1.53, or 6.5 percent, to close at $25.07. The stock has traded between $21.68 and $41.68 during the past 52 weeks.
AMAZON RELEASES SLIMMER KINDLE
NEW YORK — www.Amazon.com Inc. is releasing a slimmer version of its Kindle electronic reading device, but it still costs $359 — making it unclear how mainstream even an improved Kindle can be during a brutal recession.
Rather than lowering the price, Amazon touted several upgrades to the e-book reader and a novella from Stephen King available exclusively for the device.
The new Kindle is expected to begin shipping Feb. 24, with owners of the first Kindle at the front of the line if they want to upgrade.
The new Kindle will be able to read text aloud from two small speakers on the back, and it can store 1,500 books, instead of 200.
