Tuesday, February 25, 2003
Copyright © Las Vegas Review-Journal

In Brief

Zippo Manufacturing Co., has registered its classic brass-and-chrome box with the U.S. Patent and Trademark Office. The company wants to stop imitators who make counterfeits such as these. AP Photo

BRADFORD, Pa.

Zippo aims to zap impostor products

Zippo Manufacturing Co., which has been making its popular lighters for more than 70 years, wants to stop copies of its simple design.

The Zippo lighter's shape is now registered with the U.S. Patent and Trademark Office, and the company has been moving against makers of imitations and pressing retailers to get the knockoffs off the shelves. The company is telling manufacturers and vendors of copycat products to stop by June 30 or face legal action.

Zippo lighters come with a guarantee to fix it for free at the headquarters in Bradford, about 130 miles northeast of Pittsburgh, for as long as the lighter survives.

Zippo has produced about 375 million lighters since 1932 and now churns out about 12 million a year.

AMSTERDAM, Netherlands

Europe confronts accounting scandal

With WorldCom and Enron Corp. still fresh in investors' minds, Europe was confronted with its own corporate accounting scandal Monday when the world's third-biggest food retailer Ahold admitted vastly overstating earnings over the past two years.

Ahold's top two executives resigned and several senior U.S. managers were suspended while investigations focused on whether income was booked prematurely at the company's U.S. Foodservice arm. Ahold also owns Stop & Shop and other U.S. supermarket chains.

Its shares plunged 63 percent in Amsterdam trading after the company said it had inflated earnings in the last two years by at least $500 million.

Management group to acquire PDS

PDS Gaming Corp., a Las Vegas financier, lessor and seller of gambling equipment, said a group has offered to buy the 69 percent of PDS shares it doesn't already own.

In a statement Monday, PDS said Chief Executive Officer Johan Finley, President Peter Cleary, and Executive Vice President Lona Finley agreed to buy the shares for $1.25 per share in cash, and an additional $1.50 per share in deferred cash payment rights. The aggregate cash consideration of $2.75 per share represents a 202 percent premium over the 91 cents per share closing price of the company's common stock on Friday.

The management group told Reuters it intends to maintain the company's status as a public reporting company until July 2004.

The acquisition requires a definitive agreement, consents from commercial lenders and completion of other closing conditions, the company said.

CHICAGO

United pilots still oppose low-fare unit

United Airlines' pilots union reiterated strong opposition Monday to the company's proposal for a low-cost carrier even as United pushed ahead with the concept by naming an official in charge of it.

In the latest sign of dissent within bankrupt United over starting a discount airline, pilots' union chief Paul Whiteford sent CEO Glenn Tilton a letter saying the sides are "miles apart" on the planned carrier "with no progress in sight."

Whiteford, who represents United's 9,000 pilots, disputed Tilton's numerous recent statements that the Air Line Pilots Association and the company are in general agreement on the elements of United's restructuring.

Shares of United parent UAL Corp. rose 4 cents, or 3.77 percent Monday to close at $1.10.

ATLANTA

Vanilla drink helps Coke lead Pepsi

Coca-Cola Co. slightly increased its lead over rival Pepsi-Cola Co. in 2002, thanks to the successful launch of Vanilla Coke and the growth of Diet Coke, U.S. soft drink industry rankings released Monday show.

Coke gained 0.6 percentage points in market share and increased its case volume by 2.1 percent, according to Beverage Digest/Maxwell, a New York-based industry newsletter and data service.

The company captured a larger share of the market even though its Coke Classic brand fell 0.6 percentage points in market share.

HOUSTON

Devon Energy will buy Ocean Energy

Devon Energy Corp. has agreed to buy Ocean Energy Corp. for $3.5 billion in stock, creating the largest U.S.-based independent exploration and production company.

If completed, the transaction would enable Devon to increase its natural gas reserves without the risk of exploration at a time of price volatility, higher operating costs and industry complaints about insufficient access to desirable land.

The combined company, which will be based in Oklahoma City, will have production of about 2.4 billion cubic feet of natural gas and 250,000 barrels of oil and natural gas liquids per day.

WASHINGTON

Interest rates mixed in T-bill auction

Interest rates on short-term Treasury securities were mixed in Monday's auction.

The Treasury Department sold $18 billion in three-month bills at a discount rate of 1.175 percent, up from 1.16 percent last week. An additional $17 billion was sold in six-month bills at a rate of 1.175 percent, down from 1.18 percent.

The three-month rate was the highest since Jan. 13 when the bills sold for 1.18 percent. The six-month rate was the lowest since Feb. 10 when the rate was 1.165 percent.

NEW YORK

Bond prices rise amid talk of war

Bond prices were boosted Monday by a drop in Wall Street stocks and uncertainty over the situation with Iraq.

The price of the benchmark 10-year Treasury note was up 0.34 points, or $3.44 per $1,000 in face value. Its yield, which moves in the opposite direction, fell to 3.85 percent from 3.89 percent Friday.

The 30-year Treasury bond rose 0.56 points, or $5.63 per $1,000, to yield 4.81 percent, Moneyline Telerate reported.