In Brief

HELSINKI

Nokia replacing chief exec
with Microsoft official

Nokia Corp. is replacing CEO Olli-Pekka Kallasvuo with Microsoft executive Stephen Elop as the world's top maker of mobile phones aims to regain lost ground in the fiercely competitive smart phone market.

The choice of a North American executive to lead a Finnish company reflects the increasing dominance of U.S. and Canadian companies in the evolution of the phone business.

Apple Inc.'s iPhone has set the standard for today's smart phones, while Research In Motion Ltd.'s BlackBerrys are the favorite of the corporate set. More recently, Google Inc.'s Android software has emerged as the choice for phone makers that want to challenge the iPhone.

Analysts welcomed the choice of the 46-year-old Canadian, who has worked closely with Nokia at Microsoft and at Macromedia Inc. developing software for Nokia phones. He has also held top posts at Juniper Networks Inc. and Adobe Systems Inc. At Microsoft, he headed the Business division, which makes Office software.

RICHMOND, Va.

Smithfield Foods selling stake in Butterball turkey venture

Pork producer Smithfield Foods is selling its stake in the Butterball turkey joint venture, becoming a pure-play pork producer as it continues focusing on its more profitable packaged meat business.

Butterball, a major name in the turkey world, annually sells 1 billion pounds of turkey -- 20 percent of all turkeys produced in the U.S.

Smithfield said Friday that its partner, Maxwell Farms, will buy the company's 49 percent interest for about $175 million and then sell a 50 percent stake in the venture to Seaboard Corp. for $177.5 million in cash, according to a filing with the Securities and Exchange Commission.

The deal is expected to close by year's end.

MINNEAPOLIS

Sun County Airlines sees itself closer to exit from bankruptcy

Sun Country Airlines said a bankruptcy judge approved its reorganization plan on Friday, putting it another step closer to emerging from Chapter 11 protection.

Sun Country said creditors have also approved the plan.

The reorganization plan gives a majority stake to a court-appointed receiver managing the assets of Sun Country's former owner, Tom Petters. Fraud allegations at Petters' other businesses led to a 50-year prison sentence.

Other stakes are held by the hedge fund Whitebox Advisors and Sun Country CEO Stan Gadek.

The airline, based in St. Paul, Minn., flies nine aircraft, mostly from Minnesota to vacation destinations such as Las Vegas.

The bankruptcy covers MN Airlines LLC, which does business as Sun Country. It said it will emerge from bankruptcy debt-free.

NEW YORK

Federal regulators widen stocks covered by 'circuit breakers'

Federal regulators on Friday expanded the number of stocks covered by new "circuit breakers" that can pause volatile trading, a program in response to the panicked May 6 market plunge.

The Securities and Exchange Commission approved expansion of the six-month pilot program of circuit breakers for stocks in the Standard & Poor's 500 index.

Now all stocks in the Russell 1000 index also will be covered. The expansion was proposed to the SEC by the stock exchanges and had been expected.

The pilot program, which began in mid-June, briefly halts trading of stocks that make big price swings. Trading of covered stocks that rise or fall 10 percent or more within a five-minute span is halted for five additional minutes.

The "flash crash" on May 6 saw the Dow Jones industrials plunge nearly 1,000 points in less than a half-hour. About 30 stocks listed in the S&P 500 index fell at least 10 percent within five minutes.

BEIJING

China trade surplus surges to second-highest level this year

China's trade surplus hit its second-highest level this year in August, likely fueling U.S. demands for Beijing to ease currency controls.

The $20 billion trade surplus will fuel demands by Washington and others for Beijing to ease controls they say keep its yuan undervalued and give Chinese exporters an unfair price advantage. American lawmakers hold hearings this month and some are pushing for sanctions as they face pressure to create jobs ahead of November elections.

The trade surplus narrowed from July's 18-month high of $28.7 billion but was up 28 percent from a year earlier.