IN BRIEF
WASHINGTON
Financial overhaul bill less ambitious but still powerful
A new Democratic Senate bill to tame the financial markets would give the government new powers to break up companies that threaten the economy, force the industry to pay for its failures and create a consumer watchdog within the Federal Reserve.
Legislation unveiled Monday by Senate Banking Committee Chairman Chris Dodd falls shy of the ambitious restructuring of federal financial regulations envisioned by President Barack Obama or contained in legislation already passed in the House.
But the bill, which includes provisions negotiated with Republicans, would still be the biggest overhaul of regulations since the New Deal.
The bill creates a powerful nine-member Financial Stability Oversight Council that could:
■Place large, interconnected financial institutions such as insurance conglomerate American International Group under supervision of the Federal Reserve.
■Approve the breakup of large complex companies if they pose a "grave threat" to the to the nation's financial system.
■Veto regulations written by the new consumer protections bureau at the Fed.
All these actions would require a two-thirds vote of the council.
NEW YORK
Phillips-Van Heusen will buy Tommy Hilfiger for $3 billion
Two prominent American clothing labels -- preppy Tommy Hilfiger and Calvin Klein, known for its modern aesthetic -- are coming together after Phillips-Van Heusen said it will purchase Tommy Hilfiger for about $3 billion in cash and stock.
The deal adds a prominent brand to Phillips-Van Heusen's stable, which also includes Izod and Arrow. It's expected to help Phillips-Van Heusen introduce some of its brands overseas, where 65 percent of Hilfiger's business is generated.
Apparel analysts expect the Hilfiger brand to expand further beyond its stronghold in Europe into Asia and South America, while bolstering its U.S. business.
Phillips-Van Heusen, based in New York, said the combined company's revenue will total about $4.6 billion.
El Tiempo Libre takes honors
in Hispanic publications contest
El Tiempo Libre, a weekly Spanish-language newspaper owned and operated by Las Vegas Review-Journal publisher Stephens Media Group, won five José Martí Awards for Excellence in Publishing at the National Association of Hispanic Publications convention last week in Albuquerque, N.M.
The Martí Awards are the nation's most prestigious Hispanic media awards.
El Tiempo was third in the Outstanding Spanish Language Weekly Newspaper (over 30,000 circulation). El Tiempo's arts and entertainment section was second in the Outstanding Section Design category.
El Tiempo Editor Hernando Amaya took second in the Outstanding Hispanic Success Story category and third in the Outstanding Education Article category. Amaya, Booth and Leslie Contreras took second in the Outstanding Community Service/Health Article category.
