IN BRIEF

Harrah's joins group to bid on Aqueduct pact

Harrah's Entertainment has joined with a consortium of New York businesses in bidding on a potentially lucrative contract to operate a casino at the Aqueduct Raceway near New York City.

Harrah's entry means most of the major gaming companies are bidding for the rights to operate the casino, which will have 4,500 video lottery terminals at Aqueduct, which is located in Queens.

A spokesman for the group thought the addition of Harrah's long-standing player loyalty program would help in the bid.

MGM Mirage, Wynn Resorts, Las Vegas gaming figure Larry Woolf, Hard Rock Entertainment and Penn National Gaming are among the companies that have pitched proposals.

New York officials are expected to award the Aqueduct bid sometime in September.

LONDON

Data suggest economy improving in Asia

Economic data gave more evidence Monday that Europe and Asia are on the mend, while a top Chinese leader cautioned against blind optimism and said the world economy still faced "many new difficulties."

Figures from the European Union statistics office Eurostat showed that industrial orders in the 16 countries that use the euro rose 3.1 percent in June from the quarter before, suggesting the manufacturing sector could be emerging from recession. New orders -- a key gauge of industry's future growth -- rose in both France and Germany, as well as Ireland, which has been among the hardest-hit by the global economic crisis. The figure was almost twice as strong as the 1.6 percent monthly increase that analysts were expecting.

Slot maker swings to first-half loss

Aristocrat Leisure Ltd., the world's second-largest maker of slot machines, turned to a first-half loss amid stalling demand from casinos and write-downs to stakes in gambling companies Elektroncek and PokerTek Inc.

Aristocrat had a net loss of A$33.4 million ($28 million), or 7 cents a share, in the six months ended June from net income of A$70.4 million, or 15.2 cents, a year earlier, the Sydney-based company said in a statement Monday. Sales fell 5.3 percent to A$442 million.

U.S. casinos are delaying orders and Australian customers are sticking with existing machines amid a drop in gambling demand. Chief Executive Officer Jamie Odell, in the role since February, on Monday said Aristocrat would focus on its three largest markets of Australia, North America and Japan after completing a six-month review of the business.

"More of our management team will be based in North America, reflecting our determination to become more genuinely embedded in the region," Odell said in the statement. "We expect to exit around 30 low-margin jurisdictions over the coming months. One size no longer fits all."

Charlotte Russe agrees to $380 million buyout

Charlotte Russe Holding Inc., the U.S. clothing retailer for young women, agreed to be acquired for about $380 million by investment funds managed by Advent International Corp. The chain's shares surged the most in eight years.

Advent, based in Boston, plans to start buying shares around Aug. 31 for 20 days in a tender offer, San Diego-based Charlotte Russe said in a statement. The offer of $17.50 a share is 27 percent higher than the Aug. 21 closing price on the Nasdaq Stock Market.

Charlotte Russe decided in March to solicit bids from financial and strategic buyers. The transaction represents a 255 percent return for investors since January, when the company said it was exploring options, Chairman Jennifer Salopek said in the statement.

TRENTON, N.J.

Ireland company to buy Procter & Gamble unit

Shares of Ireland's Warner Chilcott PLC has bid to morph from a small, specialty pharmaceutical company to a global player by buying Procter & Gamble Co.'s prescription drug business for $3.1 billion.

The maker of women's health and dermatology products will get a portfolio with $2.3 billion in annual sales, including blockbuster osteoporosis drug Actonel, tripling its revenue in a rare deal financed entirely by bank debt.

The deal brings Warner Chilcott an unspecified number of Procter and Gamble's prescription drugs in development, manufacturing facilities in Puerto Rico and Germany, a trained sales force of roughly 1,200, and a research and development team nearly as big.

Reader's Digest files for bankruptcy protection

Reader's Digest Association Inc., publisher of the familiar general interest magazine that began gracing American homes in 1922 and now reaches a worldwide audience of 130 million filed for Chapter 11 bankruptcy protection Monday as it faces falling print circulation in the Internet age and looming debt payments.

Known for its heartwarming stories about American life as other publications moved toward edgier fare, the company's flagship Reader's Digest magazine has seen its U.S. circulation drop from a peak of more than 17 million in the 1970s to just above 8 million last year.

WASHINGTON

N.Y. labor union chief to lead New York Fed

The Federal Reserve Bank of New York has named a top state labor union official its chairman, the bank announced Monday.

Denis Hughes, president of the New York State AFL-CIO, has been deputy chairman since January 2007. He became acting chairman in May after the surprise resignation of Stephen Friedman. News reports had raised questions about Friedman's ties to Goldman Sachs Group Inc.