IN BRIEF

SAN FRANCISCO

Intel fined $1.45 billion by European Union

Intel Corp. was fined a record $1.45 billion by the European Union on Wednesday for using strong-arm sales tactics in the computer chip market -- a penalty that could turn up the pressure on U.S. regulators to go after the company, too.

The fine against the world's biggest chip maker represents a huge victory for Intel's Silicon Valley rival, Advanced Micro Devices Inc., or AMD, the No. 2 supplier of microprocessors to PC makers.

AMD has sued Intel and lobbied regulators around the world for the past five years, complaining that Intel was penalizing PC makers in the U.S. and abroad for doing business with AMD.

EU Competition Commissioner Neelie Kroes said Intel has harmed millions of European consumers by "deliberately acting to keep competitors out of the market."

The commission told Intel to immediately stop some sales practices in Europe, though it wouldn't say what those were. Intel said it was "mystified" about what it was supposed to change but would comply while it appeals the fine.

WASHINGTON

Investigation sought for CVS Caremark

A group representing independent pharmacists asked U.S. regulators to investigate CVS Caremark Corp. for what it describes as anti-competitive practices that have increased health care costs and violated customer privacy.

The National Community Pharmacists Association said it is "cautiously optimistic" the Federal Trade Commission will respond to its request for an inquiry.

CVS, the largest U.S. drug-store chain, bought Caremark RX Inc., a pharmacy-benefits manager, for about $22 billion in 2007, creating the world's largest distributor and purchaser of generic drugs. CVS Caremark is steering customers to its locations by increasing patient costs for prescriptions bought at other drugstores, the NCPA said. CVS disputed the claims.

"The merger of CVS and Caremark is making pharmacy health care more accessible, more effective and more affordable," Carolyn Castel, a spokeswoman for CVS, said in an e-mail sent before the meeting. "Our integrated pharmacy and PBM operations provide greater choice and more convenience for patients, improve health outcomes, and lower overall health care costs for plan sponsors and participants."

Spokeswoman Claudia Bourne-Farrell of the FTC didn't immediately respond to requests for comment.

WASHINGTON

Congress asked to watch derivatives deals

The Obama administration is asking Congress to extend its oversight of the financial system to include the shadowy market of derivatives, the kind of complex financial instruments that helped bring down the giant insurer American International Group.

In a two-page letter sent Wednesday to congressional leaders, Treasury Secretary Timothy Geithner said he wants to create a central electronic-based system that would track the buying and selling of derivatives. He also wants to ensure that financial firms selling the instruments have enough capital on hand in case they default and subject them to stringent standards of conduct and new reporting requirements.

New rules would deter financial firms from taking undue risk, prevent fraud and ensure they are marketed appropriately, according to the letter.

WASHINGTON

Obama pushing for banking pay standands

The Obama administration wants government to have a say in how financial institutions pay their employees and is working to change Wall Street practices so that compensation is more closely tied to performance over time.

The attention to pay practices arises from the Obama administration's belief that lucrative compensation packages encouraged financial sector executives to engage in short-term risky ventures that had adverse consequences and contributed to the financial crisis.

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke, as recently as last week, called for new compensation standards and principles that would guide banks and other institutions.

Options include giving the Fed, which regulates banks, and the Securities and Exchange Commission, which oversees the financial markets, greater powers to set those standards.

The financial industry is watching warily and is discouraging policymakers from setting rules that are too stringent.

Such standards would be included in a broader effort by the administration and Congress to adopt new regulations some time this year that would govern financial institutions for the long term and reduce the kind of risk that can lead to a financial system meltdown.

RICHMOND, Va.

Circuit City sells brand, business to Systemax

Bankrupt Circuit City's brand, trademarks and e-commerce business were sold on Wednesday for $14 million to Systemax Inc., the same company that purchased electronics retailer CompUSA's intellectual property when it closed in 2008.

U.S. Bankruptcy Court Judge Kevin Huennekens approved the results from an auction that took place Monday. New York-based Systemax also agreed to pay Circuit City at least $3 million from its revenue from the assets over 30 months.

Systemax manufactures and sells consumer electronics online, by direct mail and in retail stores under the TigerDirect and CompUSA brands.

NEW YORK

Treasury prices rise on weak retailing news

Unexpected weakness at the nation's retailers fanned concerns about the economy's health and boosted demand for the safety of government debt Wednesday.

The benchmark 10-year Treasury note rose 0.5 points to 100.03 and pushed its yield down to 3.10 percent from 3.17 percent late Tuesday.

The 30-year bond rose 1.16 to 102.59, while its yield fell to 4.08 percent from 4.16 percent.