IN BRIEF
Wynn Resorts, founder extend work accord
Wynn Resorts Ltd. extended the employment agreement of founder, Chairman and Chief Executive Officer Steve Wynn on Monday, saying in a filing with the U.S. Securities and Exchange Commission that Wynn has a job through Oct. 24, 2020.
The filing said Wynn agreed to the extension under the current terms of his employment agreement.
In 2007, Wynn received $11.2 million in compensation, including $3.2 million in salary, $7.5 million in bonuses and $573,000 in other compensation.
Wynn's total compensation in 2006 totaled $10 million.
NEW YORK
Investors approve Wendy's-Triarc merger
Shareholders of Wendy's and Triarc approved a $2.34 billion deal on Monday that will make the nation's No. 3 hamburger chain a part of billionaire investor Nelson Peltz's empire.
Triarc Cos. Inc. shareholders voted from New York while shareholders of Dublin, Ohio-based Wendy's International Inc. approved the deal from the company's headquarters. Directors of both companies had already approved the transaction.
Atlanta-based Triarc operates the Arby's fast food chain and is owned by Peltz. Triarc said in April it would buy Wendy's for $26.78 per share in an all-stock deal, after the chain known for its square hamburgers rejected at least two earlier offers by Peltz.
WASHINGTON
Industrial output slips in U.S. during August
Government data show the nation's industrial output plunged in August by nearly four times the amount that had been expected. It's the worst performance since Hurricane Katrina devastated the Gulf Coast in 2005.
The Federal Reserve reported Monday that industrial output dropped 1.1 percent last month, worse than the 0.3 percent decline that economists had expected.
The weakness was led by an 11.9 percent drop in production of motor vehicles and parts, reflecting the hard times facing the U.S. auto industry.
The problems in autos contributed to a 1 percent overall drop in manufacturing, the first decline since a 0.9 percent fall in April.
WASHINGTON
Interest rates decline in Treasury auction
Interest rates on short-term Treasury bills fell in Monday's auction, with rates on three-month bills dropping to their lowest level in four years.
The Treasury Department auctioned $28 billion in three-month bills at a discount rate of 1.05 percent, down from 1.69 percent last week; and $27 billion in six-month bills at a discount rate of 1.55 percent, down from 1.9 percent last week.
NEW YORK
Treasury prices surge as stocks take beating
Treasurys surged Monday as investors rushed to the safety of government debt following the bankruptcy of Lehman Bros. Holdings Inc.
The benchmark 10-year Treasury note rose 1.69 to 104.03. Its yield fell to 3.47 percent from 3.72 percent late Friday, according to BGCantor Market Data.
