IN BRIEF
DETROIT
Ford sells Land Rover, Jaguar to Tata Motors
After spending billions of dollars on Jaguar and Land Rover, Ford Motor Co. gave up on the storied British automakers Wednesday and unloaded them to India's Tata Motors Ltd. for a mere third of the original purchase price.
Ford nets about $1.7 billion, a far cry from what it paid for the properties -- $2.5 billion for Jaguar in 1989 and $2.7 billion for Land Rover in 2000. Counting losses and product development, analysts figure Ford spent more than $10 billion on the brands.
Tata is India's oldest and largest conglomerate, with holdings in steel, information technology and autos.
CHICAGO
Motorola to split off flagging cell-phone unit
Motorola is banking on a plan to separate its foundering cell-phone unit from the rest of the company, yet analysts are mixed on whether the gamble will yield big dividends.
The plan to split the company in two, announced Wednesday, comes after months of speculation, shareholder pressure and hand-wringing.
Motorola's TV set-top box and modem business and a unit that sells computing and communications equipment would remain under the stewardship of Chief Executive Greg Brown.
RENO
Nevada Power, unit of Ormat plan project
Nevada Power Co. on Wednesday announced a joint ownership agreement with a subsidiary of Ormat Technologies to codevelop a geothermal energy project near Fallon.
Ormat Nevada originally was awarded a 24-megawatt net capacity power purchase agreement as part of Nevada Power's 2005 renewable energy plan.
Under the new joint venture, the project's ultimate size will be based on drilling tests being conducted by Ormat, but officials said it is expected to be at least 30-megawatt net.
Financial terms of the agreement were not disclosed.
"Development of renewable energy projects is a key element of our strategy," said Michael Yackira, president and chief executive of Reno-based Sierra Pacific Resources, Nevada Power's parent firm.
The geothermal site is located 70 miles east of Reno.
COLUMBUS, Ohio
Ex-CEO convicted of trying to bribe witness
A federal jury on Wednesday convicted the founder of a failed health care company of trying to bribe a witness in an upcoming $1.9 billion fraud trial.
The jury took one day to deliver its decision against Lance Poulsen, former chief executive officer of National Century Financial Enterprises, described as the nation's largest health care financing firm before its 2002 bankruptcy.
Poulsen was accused of offering a former company executive $500,000 to give misleading testimony during Poulsen's fraud trial scheduled for August.
LOS ANGELES
Improper accounting was used by lender
Bankrupt mortgage lender New Century Financial Corp. used improper accounting practices while making risky loans, creating "a ticking time bomb" that led to the company's rapid downfall, a court examiner said in a report released Wednesday.
Michael Missal concluded that New Century engaged in at least seven improper accounting practices in 2005 and 2006.
Missal also found that senior management at the Irvine, Calif.-based lender failed to take appropriate steps to manage rising risks caused by the company's aggressive approach to originating loans, often to borrowers who couldn't afford them.
The examiner also found that New Century's accounting firm, KPMG LLC, enabled some of the improper accounting practices to continue.
FORT WORTH, Texas
American cancels about 325 flights
American Airlines canceled about 325 flights Wednesday so its crews could inspect some wire bundles aboard its MD-80 aircraft.
The canceled flights represent about 14 percent of the estimated 2,300 flights that the nation's biggest airline had scheduled for the day. The highest concentrations of the cancellations were in the airline's hubs at Dallas-Fort Worth and Chicago O'Hare international airports.
None of the grounded planes were in Las Vegas and the problem didn't affect air traffic at McCarran International Airport.
Workers at Allegiant Air, a Las Vegas airline that flies MD-80s exclusively, knew of the directive to investigate the wiring issue, and an airline spokeswoman said they confirmed the fleet is in compliance.
American initially put the number of cancellations at 200, but spokesman Tim Wagner said the estimate grew as the day progressed because the airline prefers to hold off on cancellations as long as possible. The entire fleet of MD-80s was being inspected, Wagner said.
Of the 80 planes that the airline decided needed modification, about 20 have returned to flying, Wagner said. He said no flights for today had been canceled as of Wednesday evening.
NEW YORK
Take-Two tells investors to reject buyout bid
"Grand Theft Auto" publisher Take-Two Interactive told its shareholders Wednesday to reject a $2 billion buyout bid from rival video game company Electronic Arts, saying the offer is not high enough.
Take-Two said it will explore alternatives, including a combination with EA or other companies, to maximize its value for shareholders -- but not before "Grand Theft Auto IV," the latest in the blockbuster series, hits store shelves on April 29.
EA's $26-per-share bid for Take-Two turned hostile March 13 when EA took the offer directly to shareholders.
NEW YORK
Treasurys finish higher on factory-order news
Treasurys closed mostly higher Wednesday after an unexpected drop in orders for big-ticket manufactured goods stirred concerns about the health of the economy. Strong demand at a 2-year note auction also lifted prices.
The benchmark 10-year Treasury note rose 0.25 points to 100.19, and yielded 3.48 percent, down from 3.51 percent late Tuesday.
