IN BRIEF

FedEx investors name Harrah’s chief to board

FedEx Corp. shareholders on Monday elected Gary Loveman, Harrah’s Entertainment’s chairman, president and chief executive, to its board and re-elected the other 13 director nominees, all for one-year terms.

Shareholders didn’t approve any stockholder proposals, including proposals requiring that the Memphis, Tenn.-based transportation company amend its bylaws so the chairman can’t concurrently serve as chief executive and proposals regarding the company’s political contributions and environmental impact.

NEW YORK

Dollar drops to low against euro currency

The dollar failed to rally Monday, dropping to a new record low against the euro and a 15-year low against five other major currencies as investors continued to act on last week’s larger-than-expected interest rate cut and economic data on August consumer spending and home sales expected this week.

The 13-nation euro rose as high as $1.413 Monday, its highest level since its debut in 1999, before drifting back to $1.4087 in late New York trading. That compared with a previous peak of $1.4119 on Friday, and the $1.4083 it bought in New York late that day. In other trading Monday, the British pound edged higher to $2.0214 from $2.02.

SAN JOSE, Calif.

Hacked iPhones may one day not work

IPhone owners who have unlocked their handsets so they could use carriers other than AT&T may end up with a phone that doesn’t work after the company’s next software update, Apple warned Monday.

Since the iPhone debuted in June, hackers have posted a number of methods online to make it possible to use the iPhone on cellular networks other than AT&T, which is the exclusive official carrier for the iPhone.

Apple executives say they have discovered that many of those unauthorized unlocking programs cause some software damage to iPhones.

Now, a software update that Apple plans to issue later this week that will add features such as accessibility to the iTunes Wi-Fi Music Store may end up making the touch-screen cell phone completely inoperable if it has been hacked into.

Schiller said he didn’t know how many iPhones are operating on different carriers.

SAN FRANCISCO

Facebook may get Microsoft as investor

Setting the stage for a possible bidding battle, Microsoft Corp. is mulling an investment in Facebook that would value the rapidly growing online hangout at $10 billion or more, according to a report published Monday.

Citing unnamed people familiar with the matter, The Wall Street Journal said Microsoft is holding preliminary discussions that could culminate in a $300 million to $500 million investment in Facebook, a Palo Alto social-networking site founded just 3 years ago.

In exchange for the money, Redmond, Wash.-based Microsoft would receive up to a 5 percent stake in privately held Facebook, which has previously raised nearly $41 million from venture capitalists and other individual investors.

Neither Facebook nor Microsoft would comment on the report.

WASHINGTON

Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction with the rate on six-month bills dropping to the lowest level in a month.

The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 3.82 percent, down from 4.05 percent last week. Another $13 billion in six-month bills was auctioned at a discount rate of 4 percent, down from 4.13 percent last week.

NEW YORK

Treasury prices higher as stocks stumble

Treasury prices finished mostly higher Monday, shaking off an early decline and benefiting from a downturn in the stock market.

The benchmark 10-year Treasury note rose 0.03 points to 100.97 with a 4.62 percent yield, down from 4.63 percent at Friday’s close. Prices and yields move in opposite directions.

The 30-year bond rose 0.16 points to 101.88 with a 4.87 percent yield, down from 4.88 percent at Friday’s close.

Business Videos
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Photo Booth Expo
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Smith & Wollensky CEO Michael Feighery speaks
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