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Garamendi sets conditions for WellPoint-Anthem

State Insurance Commissioner John Garamendi says he won't approve a merger of WellPoint Health Networks and Indianapolis-based Anthem unless the companies spend up to $600 million on health programs for low-income California patients. The proposed $16 billion merger of Anthem and the Thousand Oaks-based parent company of Blue Cross of California would create the nation's largest health plan with about 28 million members, including more than 7 million in California.
California is the only holdout on the merger, which has been approved by the Justice Department, shareholders and insurance regulators in all other required states. Garamendi, however, Tuesday said he wants an investment in California equal to what he called the ''excessive'' dollar value of executive cash and stock payouts resulting from the merger. The merger also is awaiting approval from the California Department of Managed Health Care, which regulates HMOs.
FTC investigating closure of Shell refinery
The Federal Trade Commission has begun a formal investigation of the proposed shutdown of a Shell Oil refinery in California to determine possible antitrust violations, a senior FTC official said Wednesday. The refinery near Bakersfield has been the subject of intense controversy as Shell officials plan to close the facility in November. The oil company said the refinery was being shut down because of a decline in oil production in the region. But critics maintain the shutdown is part of a strategy to continue tight oil markets and increase California's gasoline prices, which already are the highest in the country. Shell spokesman Stan Mays said the company was cooperating with the investigation.
National News
Toy jewellery in largest recall
The government will issue a recall of the largest number of products ever, officials said, when it announces today that 150 million toy bracelets, rings and necklaces that have been sold around the nation over the past 18 months will be removed by companies or should be discarded by parents because many of them contain dangerous amounts of lead. The recall by the Consumer Product Safety Commission of the toys, which cost 25 cents to 75 cents and have been sold in 700,000 vending machines, comes after two recalls of 2.4 million pieces of similar jewellery over the past 10 months failed to curtail the problem.
The toy jewellery is made in India. It is imported by four companies -- A.A. Global Industries of Cockeysville, Md.; Brand Imports of Scottsdale, Ariz.; the Cardinal Distribution Company of Baltimore; and L.M. Becker of Kimberly, Wis. -- and represents about 90 percent of toy jewellery found in vending machines. In a letter to the commission, the companies said that they had ''stopped the importation of all toy jewellery with lead.''
U.S. executives' confidence dips, survey says
U.S. business chiefs continue to view the economy's performance favourably and expect to see better profits, but their overall optimism has nonetheless dimmed a bit over the past three months, the Conference Board said Wednesday. The group reported that its index for chief executives' confidence levels moved slightly lower during the second quarter, to a reading of 70, vs. 73 in the first quarter. According to the research group, readings above 50 indicate that positive responses to the survey outweighed negative ones. So for the second quarter, even as confidence slipped, it still remained quite strong. The Conference Board's measure of business leaders' confidence is based on a survey of more than 100 CEOs, in a broad array of businesses. The survey has shown steady improvement for a number of quarters, rising from its recent low point of 40, seen in the final quarter of 2001.
Mortgage applications surge
U.S. mortgage applications last week had their biggest seven-day surge in more than three months, driven by rates that fell below 6 percent for the first time since April. For the week ended July 2, the Mortgage Bankers Association's overall index of applications rose 19.5 percent from the previous week, the biggest percentage gain since mid-March. Its index of mortgage applications tied to a home purchase rose 15 percent. The index that gauges mortgage refinancing was up 27.6 percent -- the first increase in three weeks and the biggest gain since mid-March. Nationwide, the average rate last week for 30-year fixed-rate mortgages fell to 5.96 percent from 6.21 percent the previous week, the Mortgage Bankers Association reported Wednesday.
Morgan Stanley sex-bias trial postponed
A federal judge unexpectedly postponed a sex-discrimination trial against Wall Street brokerage Morgan Stanley on Wednesday, saying more time was needed to resolve a dispute over expert witnesses. The decision by U.S. District Judge Richard Berman came a day after he complained about the protracted litigation, declaring it was time to pick a jury. Jury selection was postponed until Friday, with opening statements pushed back to Monday at a Manhattan courthouse.
There was no indication that last-minute settlement talks between lawyers for Morgan Stanley and the Equal Employment Opportunity Commission -- which brought the case against the brokerage -- had resumed. Other high-profile bias complaints against brokerages have been settled out of court, but talks in the Morgan Stanley case collapsed last year. Morgan Stanley did not immediately return a call for comment. EEOC spokesman Larry Pincus declined to comment. In its lawsuit, the EEOC alleged a pattern of discrimination that denied scores of women promotions and gave higher salaries to less productive men.
Judge: Tobacco not shielded from federal suit
A federal judge ruled Wednesday that the legal settlement reached between the tobacco industry and states six years ago does not shield cigarette makers from the federal government's $280 billion suit. The ruling was a victory for prosecutors, who asked U.S. District Judge Gladys Kessler to prevent the cigarette makers from arguing that the settlement with the states made the federal racketeering case moot. The industry reached a $206 billion settlement with 46 states in 1998 to cover the cost of treating sick smokers. Four other states settled previously for $40 billion.
The agreements led to advertising and marketing restrictions on the industry, such as banning cigarette ads on billboards. Kessler said in her ruling she would consider those restrictions if she has to set remedies for alleged wrongdoing in the federal case. The Justice Department alleges tobacco companies deceived the public about the dangers of tobacco and the addictive nature of nicotine. The government also claims the companies targeted children through advertising and lied about it. The trial is set to begin in September, although the industry is seeking an interim appeal to block the government from going after $280 billion that tobacco companies allegedly earned fraudulently.


Garamendi sets conditions for WellPoint-Anthem
State Insurance Commissioner John Garamendi says he won't approve a merger of WellPoint Health Networks and Indianapolis-based Anthem unless the companies spend up to $600 million on health programs for low-income California patients. The proposed $16 billion merger of Anthem and the Thousand Oaks-based parent company of Blue Cross of California would create the nation's largest health plan with about 28 million members, including more than 7 million in California.
California is the only holdout on the merger, which has been approved by the Justice Department, shareholders and insurance regulators in all other required states. Garamendi, however, Tuesday said he wants an investment in California equal to what he called the ''excessive'' dollar value of executive cash and stock payouts resulting from the merger. The merger also is awaiting approval from the California Department of Managed Health Care, which regulates HMOs.
FTC investigating closure of Shell refinery
The Federal Trade Commission has begun a formal investigation of the proposed shutdown of a Shell Oil refinery in California to determine possible antitrust violations, a senior FTC official said Wednesday. The refinery near Bakersfield has been the subject of intense controversy as Shell officials plan to close the facility in November. The oil company said the refinery was being shut down because of a decline in oil production in the region. But critics maintain the shutdown is part of a strategy to continue tight oil markets and increase California's gasoline prices, which already are the highest in the country. Shell spokesman Stan Mays said the company was cooperating with the investigation.
National News
Toy jewellery in largest recall
The government will issue a recall of the largest number of products ever, officials said, when it announces today that 150 million toy bracelets, rings and necklaces that have been sold around the nation over the past 18 months will be removed by companies or should be discarded by parents because many of them contain dangerous amounts of lead. The recall by the Consumer Product Safety Commission of the toys, which cost 25 cents to 75 cents and have been sold in 700,000 vending machines, comes after two recalls of 2.4 million pieces of similar jewellery over the past 10 months failed to curtail the problem.
The toy jewellery is made in India. It is imported by four companies -- A.A. Global Industries of Cockeysville, Md.; Brand Imports of Scottsdale, Ariz.; the Cardinal Distribution Company of Baltimore; and L.M. Becker of Kimberly, Wis. -- and represents about 90 percent of toy jewellery found in vending machines. In a letter to the commission, the companies said that they had ''stopped the importation of all toy jewellery with lead.''
U.S. executives' confidence dips, survey says
U.S. business chiefs continue to view the economy's performance favourably and expect to see better profits, but their overall optimism has nonetheless dimmed a bit over the past three months, the Conference Board said Wednesday. The group reported that its index for chief executives' confidence levels moved slightly lower during the second quarter, to a reading of 70, vs. 73 in the first quarter. According to the research group, readings above 50 indicate that positive responses to the survey outweighed negative ones. So for the second quarter, even as confidence slipped, it still remained quite strong. The Conference Board's measure of business leaders' confidence is based on a survey of more than 100 CEOs, in a broad array of businesses. The survey has shown steady improvement for a number of quarters, rising from its recent low point of 40, seen in the final quarter of 2001.
Mortgage applications surge
U.S. mortgage applications last week had their biggest seven-day surge in more than three months, driven by rates that fell below 6 percent for the first time since April. For the week ended July 2, the Mortgage Bankers Association's overall index of applications rose 19.5 percent from the previous week, the biggest percentage gain since mid-March. Its index of mortgage applications tied to a home purchase rose 15 percent. The index that gauges mortgage refinancing was up 27.6 percent -- the first increase in three weeks and the biggest gain since mid-March. Nationwide, the average rate last week for 30-year fixed-rate mortgages fell to 5.96 percent from 6.21 percent the previous week, the Mortgage Bankers Association reported Wednesday.
Morgan Stanley sex-bias trial postponed
A federal judge unexpectedly postponed a sex-discrimination trial against Wall Street brokerage Morgan Stanley on Wednesday, saying more time was needed to resolve a dispute over expert witnesses. The decision by U.S. District Judge Richard Berman came a day after he complained about the protracted litigation, declaring it was time to pick a jury. Jury selection was postponed until Friday, with opening statements pushed back to Monday at a Manhattan courthouse.
There was no indication that last-minute settlement talks between lawyers for Morgan Stanley and the Equal Employment Opportunity Commission -- which brought the case against the brokerage -- had resumed. Other high-profile bias complaints against brokerages have been settled out of court, but talks in the Morgan Stanley case collapsed last year. Morgan Stanley did not immediately return a call for comment. EEOC spokesman Larry Pincus declined to comment. In its lawsuit, the EEOC alleged a pattern of discrimination that denied scores of women promotions and gave higher salaries to less productive men.
Judge: Tobacco not shielded from federal suit
A federal judge ruled Wednesday that the legal settlement reached between the tobacco industry and states six years ago does not shield cigarette makers from the federal government's $280 billion suit. The ruling was a victory for prosecutors, who asked U.S. District Judge Gladys Kessler to prevent the cigarette makers from arguing that the settlement with the states made the federal racketeering case moot. The industry reached a $206 billion settlement with 46 states in 1998 to cover the cost of treating sick smokers. Four other states settled previously for $40 billion.
The agreements led to advertising and marketing restrictions on the industry, such as banning cigarette ads on billboards. Kessler said in her ruling she would consider those restrictions if she has to set remedies for alleged wrongdoing in the federal case. The Justice Department alleges tobacco companies deceived the public about the dangers of tobacco and the addictive nature of nicotine. The government also claims the companies targeted children through advertising and lied about it. The trial is set to begin in September, although the industry is seeking an interim appeal to block the government from going after $280 billion that tobacco companies allegedly earned fraudulently.


Garamendi sets conditions for WellPoint-Anthem
State Insurance Commissioner John Garamendi says he won't approve a merger of WellPoint Health Networks and Indianapolis-based Anthem unless the companies spend up to $600 million on health programs for low-income California patients. The proposed $16 billion merger of Anthem and the Thousand Oaks-based parent company of Blue Cross of California would create the nation's largest health plan with about 28 million members, including more than 7 million in California.
California is the only holdout on the merger, which has been approved by the Justice Department, shareholders and insurance regulators in all other required states. Garamendi, however, Tuesday said he wants an investment in California equal to what he called the ''excessive'' dollar value of executive cash and stock payouts resulting from the merger. The merger also is awaiting approval from the California Department of Managed Health Care, which regulates HMOs.
FTC investigating closure of Shell refinery
The Federal Trade Commission has begun a formal investigation of the proposed shutdown of a Shell Oil refinery in California to determine possible antitrust violations, a senior FTC official said Wednesday. The refinery near Bakersfield has been the subject of intense controversy as Shell officials plan to close the facility in November. The oil company said the refinery was being shut down because of a decline in oil production in the region. But critics maintain the shutdown is part of a strategy to continue tight oil markets and increase California's gasoline prices, which already are the highest in the country. Shell spokesman Stan Mays said the company was cooperating with the investigation.
NationalNews
Toy jewelry in largest recall
The government will issue a recall of the largest number of products ever, officials said, when it announces today that 150 million toy bracelets, rings and necklaces that have been sold around the nation over the past 18 months will be removed by companies or should be discarded by parents because many of them contain dangerous amounts of lead. The recall by the Consumer Product Safety Commission of the toys, which cost 25 cents to 75 cents and have been sold in 700,000 vending machines, comes after two recalls of 2.4 million pieces of similar jewelry over the past 10 months failed to curtail the problem.
The toy jewelry is made in India. It is imported by four companies -- A.A. Global Industries of Cockeysville, Md.; Brand Imports of Scottsdale, Ariz.; the Cardinal Distribution Company of Baltimore; and L.M. Becker of Kimberly, Wis. -- and represents about 90 percent of toy jewelry found in vending machines. In a letter to the commission, the companies said that they had ''stopped the importation of all toy jewelry with lead.''
U.S. executives' confidence dips, survey says
U.S. business chiefs continue to view the economy's performance favorably and expect to see better profits, but their overall optimism has nonetheless dimmed a bit over the past three months, the Conference Board said Wednesday. The group reported that its index for chief executives' confidence levels moved slightly lower during the second quarter, to a reading of 70, vs. 73 in the first quarter. According to the research group, readings above 50 indicate that positive responses to the survey outweighed negative ones. So for the second quarter, even as confidence slipped, it still remained quite strong. The Conference Board's measure of business leaders' confidence is based on a survey of more than 100 CEOs, in a broad array of businesses. The survey has shown steady improvement for a number of quarters, rising from its recent low point of 40, seen in the final quarter of 2001.
Mortgage applications surge
U.S. mortgage applications last week had their biggest seven-day surge in more than three months, driven by rates that fell below 6 percent for the first time since April. For the week ended July 2, the Mortgage Bankers Association's overall index of applications rose 19.5 percent from the previous week, the biggest percentage gain since mid-March. Its index of mortgage applications tied to a home purchase rose 15 percent. The index that gauges mortgage refinancing was up 27.6 percent -- the first increase in three weeks and the biggest gain since mid-March. Nationwide, the average rate last week for 30-year fixed-rate mortgages fell to 5.96 percent from 6.21 percent the previous week, the Mortgage Bankers Association reported Wednesday.
Morgan Stanley sex-bias trial postponed
A federal judge unexpectedly postponed a sex-discrimination trial against Wall Street brokerage Morgan Stanley on Wednesday, saying more time was needed to resolve a dispute over expert witnesses. The decision by U.S. District Judge Richard Berman came a day after he complained about the protracted litigation, declaring it was time to pick a jury. Jury selection was postponed until Friday, with opening statements pushed back to Monday at a Manhattan courthouse.
There was no indication that last-minute settlement talks between lawyers for Morgan Stanley and the Equal Employment Opportunity Commission -- which brought the case against the brokerage -- had resumed. Other high-profile bias complaints against brokerages have been settled out of court, but talks in the Morgan Stanley case collapsed last year. Morgan Stanley did not immediately return a call for comment. EEOC spokesman Larry Pincus declined to comment. In its lawsuit, the EEOC alleged a pattern of discrimination that denied scores of women promotions and gave higher salaries to less productive men.
Judge: Tobacco not shielded from federal suit
A federal judge ruled Wednesday that the legal settlement reached between the tobacco industry and states six years ago does not shield cigarette makers from the federal government's $280 billion suit. The ruling was a victory for prosecutors, who asked U.S. District Judge Gladys Kessler to prevent the cigarette makers from arguing that the settlement with the states made the federal racketeering case moot. The industry reached a $206 billion settlement with 46 states in 1998 to cover the cost of treating sick smokers. Four other states settled previously for $40 billion.
The agreements led to advertising and marketing restrictions on the industry, such as banning cigarette ads on billboards. Kessler said in her ruling she would consider those restrictions if she has to set remedies for alleged wrongdoing in the federal case. The Justice Department alleges tobacco companies deceived the public about the dangers of tobacco and the addictive nature of nicotine. The government also claims the companies targeted children through advertising and lied about it. The trial is set to begin in September, although the industry is seeking an interim appeal to block the government from going after $280 billion that tobacco companies allegedly earned fraudulently.


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