Also. . .
* Bear Stearns Cos., without admitting wrongdoing, has agreed to pay $25 million in a settlement with the Securities and Exchange Commission, which was investigating the investment firm’s relationship with a small brokerage that defrauded investors, it was disclosed in a regulatory filing. The settlement, which requires SEC approval, would head off a civil lawsuit by the SEC that was believed to be imminent.
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* AT&T; Corp. and British Telecommunications won antitrust clearance for their planned $3-billion joint venture, a Justice Department spokeswoman said. The approval, which comes without conditions, puts the two telephone giants one step closer to an alliance that would let them combine their voice, data and Internet services for multinational businesses. The Federal Communications Commission still must approve the plan.
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* Walgreen Co.’s earnings rose 27% for its fiscal third quarter to $159.3 million, or 16 cents a share, a penny higher than analyst estimates. The nation’s largest drugstore chain attributed the results to market-share gains in its pharmacy, vitamin and photo-development business. The company also continued to reduce costs. Sales grew 18% to $4.57 billion, and sales at stores open at least a year jumped 12.3%.
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* Boyd Gaming Corp., owner of the Stardust in Las Vegas and 10 other casinos, agreed to buy closely held Blue Chip Casino in Michigan City, Ind., for $273.5 million to enter the Chicago-area gambling market. Boyd will pay $255 million for the riverboat casino and $18.5 million for a hotel and parking facility now under construction that’s attached to the casino complex.
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* TRW Inc. said it has teamed with Sweden’s Biosys to develop and sell a warning system to alert drivers when they’re too tired to operate a car safely. The system is expected to consist of a sensor mounted in the driver’s seat. Terms of the agreement weren’t disclosed.
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* United Parcel Service of America Inc., the world’s largest package-delivery company, agreed to buy Miami-based Challenge Air Cargo’s assets for an undisclosed price to expand in Latin America.
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* UAL Corp., parent company of United Airlines, said two insiders will assume the roles of president and chief operating officer when James Goodwin is promoted to chairman and chief executive in July. Rono Dutta, senior vice president for planning, will become president of the corporation and United Airlines. Andrew Studdert, senior vice president for fleet operations, will become executive vice president and chief operating officer.
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