Also. . .
* AT&T; Corp. and British Telecommunications are in “serious talks” to merge their wireless and business-service units into two separate, stand-alone companies, the Financial Times reported on its Internet site, citing no sources. The mergers have been the subject of “high-level meetings” between executives at both companies in recent weeks, the paper said. Combining the units would let BT and AT&T; better compete against companies such as WorldCom Inc. and Global Crossing Ltd., according to the paper. AT&T; spokesman David Caouette declined to comment. British Telecommunications couldn’t be reached to comment.
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* Philip Morris Cos. and other U.S. tobacco companies were sued by the Russian government, which is seeking reimbursement for what it’s spent on health care for smoking-related illnesses. The suit was filed in Miami-Dade County Circuit Court, the same court where Florida smokers were awarded $145 billion in punitive damages against the tobacco industry in July. Russia’s claims, filed in August, were later moved to federal court. Russia is seeking punitive and compensatory damages, claiming the tobacco industry is negligent and has conspired for years to hide the health risks of smoking. It also contends the country has suffered economic losses as a result of a reduced work force.
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* The London Stock Exchange said Gavin Casey resigned as chief executive of Europe’s largest equity market after a plan to merge with the Deutsche Boerse collapsed because it lacked shareholder support. Management of the 227-year-old exchange barely survived a vote of no confidence at an annual meeting this week. The exchange is in flux after the board dropped its plan to merge with the Frankfurt exchange. The LSE, under pressure to find a partner as rivals combine, faces a $1.2-billion hostile bid from OM Group.
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* A hectic peak shipping season pushed monthly cargo statistics to record highs at the Port of Los Angeles in August, port officials said. The San Pedro facility took in record imports (235,529 20-foot containers) and record exports (87,339) and overall handled 33% more cargo than in August 1999.
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