Markets rise, but indicators fall 0.2%\nNEW YORK -- The nation's economy continued to rebound in September, but appeared to slow after rapid growth earlier in the year, according to a closely watched gauge of future business activity.\nThe Conference Board reported Monday that its Index of Leading Economic Indicators declined by 0.2 percent in September to 113.0, slightly below analysts' expectations. The dip in the September reading marked the first decline in the index since March, and followed a 0.4 percent rise in August.\nAnalysts said the decline largely reflects the volatility of some components of the index, and that the overall dip points to an economy that is still expanding but not as rapidly.
Deifcit increases to 374.2 billion\nWASHINGTON -- The federal deficit soared to $374.2 billion in 2003, the White House said Monday, a record total that more than doubled last year's red ink and looked like a prelude to even gloomier numbers.\nBecause the shortfall marked an improvement from a $455 billion projection the White House made in July, Bush administration officials cited it as evidence that their attempts to fortify the weak economy were working.\nWhite House budget director Joshua Bolten said much the same but also conceded that worse fiscal numbers were on the horizon, estimating the gap for the new year "will likely exceed $500 billion even with the strengthening economy."
Citigroup posts record 3Q profts\nNEW YORK -- Citigroup, the nation's largest financial institution, reported record profits of $4.7 billion for the third quarter, well above Wall Street expectations.\nThe New York City-based bank said Monday that all of its divisions except private client services registered double-digit earnings growth.\nThird-quarter profits amounted to 90 cents a share compared with earnings of $3.92 billion, or 76 cents a share, in the July-September period a year earlier.\nAnalysts surveyed by Thomson First Call had projected earnings of 85 cents a share.\nMany of the nation's banks have reported better-than-expected results this season because of improved investment banking business, the resurgent stock market and continuing strength in mortgage activity.
Accounting board takes hard line on executive conduct \nWASHINGTON -- Americans are still angry about recent corporate conduct -- especially executive pay -- and company directors must act aggressively to prevent recurrences, the head of the new board overseeing the accounting industry said Monday.\nWilliam McDonough warned directors that as company watchdogs, they must go beyond a rote adherence to the new rules imposed in response to the wave of business scandals that started with Enron's collapse and wiped out billions in investors' savings.\nAnger over extravagant pay for executives whose companies fail and lay off employees has further damaged investor confidence that already was shaken by the accounting failures, experts say. State, union and professional pension funds have been pushing for shareholders to have more say on executive compensation.
Hasbro posts 23 percent earnings in third quarter\nPROVIDENCE, R.I. -- Hasbro Inc., the nation's second largest toy maker, reported its third-quarter earnings jumped 23 percent based on strong U.S. sales, new product introductions and aggressive marketing. The results beat Wall Street's expectations.\nThe company behind the Playskool and Transformers brands said Monday it earned $68.5 million, or 38 cents a share, in the July-September period, up from $55.8 million, or 32 cents a share, for the same period last year.\nThe latest earnings figure includes a $17.4 million one-time accounting charge for the quarter. Excluding the charge, Hasbro earned $85.8 million, or 48 cents per share, for the quarter ended Sept. 28. Analysts polled by Thomson First Call expected 42 cents per share.
