Pentagon to receive settlement from Halliburton overcharges\nWASHINGTON -- Halliburton will pay the Pentagon $6.3 million for possible overcharges by a subcontractor accused of giving kickbacks to supply U.S. soldiers in Iraq, a spokeswoman said Friday about the new trouble for Vice President Dick Cheney's former company.\nHalliburton fired the employees involved and notified Defense Department investigators when it discovered one or two workers may have gotten improper payments from the Kuwaiti firm, Hall said. She said the company was paying the $6.3 million to the Army Materiel Command to cover any possible overcharges while the Pentagon investigates.\nThe Pentagon already has in progress a criminal inquiry into possible overcharging involving another Halliburton contract: the company's deal to supply gasoline to Iraqi civilians. Democrats have criticized the contracts and demanded further investigations; the company has denied wrongdoing. Meanwhile, Halliburton has begun an advertising campaign to improve its image.\nNew York Stock Exchange could face civil charges\nNEW YORK -- The Securities and Exchange Commission is contemplating civil charges against at least three New York Stock Exchange specialist firms for violating securities laws and exchange rules against improper trading activities, according to statements Friday from the firms.\nLaBranche & Co. Inc., Van Der Moolen Holdings NV and Fleet Specialist, a subsidiary of FleetBoston Financial Corp., each confirmed they received a "Wells notice" from the SEC, a formal notice in which the commission warns a company that civil enforcement charges may be recommended against it. All three firms have also received a similar notice from the NYSE, which intends to bring a formal disciplinary proceeding against the firms for violating exchange rules.\nAn SEC spokesman said the commission did not comment on ongoing investigations. Separate statements from the three firms said they would cooperate with both SEC and NYSE investigations. Spokesmen for each company would not provide additional comment.
sh: Merger continues consolidation of U.S. banking industry
NASHVILLE, Tenn. -- Regions Financial Corp. and Union Planters Corp. have agreed to merge in a $6 billion deal that creates a Southeastern banking powerhouse.\nThe agreement, announced Friday, continues the consolidation of the U.S. banking industry and would create the nation's 14th-largest bank holding company in total deposits.\nThe new company will be known as Regions Financial Corp. It will have total assets of $81 billion, total deposits of $56 billion, 5.1 million customers, 1,400 branches, 1,700 ATMs and more than 140 brokerage offices across 15 states from Texas to the Atlantic coast.\nIts banking operations will be based in Birmingham, Ala., where Regions is currently based. Union Planters is currently based in Memphis.\nMorgan Keegan's brokerage operations, acquired by Regions in 2001, and the combined mortgage business, will be headquartered in Memphis.
