U.S. faces retalitory tarrifs from WTO\nGENEVA -- The United States is facing up to $2.2 billion in European Union trade sanctions within weeks of a World Trade Organization appeals panel ruled Monday that U.S. tariffs on imported steel are illegal.\nA three-member WTO panel rejected the bulk of the U.S. appeal of an earlier ruling that said the duties of up to 30 percent introduced in March 2002 by President Bush's administration breached trade rules. The appeals body is WTO's highest tribunal, and the decision is final.\nIn a joint statement, the countries that brought the case said the United States had "no other choice" but to remove the import duties without delay. The EU said it will impose retaliatory sanctions of up to $2.2 billion by introducing 100 percent duties on some U.S. imports, effectively pricing those goods out of the EU market.
Executives fire for improper trading\nNEW YORK -- Two top executives at Alliance Capital Management were ousted Monday and the investment management company warned of a "high likelihood" that it will face sanctions and penalties for improper trading of mutual funds.\nThe company requested the resignations of John D. Carifa as president, chief operating officer and director of Alliance Capital and chairman of the board of its mutual funds, and of Michael J. Laughlin as chairman of Alliance Capital's mutual fund distribution unit.\nMarket timing is the use of quick, in-and-out trades that skim profits from longer-term shareholders. The practice is not illegal but most funds do not allow it. Regulators have indicated that funds that officially prohibit the practice but make selective exceptions are committing fraud.
FCC allows switch of home and cell\nWASHINGTON -- Federal regulators gave the go-ahead Monday for consumers to switch their home phone numbers to their cell phones.\nThe Federal Communications Commission said people will be able to transfer their numbers as long as their wireless coverage area overlaps the location of their conventional phone.\nIn some cases, cell customers also will be able to transfer their numbers to conventional phones. However, the FCC said it needed to gather more information so it could expand the number of people who could do so.\nThe new home-to-cell number and the limited cell-to-home rules take effect Nov. 24, the same day wireless customers will be able to keep their numbers when they switch cell phone companies. The rules govern customers living in the 100 most populous metropolitan areas and take effect six months later for all others.
Media executive admits false reporting\nNEW YORK -- The chief financial officer of Gruner + Jahr USA, publisher of Rosie O'Donnell's magazine, admitted Monday that his company reported false circulation figures to hide the magazine's losses.\nLawrence Diamond, the CFO, said executives at G+J decided to "manage the financials" of the magazine, "Rosie," so they could keep publishing. If the magazine lost more than $4.2 million in a fiscal year, O'Donnell would be allowed to quit.\n"We did not want to shut down," Diamond testified under questioning by Matthew Fishbein, one of O'Donnell's lawyers. The G+J executive was testifying in Manhattan's State Supreme Court where O'Donnell and G+J are suing each other for breach of contract.\nThe bogus numbers were reported to the Audit Bureau of Circulations, a nonprofit association of publishers and advertising buyers and sellers, whose information helps determine ad rates.
