Turnaround in stockpiles signals economic change\nWASHINGTON - America's businesses -- which have been keeping supplies fairly lean -- boosted their stockpiles of unsold goods in September for the first time in six months, a sign that companies may be feeling more confident about the economic recovery's staying power.\nThe Department of Commerce reported Monday that businesses' inventories rose by 0.3 percent in September, a turnaround from the 0.4 percent drop reported in August. September's rise was the first since March.\nIn another encouraging sign, the increase in inventories in September came even as businesses' sales rose by a solid 0.6 percent, the biggest gain since July. That marked an improvement over the 0.3 percent decline registered in August.\nTwin cities merger creates 2nd largest business insurer\nMINNEAPOLIS -- Travelers Property Casualty Corp. is combining with The St. Paul Companies Inc. in a $16 billion stock deal that will create one of the nation's biggest business insurers. The new company will be known as The St. Paul Travelers Companies and is expected to have total assets of $107 billion, the companies announced Monday.\nCompany officials said the deal would create the nation's second-largest business insurer behind American International Group, providing policies for commercial liability, commercial property and workers' compensation. It should also expand the companies' geographic reach.
Putnam continues downward spiral\nBOSTON -- Investors continue to pull money out of embattled Putnam Investments, with assets under management declining by $7 billion in the past week and $21 billion overall since market timing allegations surfaced last month, the company said Monday.\n5,600 union workers and about 16,000 non-union managers and administrative staff.\nThe final count far exceeds Verizon's estimate last month that more than 12,000 of the 152,000 workers who were offered the buyout were expected to accept the deal.\nThe buyout, which was not offered to Verizon Wireless' nearly all-non-union staff of 40,000, was designed to help accelerate cost-cutting in the company's shrinking residential telephone business.
DuPont agrees to sell spandex-producing unit\nDOVER, Del. -- DuPont has agreed to sell its Invista textiles unit, which makes nylon and spandex, to two Koch Industries subsidiaries for $4.4 billion in cash, the companies announced Monday.\nThe deal with KED Fiber Ltd. and KED Fiber LLC is expected to close in the first half of next year and is subject to government approval, officials said.\nInvista, formerly known as DuPont Textiles and Interiors, is the largest integrated fiber and intermediates business in the world, with 2002 revenues of $6.3 billion and 18,000 employees. Some of its better-known global brands and trademarks include Lycra, Cordura and Stainmaster.
