BUSINESS BRIEFS
Morgan Stanley promotes Loo

Advertiser Staff and News Services

Morgan Stanley has promoted senior vice president Paul C.T. Loo to executive director, the brokerage and investment banking firm announced yesterday.

Loo, who has been with the company for more than 44 years, will continue to head the New York-based firm's Hawai'i operations.


AARP pulls out of forums

AARP, already under fire from within its over-50 membership for endorsing the new Medicare law, is backing out of Social Security forums it agreed to sponsor with the Bush administration and from a group advocating a system overhaul to allow stock market investing.


Dial, Armour acquired in deal

Dial Corp., the maker of Dial soap, Renuzit air fresheners and Armour Star canned meats, is being acquired for about $2.9 billion in cash by Henkel, a German maker of detergents, cosmetics and adhesives.

The deal would give Henkel a bigger foothold in North America and a portfolio of well-known brands. It allows Dial to become part of a larger, global operation to compete better with consumer products giants like Procter & Gamble and Unilever PLC.


25 million songs sold on iTunes

Apple Computer Inc. said yesterday its iTunes Music Store has sold 25 million songs in less than eight months, solidifying its position as the early leader in the fast-growing market for downloadable music.

The results were encouraging to some in the music industry, which is trying to persuade music fans to abandon free downloading from file-sharing networks in favor of legal, fee-based services such as Apple's.


Computer firm will pay fines

Sun Microsystems Inc. and its subsidiaries are paying $291,000 in fines to settle allegations that the computer giant exported computers to China that were used for military purposes, the Department of Commerce announced yesterday.

Correction: Morgan Stanley senior vice president Paul C.T. Loo has been promoted to executive director. An item in a previous version of these briefs was incorrect.