BUSINESS BRIEFS
Homebuilder Toll's sales dive; seeks assistance
Associated Press
NEW YORK — Blaming the U.S. financial crisis for squelching early signs that the housing market was beginning to stabilize in recent weeks, homebuilder Toll Brothers Inc. reported a 41 percent plunge in fourth-quarter sales yesterday and called on government intervention to help shore up the housing market.
The Horsham, Pa.-based company's preliminary results for its fiscal fourth quarter reflected worsening fortunes as the financial crisis took hold: Cancelations jumped 30 percent, while demand and traffic from prospective buyers fell last month to a record low, the company said.
BILLIONAIRE BAILS LAS VEGAS SANDS
LAS VEGAS — Billionaire Sheldon Adelson has doubled down on his half-billion dollar bet this fall on Las Vegas Sands Corp. in a plan intended to keep the company from defaulting on its debt and falling into bankruptcy.
The plan for infusing $2.14 billion in new capital into the company dramatically reduces Adelson's controlling stake even as he agreed to invest another $525 million.
The company will not seek shareholder approval for the emergency plan it announced yesterday, even though it more than doubles the number of outstanding shares, massively diluting their value for current shareholders, claiming an exception in New York Stock Exchange rules.
PELOSI ENGINEERS AUTOMAKER HELP
Washington — House Speaker Nancy Pelosi called for "emergency and limited financial assistance" for the battered auto industry yesterday, and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise.
Five days after dismal financial reports from General Motors Corp. and Ford Motor Co., Pelosi backed legislation to make the automakers eligible for help under the $700 billion bailout measure that cleared Congress in October.
MOSCOW BACKS OFF SUPPORT OF RUBLE
MOSCOW — Russia's Central Bank yesterday eased its defense of the embattled ruble, which fell sharply and triggered a sell-off in stocks as the country faces its worst financial crisis in a decade.
The Central Bank also raised its refinancing rate by a full percentage point, to 12 percent, in an effort to stem breakneck capital flight and ease inflation.
The ruble fell 1 percent yesterday to 30.70 against a dollar-euro "basket" as the bank widened the ruble's trading range in a move seen as a concession to a weakening economy and the falling price of oil.
Russia had been using its foreign currency reserves to buy rubles and keep it from falling below 30.40 in a practice called a managed float.
NPR BOARD NAMES SCHILLER AS CEO
WASHINGTON — National Public Radio said its board has named Vivian Schiller, general manager of The New York Times' Web site, as NPR's president and chief executive.
Schiller will fill NPR's top executive roles effective Jan. 5. She succeeds Dennis Haarsager, who became interim CEO in March after Ken Stern stepped down. Stern left after 10 years with NPR as chief operating officer and CEO.Schiller, 47, has more than 20 years of experience in the news media.
AMER. EXPRESS SHARES TUMBLE
NEW YORK — American Express Co. shares tumbled yesterday after the credit card giant said it received government approval to begin taking deposits — a stark sign the lender is facing difficulty funding its operations amid the credit crisis.
Shares plunged $1.58, or 6.6 percent, to close at $22.40. Late Monday, American Express said it received approval from the Federal Reserve to become a bank holding company, a structure similar to most commercial banks
