Niagara Mohawk Power Corp. said it's in talks to sell its stake in the Nine Mile Point nuclear plant as part of its plan to focus on electricity distribution rather than generation.
The stake has a book value of $1.5 billion, but is likely to sell for much less based on other recent announcements of nuclear plant sale prices. If the talks succeed, Niagara Mohawk would be the third U.S. utility in less than a year to announce plans to sell nuclear holdings. The Syracuse-based company declined to name the possible buyer.
ATM overcharges uncovered
PHILADELPHIA (AP) -- About 10,000 bank card holders on the East Coast had their accounts charged more than once for transactions made during a 15-hour period, the network said.
MAC Network customers from about 80 banks were affected, said Melinda Mercurio, spokeswoman for Electronic Payment Services Inc. in Wilmington, Del. EPS would not reveal names or locations of the banks.
Errors involved multiple postings of transactions made between midnight Sunday and 3 p.m. Monday while the network was making a change in its processing system. For example, a card holder withdrawing $100 may have been charged three times, recording a total debit of $300.
Many of the errors were corrected by Wednesday, before most customers were aware of the problem, Ms. Mercurio said. The MAC Network includes about 2,300 banks and 40 million card holders nationwide.
Mortgage rates fall to six-week low
WASHINGTON (AP) -- The average interest rate on 30-year fixed-rate mortgages fell to a six-week low of 6.74 percent this week from 6.78 percent last week, Freddie Mac, the mortgage company, said Thursday.
Fifteen-year mortgages, a popular option for refinancing, averaged 6.37 percent this week, down from 6.42 percent and also a six-week low.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.57 percent, the same as last week.
Hoffa running mate barred
WASHINGTON (AP) -- James P. Hoffa won a federal overseer's approval Thursday to assume the Teamsters presidency, but the election monitor barred one of his running mates from taking office and delayed his decision on two union vice presidents from Canada.
Election officer Michael Cherkasky refused to certify the results for two of the vice presidents from Canada, who ran on a separate ticket, while he investigates charges of voter fraud.
Cherkasky barred Hoffa running mate J.D. Potter from assuming his seat on the board. Potter was one of two Hoffa running mates charged with wrongdoing by a separate court-appointed board since the ballots were tallied.
The Independent Review Board charged Potter, the leader of a Texas local, with lying to the election office about breaking donation limits.
Adelphia buying shares from FPL
COUDERSPORT, Pa. (Bloomberg) -- Adelphia Communications Corp., the No. 7 U.S. cable operator, will pay $257.2 million in cash to FPL Group Inc. for Adelphia shares held by FPL and FPL's stake in a Florida cable company.
Adelphia said it will buy back common and preferred shares owned by FPL for about $150 million and pay $107.5 million for FPL's one-third interest in Olympus Communications LP, a partnership formed in 1995 to provide cable service to 550,000 customers in central and eastern Florida.
Shares of FPL fell 1/4 to 55 6/1 6; Adelphia rose 2 1/4 to 59 1/1 6.
Arrest warrants set for Livent execs
NEW YORK (AP) -- Arrest warrants were issued today for the founders of Livent Inc., the Broadway theater company known for such lavish productions as "Ragtime" and "Kiss of the Spider Woman."
Garth Drabinsky and Myron Gottlieb had been ordered to appear in U.S. District Court in Manhattan Thursday for an arraignment on 16 counts of fraud and conspiracy. They are accused of inflating corporate earnings and scheming to hide massive financial losses for eight years.
Both men issued statements Wednesday from Toronto that nothing short of an extradition process would get them to appear in a U.S. court.
The arrest warrants are only valid in the United States, meaning that the two defendants can only be arrested if they return to this country.