Integrity Bank in Georgia is 10th to fail

BUSINESS BRIEFING

FINANCE

Bank in Georgia is 10th to fail

The Federal Deposit Insurance Corp. said Integrity Bank of Alpharetta, Ga., had become the 10th U.S. bank to fail so far this year.

Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in deposits and about $34.4 million of the bank's $1.1 billion in assets.

There has been an increase in the number of banks that have failed this year amid continuing mortgage defaults.

TOYS

Court dismisses suit against Jakks

Shares of Jakks Pacific Inc., the toy maker that sells Dora the Explorer products, rose 7.1% after the company said the Connecticut state court had dismissed bribery and antitrust claims initiated by World Wrestling Entertainment Inc.

WWE filed a complaint against Malibu-based Jakks in October 2006 that alleged that there had been improper sales of WWE games in Asia, Jakks said in an Aug. 11 regulatory filing. Related litigation was filed in 2004 in federal court in New York and later dismissed.

Jakks and Agoura Hills-based THQ Inc., also named as a defendant in the case, are part of a joint venture with global rights to publish and market WWE video games.

Jakks shares rose $1.66 to $24.95, the biggest advance since February.

FOOD

Russia will ban some U.S. poultry

Russia, the top market for U.S. chicken exports, said it would ban poultry from at least 19 plants that it said ignored warnings about inspections.

Companies affected, including Springdale, Ark.-based Tyson Foods Inc., vowed to right any wrongs if need be. The industry's trade group said it had been expecting Russia to reduce imports anyway as the country's own production rises.

Plants affected include at least two owned by Tyson; two owned by Sanderson Farms Inc., the nation's fourth-largest chicken producer; and a Jennie-O Turkey plant owned by Hormel Foods Inc.

AIRLINES

United hikes fares as much as $20

UAL Corp.'s United Airlines raised domestic fares by as much as $20 round trip to help cover fuel costs.

Flights of 751 miles or more had the biggest round-trip increases, a spokeswoman said. Fares went up $10 round trip on flights of 400 miles or less and on routes that compete with discount carriers.

AUTOS

GM recalls cars for electrical flaw

General Motors Corp. recalled 944,000 sedans, sport utility vehicles and pickup trucks worldwide because of the potential for a short circuit in a system that heats windshield-wiper fluid.

The voluntary recall affects 16 models from 2006 to 2008 that have the system, including Chevrolet Silverado pickups, Chevrolet Tahoe SUVs and Cadillac DTS sedans, the Detroit-based automaker said in a letter posted on the National Highway Traffic Safety Administration's website. Of the vehicles, 857,735 are in the U.S.

VIDEO GAMES

Nintendo raises profit forecast

Nintendo Co. raised its fiscal-year profit forecast by 26% from an earlier figure, citing healthy sales of its Wii home console and DS hand-held game machines.

The Japanese company also credited a recovering dollar for its new earnings projection of 410 billion yen ($3.8 billion) for the year ending March 2009.

From Times Wire Services


 
 
Business