Economy Briefs: Stocks soar as budget deal seems more likely Monday

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NEW YORK — Stocks rallied in the final hours of trading for the year as a budget deal appeared to be taking shape in Washington.

The Dow Jones industrial average jumped 166 to end at 13,104 Monday. It had waffled through much of the morning, then shot higher at midday after news began to emerge that negotiators were homing in on a deal.

The Dow is coming off five straight days of losses. For the year, it gained 7 percent.

The Standard & Poor’s 500 index rose 23 to end the year at 1,426. That’s a gain of 13 percent for the year.

The Nasdaq composite rose 59 to 3,019.

HEALTH CARE

Judge halts contraceptive mandate for Michigan firm

DETROIT — A federal judge has ruled that a property-management company owned by the founder of Domino’s Pizza doesn’t have to immediately implement mandatory contraception coverage in the health care law.

U.S. District Judge Lawrence P. Zatkoff ruled Sunday in favor of Tom Monaghan and his Domino’s Farms Corp. near Ann Arbor. Mr. Monaghan, a devout Roman Catholic, says contraception isn’t health care but a “gravely immoral” practice.

Judge Zatkoff granted Mr. Monaghan’s emergency motion for a temporary restraining order until a final decision is made in the case. The mandate would have taken effect Tuesday.

The government says the contraception mandate benefits women’s health and removes financial barriers. About a dozen similar lawsuits are pending nationwide.

MEDIA

New owners bring Tribune out of 4-year-long Chapter 11

CHICAGO — Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after the media company sought bankruptcy protection.

The reorganized company is starting with a new board of directors and new ownership that includes senior creditors Oaktree Capital Management, Angelo, Gordon & Co., and JPMorgan Chase & Co.

Tribune closed on a new, $1.1 billion senior secured term loan and a $300 million revolving credit line. The loan will fund payments required under the reorganization plan, and the credit line will fund ongoing operations.

EUROPE

Former finance minister faces charges in Greece

ATHENS, Greece — Greece’s coalition government called Monday for the indictment of former Finance Minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank-account holders whose tax records were to be re-examined.

Mr. Papaconstantinou, 51, served as finance minister between 2009 and 2011 in the previous Socialist government. His party, which is part of the new conservative-led administration, is backing the proposed indictment.

ADVERTISING

Ad services firm seeks bankruptcy protection

NEW YORK — LodgeNet Investment Corp. says it is filing for Chapter 11 bankruptcy protection and will be acquired by the investment firm Colony Capital.

LodgeNet provides video, Internet and advertising services to the lodging and health care sectors, and the company said Monday that it will operate during the expedited bankruptcy process. When that is complete, Colony will own LodgeNet.

The Sioux Falls, S.D., company says a Colony Capital affiliate will provide it with $60 million in new capital, and LodgeNet’s lenders will extend their credit agreements. The company said it has a secured credit facility worth about $346 million.

LodgeNet says it will form a strategic partnership with DirecTV in the hospitality and health care markets.

POLAND

Prosecutors eye U.S. firm accused of offering bribes

WARSAW — Prosecutors are investigating allegations that a U.S. medical-equipment company offered bribes to hospital officials across the country to secure deals.

Dozens of private apartments and offices have been searched in recent months for evidence of charges that between 2003 and 2006, employees of the Polish branch of Stryker Corp. offered bribes to hospital heads to win tenders worth hundreds of thousands of zlotys, said Leszek Golawski, prosecutor in the southern city of Katowice. He could not say whether the evidence gathered from hospital and Stryker Poland documents could lead to indictments. The case involves about 100 people and 51 hospitals.

There was no immediate comment from Stryker Corp. in Poland.

From wire dispatches and staff reports.

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