- The Washington Times - Tuesday, February 19, 2008


CapitalSource Inc., the Chevy Chase bank that agreed last year to buy TierOne Corp. for $652 million, said it may cancel the purchase or renegotiate the terms. CapitalSource’s board authorized Chief Executive Officer John K. Delaney either to drop the deal or work out a new one, the lender said. TierOne said earlier that it would keep pursuing the transaction.

DynCorp International, a Falls Church company that provides security guards in Iraq, said it won a U.S. Army translation contract worth as much $4.6 billion for a third time. The five-year contract was awarded Friday to a Dyncorp’s joint venture, Global Linguist Solutions, to provide translation services in Iraq, Dyncorp said. The contract was disputed twice by L-3 Communications.


The federal agency that protects the retirement income of nearly 44 million workers has decided to split its $55 billion in assets evenly between fixed-income investments and stocks. Pension Benefit Guaranty Corp. said the new strategy will offer lower risk through broader diversification. Previously, the agency had 28 percent of its assets in stocks. The deficit at the agency totaled $14 billion at the end of last year.

Campbell Soup’s child-oriented soups, which feature characters such as Dora the Explorer and Batman on the cans, are getting their second sodium reduction in three years, the company said. This time, the 12 soups for children will have 480 milligrams per serving, which means the company can legally label them as healthy foods for the first time.

Attorneys for victims of the 2005 explosion at BP PLC’s Texas City refinery contend the oil giant’s fine could be as much as $3.2 billion, dwarfing the $50 million being proposed in a plea agreement. Attorneys said the fine should be at least $400 million.

Improved efficiency has helped airlines better prepare for a possible global economic slowdown compared to the last major recession, but expensive fuel continues to hurt bottom lines, the International Air Transport Association said. Since 2001, the industry has seen labor productivity rise 64 percent, while nonfuel unit costs have dropped 16 percent.

Research in Motion is suing Motorola over several patents used for wireless devices. RIM is asking a court in Dallas to declare Motorola is breaching commitments it made to license essential patents to competitors on a fair and reasonable basis. In its own suit, Motorola claims RIM violated some of Motorola’s patents.


Miner Rio Tinto said it was discussing 2008 iron ore prices with customers after rival Vale of Brazil won a massive 65 percent increase from its Asian clients. Demand for iron ore has soared due to growing demand for steel led by a construction boom in China and India.

Rockwell Collins, a maker of cockpit instruments, plans to open an engineering center in Hyderabad, India, by October to design display and flight management systems and hire 500 engineers.

From wire dispatches and staff reports

European Union rules to accept Brazilian beef exports only from a limited number of meat producers may be in disagreement with World Trade Organization policy, said Brazil’s foreign affairs minister, Celso Amorim. “It is a heavy demand created by the European Union to deal with problems we don’t even have here, such as mad cow disease,” Mr. Amorim said.

JPMorgan Chase & Co. said it will commit $750 million in private-equity investments in the Asia- Pacific region. The bank said it hired Varun Bery and John Troy, co-founders of TVG Capital Partners, to head the Asian arm of its private-equity business.

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