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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, January 25, 2000

Greenspan silenced by weather woes

WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan's scheduled appearance before the Senate Budget Committee today was postponed after a snowstorm hit Washington and much of the East Coast, shutting down most government offices. Greenspan was to testify on the economy and federal budget.

The Senate Banking Committee still plans to hold a hearing tomorrow on Greenspan's re-appointment as Fed chairman.

Gates foundation richest in world

SEATTLE -- Bill and Melinda Gates have donated an additional $5 billion to their foundation, making it the world's richest and boosting its endowment to about $21.8 billion. The Bill and Melinda Gates Foundation surpassed London's Wellcome Trust with the latest gift from the Microsoft Corp. founder and his wife, the Chronicle of Philanthropy reported yesterday.

Wellcome Trust has about $21.4 billion.

In others news ...

S. Mark Adkins, former president and publisher of the San Bernardino County Sun in Southern California, has been named senior vice president of marketing for the Hawaii Newspaper Agency.

NEW YORK -- AT&T Corp. said fourth-quarter profit fell 8.3 percent as declines in its consumer long-distance business outweighed gains in emerging areas such as wireless and Internet services. Excluding losses from its investments in Cablevision Systems Corp. and Excite At Home Corp., AT&T said profit was $1.84 billion, or 57 cents a share. Average analysts' forecast: 55 cents.

ATLANTA -- Coca-Cola Enterprises Inc. said it expects to earn more than 70 cents a share this year, well above estimates, because of lower depreciation costs and higher drink prices.

IRVING, Texas -- Exxon Mobil Corp. said fourth-quarter earnings rose 34 percent on higher oil and natural-gas prices. Profit from operations at Exxon Mobil rose to $2.71 billion, or 77 cents a share, from $2.03 billion, or 58 cents, in the year-earlier period. That matched analysts' average forecast.