Profit-taking dips Nikkei and lowers dollar on yen

TOKYO >> Tokyo stocks fell slightly early today on continued profit-taking against recent gains. The dollar was lower against the yen.

The benchmark 225-issue Nikkei Stock Average declined 45.36 points, or 0.45 percent, to 10,002.74 in the first 30 minutes of trading. On Friday the average fell 32.99 points, or 0.33 percent.

The dollar bought 132.69 yen in early trading, down 0.05 yen from late Friday in Tokyo but above its late New York level of 132.60 yen on Friday.

On the stock market, the Nikkei index opened lower as some investors continued to lock in profits, exacerbated by Wall Street's decline Friday.

The broader Tokyo Stock Price Index of all issues listed on the first section was down 6.22 points, or 0.63 percent, to 976.28 early today. The TOPIX lost 1.54 points on Friday.

In currency dealings, the dollar edged lower against the yen amid a lack of fresh market-moving news, as U.S. financial markets will be closed today for the Presidents Day holiday.

United and mechanics still not seeing eye to eye

CHICAGO >> United Airlines and its mechanics union met for the third straight day of contract talks, but by late yesterday had not agreed on a contract that would avert a strike scheduled for later this week.

The two sides returned to the bargaining table Friday after the airline's 13,000 mechanics and aircraft cleaners turned down a proposed contract on Feb. 12 that would have given senior mechanics an immediate 37 percent pay raise.

The mechanics, who have not gotten a raise in eight years, didn't like the contract offer's proposal to delay retroactive pay until next year, as well as a provision that would have given the airline the right to cut their wages to aid the financially struggling airline.

A strike is scheduled to begin at 12:01 a.m. EST Wednesday. However, both sides have said they are committed to reaching an agreement. United has said flights will be grounded if the mechanics walk off the job.

Government security has passengers feeling safe

CHANTILLY, Va. >> On the first day the government took responsibility for airport security, some passengers noticed extra vigilance and felt reassured by the change. Federal officials pledged yesterday to protect travelers and treat them with courtesy.

The second major deadline in the airline security law passed as smoothly as the first, when airlines last month began inspecting checked baggage for explo- sives. A new federal agency now oversees aviation security instead of the airline industry and Federal Aviation Administration.

"As of now, we will make sure we're observing the screening and make sure it's being done properly," said John Magaw, undersecretary for transportation security.

With the same screeners staffing security checkpoints, and even airline officials helping to oversee the operations, Magaw said passengers at first will not see much of a difference.

South Korea encouraged by its falling jobless rate

SEOUL >> South Korean unemployment fell in January to the lowest level in more than four years as government agencies and service companies added workers, the latest sign domestic spending is helping Asia's third-largest economy dodge a global slowdown.

The jobless rate fell to 3.2 percent, seasonally adjusted, from 3.3 percent in December, the National Statistical Office said today. That was the lowest level since December 1997 and the second straight decline.