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G7 agrees global growth has slowed

WASHINGTON >> Growth in the world's richest economies has slowed, finance officials agreed yesterday as they vowed to take whatever steps were needed to clean up corporate behavior and reinvigorate the recovery.

"Economic growth in our countries is continuing, though at a more moderate pace than earlier this year," finance ministers and central bankers from the Group of Seven industrialized nations said in a communique issued after a lengthy meeting here. "We recognize that risks remain."

The statement said the G7 partners were committed to following sound economic policies and to improving corporate disclosure and accountability, an apparent bid to shore up shaky business and consumer confidence.

"We are confident that these policies, accompanied by continued vigilance and cooperation, will strengthen growth in coming months, and thus support sustained expansion," the statement said.

Finance officials from the United States, Britain, Canada, France, Germany, Italy and Japan met on the fringes of the annual meetings of the International Monetary Fund and World Bank.

Dole forms committee to review buyout offer

Westlake Village, Calif. >> Dole Food Co. formed a special committee to consider a buyout offer from Chief Executive David Murdock that values the world's largest fruit and vegetable producer at about $2.5 billion.

Five board members who are not current or former employees will act on the company's behalf, Dole said in a statement. The committee will be chaired by Richard Ferry, the former chairman of executive-search firm Korn/Ferry International.

Murdock on Sunday offered $29.50 a share for the 76 percent of the company that he and his family don't already own. Several shareholder lawsuits say the proposal undervalues Dole. Murdock said he expected to negotiate an agreement by Nov. 6.

The committee hired Goldman, Sachs & Co. as its financial adviser and Gibson, Dunn & Crutcher LLP as legal counsel. Deutsche Bank is advising Murdock.

Japan Airlines beefs up airplane orders

SEATTLE >> Japan Airlines says it will order two new Boeing 747-400 freighters and upgrade a previously announced order for three jets, Boeing Co. confirmed yesterday.

The announcement from one of Boeing's largest Asian customers comes during one of the steepest economic downturns in the history of commercial aviation.

The two cargo jets -- which run between $187.5 million and $214.5 million according to Boeing's Web site -- are for delivery by March 2004. In addition, JAL said it wants to swap previous orders for three 777-200 passenger jets for the larger 777-300 version. It is not changing another two orders for 777-200s. A 777-300 carries 368 to 550 passengers, while a 777-200 carries between 305 to 440 passengers, depending on configuration.

IPO suit hinges on early defense motion

NEW YORK >> A mountainous legal suit claiming that Wall Street banks and their corporate clients rigged hundreds of initial public offerings has hardly begun, but the most important arguments may have already been made.

Yesterday was the deadline for the final documents in a motion to throw the case out made by defendants like Goldman Sachs Group Inc. and Credit Suisse Group First Boston and once hot IPOs like EToys.

The motion is a standard defense tool, but lawyers on both sides say that expanding government investigations into IPO practices, the breadth of litigants, and the sheer size of a potential settlement make this ruling particularly critical.