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| Phil Condit, right, resigned as chairman and chief executive of Boeing following controversy over government contracts. Harry Stonecipher, left, is the aerospace firm's new president and chief executive. Former Hewlett-Packard chairman Lew Platt, center, becomes nonexecutive chairman. Stonecipher retired from Boeing in 2002 after having worked with Condit for five years as vice chairman, president and chief operating officer. |
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| The company that runs one of the worst-performing mutual funds has hired the youngest mutual fund manager ever, a 20-year-old who has not yet graduated from college. Freedom Investors' Frontier Equity Fund took on Chris Lahiji after a fantasy mutual fund he ran on the Internet racked up a 170% return in about a year. |
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| A magnetically levitated train powered by a linear induction motor sits on the track prior to setting a new world speed record during a manned test in Kofu, Japan. The three-car maglev train, operated by the Central Japan Railway and the government-affiliated Railway Technical Research Institute, reached a top speed of 581 kilometers per hour (361 mph). |
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| FAO, owner of FAO Schwarz toy stores, said it plans to file for bankruptcy protection for the second time this year. The King of Prussia, Pa.,-based group is losing out to discount stores that sell many of the same toys at lower prices. FAO's sales for the three months to Aug. 2 dropped to $46.3 million from $90 million a year earlier. It reported an $18.8 million loss for the quarter. |
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| Billionaire investor Kirk Kerkorian angrily ruled out settlement talks with DaimlerChrysler as he left the courtroom where he is suing the company over terms of the 1998 merger of Daimler-Benz and Chrysler. |
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| OPEC decided to maintain its quotas and production levels designed to keep prices between $22 and $28 a barrel, but said it would review the decision in February. The Saudi oil minister said the cartel might try to keep oil prices higher to compensate for a weak dollar, which hit a succession of record lows against the euro during the week. |
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| President Bush brought an early end to tariffs that protected the U.S. steel industry from foreign competition. The move averted a trade war with the European Union, which had threatened a retaliatory $2.2 billion of sanctions against U.S. exports. Those sanctions would have hurt states that are more important battlegrounds in 2004's presidential election than the steel states. The tariffs, imposed in March 2002, were ruled illegal by the World Trade Organization. |
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| American International Group, the world's largest insurer by market value, named Donald Kanak vice chairman and co-chief operating officer, bolstering his position in the race to succeed longtime head Maurice Greenberg. Kanak, 50, who has been chief executive officer of AIG companies in Japan and South Korea since 2001, will be one of the top two executives behind Greenberg. Martin Sullivan, 49, is the other. |
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| Britain's Canary Wharf, the real estate development company that owns the landmark building in London's second financial district, Docklands, agreed to a $2.7 billion takeover bid led by Morgan Stanley and U.S. investor Simon Glick through a vehicle called Silvestor UK Properties. The offer is conditional on completion of the sale of two properties to Royal Bank of Scotland for $1.6 billion. |
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| Investors received good news this week. U.S. non-farm productivity rose in the third quarter at its fastest pace in 20 years. Intel, Qualcomm and National Semiconductor reported strong chip demand. IBM noted signs of an upturn in corporate-technology spending. Retailers reported a mostly good start to the holiday shopping season. The blue chip Dow Jones Industrial Average closed at 9,862.68, up .82% for the week. The broader-based S&P 500 closed at 1,061.50, up 3.1%, and the tech-heavy Nasdaq, at 1,937.82, down 1.14%. |