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| The U.S. Army said it was canceling the $39 billion Comanche helicopter program being developed by Boeing and United Technologies, saying it had become obsolete and the money could be better spent on other aircraft. |
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| In the largest ever foreign investment in South Korea, Citigroup said it would buy KorAm Bank for $2.7 billion to extend its push into emerging markets. |
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| Federal Reserve Chairman Alan Greenspan urged Congress to rein in Fannie Mae and Freddie Mac, warning that unchecked growth in the housing finance giants will likely threaten the U.S. financial system. Next day he told lawmakers they should consider trimming Social Security benefits by pushing up the retirement age and offering less generous adjustments to future payments. |
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| Yamanouchi Pharmaceutical said it will buy rival Fujisawa Pharmaceutical, in a deal worth $7.8 billion, to create Japan's No. 2 drugmaker. The move signals a shake-up in the nation's $50 billion drug market. Pictured are Yamanouchi President Toichi Takenaka, right, and Fujisawa President Hatsuo Aoki. |
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| Calpers, the largest public pension fund in the U.S., added its support to those who say they will not vote for the reelection of The Walt Disney Co.'s chief executive, Michael Eisner. Reports say the shareholder revolt could be reflected in more than 30% of shares cast at the company's annual meeting next week. |
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| U.S. sports tycoon Malcolm Glazer again raised his stake in English soccer club Manchester United, heightening speculation he was planning a bid for one of the world's richest sports franchise. |
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| U.S. antitrust authorities said they would go to court to block the proposed purchase of software company PeopleSoft by Larry Ellison's Oracle. The U.S. Justice Department said the takeover would hurt competition in the market for software sold to large business customers to manage finances and human resources. |
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| Forbes announced its annual ranking of the world's billionaires. Microsoft co-founder Bill Gates is still the richest individual on the planet, but Berkshire Hathaway's Warren Buffett is closing in, while Harry Potter creator J.K. Rowling becomes the first author to join the list. |
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| Two days after the defense rested, the judge in the Martha Stewart trial threw out the securities fraud charge against her, saying prosecutors had failed to present sufficient evidence for the jury to decide. Stewart still faces charges that she and her broker lied to investigators looking into her sale of ImClone Systems stock in December 2001, as well as charges of obstruction of justice and making false statements. |
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| Investors closed out February in a bullish mood following an upbeat quarterly earnings season and mostly upbeat economic numbers. The blue-chip Dow Jones Industrial Average closed at 10,583.92, down 0.3% for the week. The broader-based S&P 500 ended at 1,144.94, up 0.1% for the week, while the tech-laden Nasdaq was down 0.4% to close at 2,029.82. |