Here is a look at some of Wednesday's top business stories:
Tyco appoints new chief financial officer
NEW YORK, Sept. 11 (UPI) -- Tyco International appointed a new chief financial officer Wednesday, as it continues to struggle to regain investor confidence.
The industrial conglomerate appointed David FitzPatrick, the chief financial officer at United Technologies, to replace Mark Swartz. FitzPatrick's appointment is the latest reshuffling of Tyco's top executives. Its chief executive, Edward Breen, was appointed in July to replace Dennis Kozlowski, who was later charged with tax evasion to the tune of $1 million on artwork he purchased.
Swartz was seen to be particularly close to Kozlowski, and he resigned after heightened pressure from the company's board members. By appointing the 48-year-old FitzPatrick, Tyco hopes to restore public trust in the Bermuda-based company.
"Dave's respect and reputation among the financial community for uncompromising integrity, and his overall grasp of financial and business issues, are strengths that I value highly," Breen said in announcing FitzPatrick's hire.
Poll: U.S. Consumer Confidence Inches Up!
NEW YORK, Sept. 11 (UPI) -- U.S. overall consumer confidence rose modestly last week, according to the latest ABC News/Money Magazine poll.
The consumer comfort index rose one point to --12 in the week ended Sept. 8, ABC News said Wednesday on its Web site.
According to the survey, 32 percent of respondents expressed confidence in the economy, unchanged from the week before, while 59 percent of those polled said their own finances were in good standing, up from 57 percent in the prior week.
The poll has a margin of error of plus or minus three percentage points.
The consumer comfort index was based on a random survey of 1,002 respondents nationwide ended Sept. 8. The index measures typical Americans' confidence in three areas: the national economy, their own finances, and their willingness to spend money.
Kellogg's recalls 350K boxes of cereal
WASHINGTON, Sept. 11 (UPI) -- Kellogg USA of Battle Creek, Mich., Wednesday recalled 237,400 packages of Cracklin' Oat Bran and 22,176 packages of Smart Start because of undeclared ingredients that could lead to allergic reactions.
The recall affects 17-ounce packages of Cracklin' Oat Bran with UPC 38000 04530 and use-by dates of June 19, 2003, July 17, 2003, July 18, 2003 and July 19, 2003. The cereal was distributed to retail grocers nationwide.
The recall also affects club 41.03-ounce store packages of Smart Start with UPC 38000 71550 and use-by days beginning May 9, 2003, KNC. The packages were distributed through Costco and BJ's Club Warehouse stores nationwide.
The recall was initiated after consumer complaints of allergic reactions to eggs, milk and soybeans. The problem is blamed on a temporary breakdown in the manufacturing facility production and packaging processes.
Consumers are advised to contact (800) 527-1557 for more information and instructions.
Separately, Kraft Foods Co. of Avon, N.Y., recalled 12,600 pounds of turkey lunch kits because of misbranding. The packages really contain ham.
Kraft said it discovered the problem with the 3.8-ounce and 6.75-fluid ounce boxes of Oscar Mayer Lunchables and notified the Agriculture Department's Food Safety and Inspection Service.
The recalled packages were produced Aug. 11 and have a use-by date of Nov. 19. They also are marked by the establishment No. 537 L, followed by an hour code.
The affected packages were distributed to retail stores in Florida, Georgia, Louisiana, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia and Wisconsin.
For more information, call (800) 222-2323.
