U.S. stocks rise despite corporate woes
NEW YORK, March 17 (UPI) -- U.S. stocks gained Friday despite bad news from General Motors and American International Group.
The Dow Jones industrial average was up 26.41 or 0.23 percent to 11,279.65 on a volume of 1.5 billion. The Nasdaq composite gained 6.92 or 0.30 percent to 2,306.48, and the Standard & Poor's 500 rose 1.92 or 0.15 percent to 1,307.25.
GM shares fell hard on news of a bigger-than-expected loss in 2005, while AIG registered a large profit decline.
The benchmark 10-year Treasury fell 7/32, or $2.19 for every $1,000 invested, to yield 4.678 percent.
The dollar was off, hitting 115.85 yen from 116.84 as the euro rose to $1.2196 from $1.2178.
London's FTSE 100 reached its highest level in five years, settling at 5,999.40 on an increase of 6.20 0.10 percent. Tokyo's Nikkei 225 closed at 16,339.73 after rising 243.52 or 1.51 percent.
L'Oreal paying $1.15 billion for Body Shop
LONDON, March 17 (UPI) -- France's L'Oreal SA said Friday it is paying $1.15 billion for Britain's Body Shop International PLC.
The all-cash deal, which marks a 12 percent premium for Body Shop shares, comes three weeks after the companies announced they were in talks, the Financial Times reported.
Anita and Gordon Roddick founded Body Shop 30 years ago as an "ethical" alternative to the traditional approach to cosmetics, eschewing animal testing and pursuing "fair trade" and sustainable development.
Soros-led group paying $900M for DW films
NEW YORK, March 17 (UPI) -- Financier George Soros and his partners agreed to pay about $900 million for the film library of Paramount Pictures' DreamWorks LLC.
The sale to Soros Strategic Partners LP and Dune Entertainment II LLC, an affiliate of Dune Capital Management LP, is expected to net DreamWorks some $600 million.
Under the terms of the definitive agreement, Soros and Dune will acquire all 59 DreamWorks live action films released through Sept. 15, 2005. Soros will enter into an exclusive 5-year agreement with Paramount to distribute the library.
Viacom will retain ownership of music publishing and certain other rights associated with the library including sequel and merchandising rights. In addition, Viacom will retain a minority interest in the entity holding the library assets.
If Soros continues to own the library after the fifth year, the distribution agreement with Paramount will automatically renew.
Paramount Pictures is part of the entertainment operations of Viacom Inc.
NAFTA panel condemns U.S. duties on lumber
VANCOUVER, British Columbia, March 17 (UPI) -- A key trade panel ruled Friday that Canadian softwood lumber is not subsidized and U.S. duties on such products are improper.
Those countervailing duties, which have collected about $4.4 billion and must now be revoked, have been in place for nearly four years. Washington has until April 27 to request an extraordinary challenge committee to review the NAFTA panel's decision.
The panel of the North American Free Trade Agreement was comprised of three U.S. citizens and two Canadians and acted unanimously in affirming the "de minimis" subsidy finding the Department of Commerce issued in November 2005.
"This is a huge victory for Canada," said John Allan, president of the BC Lumber Trade Council. "This is the second NAFTA Panel comprised of a majority of Americans to have unanimously ruled that there is no merit to the U.S. allegations, first regarding injury, and now regarding subsidy."
