UPI NewsTrack Business

IMF considers tax on financial sector

ISTANBUL, Turkey, Oct. 3 (UPI) -- The financial sector could be taxed to prevent another severe economic downturn, the head of the International Monetary Fund said in Turkey.

"Having some money coming from the financial sector to create a kind of fund for insurance or funding for low-income countries is something that we are going to consider," Dominique Strauss-Kahn said Friday in Istanbul before the IMF-World Bank annual meeting.

Strauss-Kahn predicted global growth will return at a lower level than before the crisis and warned against jettisoning a stimulus strategy too early, The (London) Independent reported Saturday.

Addressing the effects of the downturn on the Caucasus and Central Asia, IMF Director Masood Ahmed said the region likely would see growth drop from 6.6 percent in 2008 to 1.5 percent in 2009.

"The region as a whole should see a modest recovery in 2010, although the degree of the upturn will vary among countries," Ahmed said in a release Saturday. Energy importing low-income countries, such as Armenia, Georgia and Tajikistan, still face a difficult year ahead, Ahmed said.

Blackstone may buy Anheuser theme parks

NEW YORK, Oct. 3 (UPI) -- The private equity firm Blackstone Group is negotiating to buy SeaWorld, Busch Gardens and other Anheuser-Busch InBev theme parks, officials said.

As of Friday, the proposed sale price stood at between $2.5 billion to $3 billion, sources close to the negotiations told The New York Times in a story published Saturday.

Anheuser has been expected to sell the theme parks to help pay for the $52 billion Anheuser-Busch InBev merger, The Times reported. Anheuser and Blackstone representatives declined to comment.

Anheuser has said its theme parks business was the second largest in the United States, with 10 parks stretching from Florida to Pennsylvania.

Blackstone owns the Merlin Entertainments Group, a British company with more than 50 properties, and co-owns the Universal Studios Orlando theme park with NBC Universal.

If approved, an Anheuser sale to Blackstone would be one of the largest private equity deals this year.

Bank of America forms CEO search committee

CHARLOTTE, N.C., Oct. 3 (UPI) -- U.S. financial giant Bank of America said it formed a search committee to find a replacement for beleaguered Chief Executive Officer Kenneth Lewis.

Lewis announced he would retire Dec. 31, at the end of what turned out to be a year of controversy that began with the purchase of struggling Merrill Lynch.

Months later, a federal judge in New York refused to sign off on a $33 million settlement Bank of America agreed to pay, while admitting no wrongdoing, for allegedly keeping secrets from its shareholders about the extent of Merrill Lynch's losses and a deal to pay Merrill Lynch employees billions in bonus checks despite those losses.

The search committee is composed of six people. The Wall Street Journal reported three of the six -- Charles Gifford, Thomas May and Thomas Ryan -- are close to Brian Moynihan, the head of the bank's consumer businesses and a leading candidate to replace Lewis.

Southern Union fined $18 million

PAWTUCKET, R.I., Oct. 3 (UPI) -- A federal judge has fined Southern Union $18 million for illegally storing mercury at a company-owned site in Pawtucket, R.I., authorities said.

The penalty involves a $6 million criminal fine and $12 million in fines to be paid to the Rhode Island Foundation, Hasbro's Children's Hospital and the Rhode Island Department of Environmental Management and Emergency Response Fund, the U.S. Department of Justice said.

The sentence was handed down Friday by Judge William Smith in U.S. District Court in Pawtucket, R.I.

"This is a significant penalty for what was a significant hazard to Pawtucket residents," U.S. Attorney Neronha said. "We are particularly pleased with the creative way in which Judge Smith fashioned the penalty, directing $12 million to benefit the people of Pawtucket."

Southern Union was convicted of illegally storing mercury for several years at a site near the Seekonk River.