Business & Finance
Conseco Inc. posted a $7.84 billion loss for its 2002 business year, more than half of it because of discontinued operations and a charge due to a change in accounting practices. The company, based in Carmel, Ind., became the third-largest in US history to file for bankruptcy last year. But it since has sold its financial services unit and has predicted it will emerge from bankruptcy by the end of June as an insurance company only.
Agreement in principle has been reached to sell Major League Baseball's defending World Series champions, the Anaheim Angels, published reports said. The reports valued the deal at about $180 million and identified the buyer as Phoenix businessman Arturo Moreno. Spokesmen for the Angels' current majority owner, Walt Disney Co.; for Moreno; and for Major League Baseball all declined to comment. Moreno, who would become the first Mexican-American to assume control of a big-league franchise, is a former investor in the Arizona Diamondbacks.
General Electric announced it is cutting 800 jobs in its jet-engine division, citing troubles in the commercial airline industry. The unit, based in Cincinnati, is a leading supplier of engines for commercial and military aircraft.
Texas Instruments Inc. said it will eliminate 800 jobs at its Attleboro, Mass., plant as it shifts some operations to China, South Korea, and Mexico. The company is a leading maker of semiconductors for cellphones, VCRs, and modems. It also produces electronic controls and calculators.