[ BUSINESS BRIEFS ]

Wal-Mart settles Wis. pricing complaint

Wal-Mart Stores Inc. has agreed to comply with Wisconsin's fairpricing law to settle a complaint the state filed last year allegingthe retail giant was selling some items below cost to drive outcompetitors. The Arkansas-based company did not admit any wrongdoingin the settlement announced today and will not pay a penalty. But ifthe company violates the agreement over the next year, it could paydouble and triple the regular fines. Wal-Mart also will make a$15,000 donation to a high school consumer education contest--thecost of the state's investigation. The state charged Wal-Mart lastyear with cutting prices at stores in Beloit, Oshkosh, Racine, Tomahand West Bend to illegally take business from competitors.

Retailer May posts 18% profit drop

Weaker same-store sales resulted in an 18 percent drop in secondquarter earnings for May Department Stores Co., the St. Louis-basedretailer said today. May earned $111 million, or 35 cents a share, inthe quarter ending Aug. 4, compared with earnings of $135 million, or41 cents a share, in the same quarter of 2000. The results metanalyst expectations. Second-quarter sales were $3.17 billion, up 1.6percent. For the first six months, the company earned $220 million,or 69 cents a share, compared with $255 million, or 76 cents a share,for the first half of 2000. Sales increased 2.6 percent during thesix months to $6.3 billion.

McDonald's expands nutrition information

Questions and complaints about the ingredients in "naturalflavors" on the McDonald's menu have moved the company to issueupdated nutrition information, officials said today. At McDonald'srestaurants and on the Internet, customers can see whether a naturalflavor comes from a dairy, meat, or vegetable source. The company hadused the current state and federal guidelines for labeling, a systemthat does not specifically describe the nature of a natural flavor."Some of our customers have told us that current state and federallabeling standards do not give them as much information as they wantto answer their dietary questions," said Ken Koziol of McDonald's. The information will be available at the company's Web site and on in-store pamphlets.

PepsiCo ups Quaker savings estimate

PepsiCo Inc., the second-largest soft-drink maker, expects itsacquisition of Quaker Oats Co. to save $400 million by 2005, morethan forecast. PepsiCo said it will take charges of as much as $675million, with $125 million coming this year. The company may havemore charges this year; it wasn't more specific.

Emery suspends air carrier operations

Emery Worldwide Airlines suspended its air carrier operationstoday under an agreement with the Federal Aviation Administration.The Washington Post said the FAA had found so many maintenanceproblems that it was preparing to ground the Emery fleet. Emery'sparent, CNF Inc. of Palo Alto, Calif., said a separate unit, EmeryWorldwide air freight company, will continue full-scale operations."There will be no interruption of freight service and Emery airfreight will meet all of the day-to-day operating requirements of ourcustomers, both in North America and around the world," said ChuttaRatnathicam, chief executive of Emery Worldwide. CNF's statement didnot address the maintenance issue.

Wiley to buy 'Dummies' book series

John Wiley & Sons Inc. reached an agreement today to purchaseHungry Minds Inc., the publisher of the "For Dummies" series, for $90million in cash. Wiley will offer shareholders $6.09 per share andassume $92.5 million in debt, Hungry Minds said. Following regulatoryapproval, the companies expect the deal to be completed by September.The "Dummies" series was started 10 years ago with computer andsoftware guides for everyday users. The bright yellow and black booksgrew to encompass everything from "Italian Cooking For Dummies" to"Weight Training For Dummies" to "Sex For Dummies."

Worsening outlook lifts corn, beans

Corn and soybean futures jumped higher today on the Chicago Boardof Trade, reflecting investors' assumptions that crop conditions haveworsened. Wheat for December delivery rose 2 cents to $2.871/2 abushel; December corn rose 23/4 cents to $2.37 a bushel; Decemberoats rose 3/4 cent to $1.36 a bushel; November soybeans rose 6 centsto $5.18 a bushel.

AP, Bloomberg News