Business News

BellSouth's fourth-quarter profit plunged 29 percent as the telecommunications giant was saddled with more than $350 million in restructuring costs, continued asset writedowns and a generally feeble economic climate.

President Bush said Tuesday that he is outraged that Enron workers did not know the extent of the energy firm's financial problems and disclosed that his mother-in-law had invested in the company.

Federated Department Stores Incorporated Tuesday says it will close two Macy's stores this spring in Alabama and Georgia.

A key gauge of U.S. economic activity rose a strong 1.2 percent in December, and the third consecutive monthly gain signaled that the nation's economy could be nearing a rebound.

Delta Air Lines will introduce nonstop service between Atlanta and Milan - Malpensa on April 1, 2002, and add a second nonstop flight between New York John F. Kennedy International and Paris on March 15, 2002.

Bank of America Corp. said Tuesday its fourth quarter profits rose 49 percent, but that the recession led to lower earnings for the year.

Kmart Corp., known for its BlueLight Special and discount prices, filed for bankruptcy protection Tuesday, becoming the largest retailer to seek shelter from creditors under Chapter 11.

Several interested parties have inquired about the Minnetonka-based Fingerhut Cos. catalog business, said a spokeswoman for Federated Department Stores, Fingerhut's parent company.

For the fourth quarter of 2001, net income excluding merger charges totaled $7.7 million, a 25% increase over last year.

The Internal Revenue Service uses banks to collect tax payments, citing it as an efficient way to get money into federal coffers quickly, with less hassle for the government.