Scott to pay directors with stock
Scott Paper Co. announced yesterday that it will link the compensation of its directors to the performance of the company by paying them solely in shares of stock.
The decision affects all directors who don't hold staff positions with the paper producer.
Travelers Inc., a financial services conglomerate, is the only other major company to compensate their boards entirely in stock, said Scott spokeswoman Greta L. Thomsen.
Pending shareholder approval, nine outside members will receive 1,000 shares annually. Scott shares gained $2.125 yesterday, to $65.875, on the New York Stock Exchange.
FCC probes alleged auction abuses
The Federal Communications Commission said yesterday that it is investigating whether abuses occurred during recent auctions of licenses to offer interactive television over the airwaves.
The regulatory agency said it learned that one or more bidders in the auctions may have misrepresented themselves as "designated entities," a status that entitles entrepreneurs, minorities and women to pay less for their winning bids.
One or more bidders may have failed to meet the down-payment deadlines for the licenses under circumstances "which may involve gross misconduct, misrepresentation or bad faith," the FCC said.
Copper prices keep rising
Copper prices rose for the third consecutive trading session yesterday to end near two-year highs, amid growing demand for the industrial metal as economies around the world gain momentum.
Copper prices have risen by near two-thirds since last October because of increased demand for the metal from strengthening industrial economies. It is heavily used in the telecommunications and construction fields.
September copper rose 1 cent, to 114 cents a pound, near the July 19 high of 115.5 cents. That was the highest price for the nearby copper contract at the Commodity Exchange since July 16, 1992.
Roche agrees to settle charges
The Federal Trade Commission said yesterday that Swiss pharmaceutical company Roche Holding Ltd. agreed to settle anti-competitive charges in connection with its $5.3 billion acquisition of Syntex Corp. and its Syva subsidiary.
The settlement would permit Roche to acquire Syntex but would require it to sell Syva's business dealing with abuse-testing drugs to an FTC-approved buyer, the agency said.