Britain's Prudential says it will funnel 300 million pounds ($473 million) into Jackson National, its American subsidiary, to cover losses related to corporate bonds (S)

World Business Briefing | Europe: Britain: Insurer Raises Reserves

One of NBC's new sitcoms, Good Morning Miami, has network's familiar urban singles setting, but other two, Hidden Hills and In-Laws, are departures into family comedy, flavored with trademark hipness; photos (M)

Urban NBC Is Looking For Laughs In Suburbia

Jack Anderson reviews Oregon Ballet Theater performance honoring choreographer James Canfield; photo (S)

Sampler Honors Oregon Troupe's Director

Schooner Ernestina, 108-year-old tall ship that has survived much adversity, survives yet another ordeal when Coast Guard saves it from sinking in Block Island Sound; photo (S)

108-Year-Old Schooner Lives to Sail Another Day

Dr Alexander E Gates, chairman of Department of Earth and Environmental Services at Rutgers University in Newark, is star of new animated video documentary chronicling last two billion years of New York's geological history; Gates plans to make Harriman State Park, one of last vast, geologically pristine places in region, main attraction at new center for 'geotourism'; photos (M)

Making the Rocks Speak; Harriman Park Becoming Center for Geology Tourism

AOL Time Warner discloses that Securities and Exchange Commission has begun investigation into accounting at its America Online division; says probe was started in response to two articles in Washington Post that suggested AOL might have inflated its revenue over two-year period ending in Mar; AOL Time Warner chief executive Richard D Parsons says he remains confident in company's accounting and reporting, noting that its outside auditors, Ernst & Young, certified its books twice; Parsons is in struggle to cast off investor disappointment with merger that created company; combined company's shares have fallen more than 75 percent since merger in Jan 2001; question of how fully America Online disclosed its financial prospects before merger is of increasingly keen interest to shareholders of Time Warner as it becomes clear what terrible deal they got out of merger (M)

AOL Accounts Under Scrutiny From the S.E.C.

Footlights column briefly describes arts events of interest; photos (S)

Footlights

Investors overseas are asking whether world can learn to live with out American economic and market leadership as stock markets around world decline in step with US markets; markets in Europe, Asia and Latin America have moving in lock step with Wall Street even though all three continents are not suffering corporate scandals or record-breaking bankruptcies that have rattled US; fear is that further big stock market losses could choke off fledgling economic recoveries in many countries; US, which has been main engine of growth for last decade, now looms as its biggest brake; some foreign companies that have been hurt by investor confidence in US discussed; photos (M)

As the World Tracks Wall St., U.S. Leadership Is Two-Edged

Britain's Abbey National PLC reports 35 percent decline in first-half profit; net income was 457 million pounds ($719 million) compared with 703 million pounds year earlier; graph (S)

World Business Briefing | Europe: Britain: Bank's Profit Falls

Mayor Michael Bloomberg, in radio appearance, suggests that 'thoughtless despair' is contributing to recent and sharp declines in stock market, and suggests that listeners should buy equities; markets do bounce back (S)

The Market Rally? So It Goes When the Mayor Says to Buy

Martha Stewart's company Martha Stewart Living Omnimedia acknowledges for first time that her legal problems are cutting into her business; products recently introduced by her company are not being welcomed by retailers at rate company originally expected; advertising sales for flagship magazine are flattening, and costs--for legal help and stepped-up public relations--are rising as result of investigations into Stewart's sale of ImClone shares in December; company expects earnings for current quarter ended Sept 30 to be less than half Wall Street has been expecting; situation underscores how closely and perhaps irrevocably Stewart's company depends on her image; Stewart, in conference call with analysts and investors, stresses contributions of 600 other employees and executives who work at her company, in effort to distinguish her activities from company's; photo (M)

Company Says Stewart's Woes Are Taking Toll

Adelphia Communications founder John J Rigas and his sons Timothy and Michael are arrested on charges they looted company of more than $1 billion, using it as their 'personal piggy bank' in one of largest cases of corporate fraud ever; Federal prosecutors accuse Rigases of bank, securities and wire fraud; Securities and Exchange Commission files separate civil suit for 'one of the most extensive financial frauds ever to take place at a public company'; Adelphia itself has sued Rigases, including wife and daughter of John Rigas, who did not work at company, seeking three times amount it says family took improperly; very public arrests are carried out despite offers in recent days by Rigas and his sons to surrender voluntarily to authorities; Rigases are freed on $10 million bail each as part of agreement struck with prosecutors before hearing; bail is secured by $1 million in cash for John Rigas and $500,000 for each son plus family home in Coudersport, Pa, where sons still live with their father and his wife, Doris, as well as 5,000 acres of land and two vacation properties; John Rigas's lawyer Peter Fleming Jr scolds prosecutors for forcefully arresting 78-year-old man at 6 am when he volunteered to surrender; Timothy J Rigas's lawyer Jermey H Temkin hints public arrest may have been politically motivated as part of Washington's effort to demonstrate its prosecution of corporate fraud amid crumbling confidence among investors in stock market; former Adelphia executives James R Brown and Michael Mulcahey are arrested at their homes in Coudersport on fraud charges; another son, James P Rigas, is named in related SEC complaint against company and other executives but not in criminal indictment; photos (M)

Founder of Adelphia and 2 Sons Arrested

Andre van Hoek, who runs small woodworking shop in Williiamsburg section of Brooklyn, is expanding his collection of vintage motor homes; has acquired one like late Charles Kuralt's and is having it restored to mint condition; photos (M)

HOME AWAY FROM HOME WITH: André Van Hoek; A Life in Brooklyn Takes a Wide Turn

David Pogue State of the Art column describes Harmony remote control, which promises to simplify control of home theater components by combining technologies of programmable and all-in-one remote control devices; discusses set-up procedure and notes several glitches, but finds it to be generally useful tool; drawing, photo (M)

A PC Helps This Remote To Do It All

 House and Senate Agree On a Corporate Overhaul  House and Senate negotiators have agreed on a broad overhaul of corporate fraud, accounting and securities laws to curb the rampant abuses that have shaken Wall Street. President Bush has said he will sign the bill after Congress gives its final approval.    The measure moved with extraordinary speed in the wake of daily disclosures of corporate scandal, and lawmakers said it will go a long way toward ridding Wall Street, the accounting industry and corporate boardrooms of the conflicts of interest and greedy undertakings that had gone unchecked. [Page A1.]

BUSINESS DIGEST

New York Giants offer quarterback Kerry Collins two-year contract extension (M)

Let's Stay Together: Giants Give Collins New Deal

William C Rhoden Sports of The Times column discusses advertising efforts of Oregon University football program, which has giant poster of wide receiver Keenan Howry in Times Square (NYC); photo (M)

Sports of The Times; Oregon Likes The Visibility Of Broadway

ABB Ltd surprises analysts and investors by posting $13 million loss in second quarter; revenue was $5.78 billion, litte changed from year earlier; debt rose sharply, to $5.2 billion on June 30, from $4.1 billion at beginning of year; chief executive Jorgen Centerman comments; photo (M)

In a Surprise, ABB Reports Quarterly Loss

Japan's merchandise trade surplus grew for fourth consecutive month on back of strong exports to Asia and shrinking imports; surplus hit 1.3 trillion yen ($11.1 billion) in June, 71.4 percent above June 2001; exports were up 8.9 percent, while imports slipped 5.1 percent; trade surplus with US grew 5.6 percent as yen's rise during period made Japanese goods more expensive in dollar terms (S)

World Business Briefing | Asia: Japan: Trade Surplus Rises

Secretary of State Colin L Powell's string of internal policy differences and defeats sets off speculation that he might resign; associates dismiss that notion, saying Powell is not man easily defeated; veteran diplomats say that while internal tensions and threatened resignations over foreign policy are not new in modern White House, current disagreements are worst since Reagan administration, when Defense Sec Caspar W Weinberger feuded with Secretary of State George P Shultz; almost from beginning Powell has found himself at odds with many of hard-line colleagues and Pres Bush himself on handling of foreign policy; on every issue, Powell has embraced president's position as his own, doing his best to justify administration's view to often-critical allies around world; aides and close friends say Powell's sense of discipline, loyalty and discretion means he never shows his true feelings publicly; photo (M)

Embattled, Scrutinized, Powell Soldiers On

BCE Inc announces write-downs of close to 9 billion Canadian dollars ($5.68 billion), yet another reflection of costs of big diversification drive in late 1990's; says net earnings in second quarter were 11 million Canadian dollars ($6.9 million) compared with 6 million Canadian dollars year earlier; revenue was $4.9 billion Canadian dollars ($3.09 billion) (M)

Phone Giant In Canada Writing Off $5.7 Billion

Sony Corp, one of original media 'synergy' conglomerates, has avoided financial debacles of other media companies; sales have weakened and stock is down 70 percent from its peak in 2000, but Sony has managed to avoid being caught up in waves of scandals, lawsuits, resignations and boardroom revolts that have plagued American and European rivals; Sony was accused last week of accounting irregularities, but dismissed accusations and no evidence of wrongdoing has since surfaced; photos (M)

Sony Looks Golden, by Comparison

Ben Brantley reviews Alan Cumming's adaptation of Jean Genet play Elle, directed by Nick Philippou

Cutting Icons Down To Clay Feet

Few business leaders or major investors are happy with everything in corporate-governance bill Congress agreed to, but almost everyone says it is much better than nothing; accountants, executives and investors say legislation could help restore confidence in stock markets; bill approved contains nearly all provisions passed by Senate, rather than those of milder House bill; that left Democrats and advocates for shareholders' rights generally more pleased than corporate lobbyists, who tried to alter Senate bill over last week; Securities and Exchange Commission's former chairman Arthur Levitt, US Chamber of Commerce executive vice president Bruce Josten, Council of Institutional Investors executive director Sarah Teslik, PricewaterhouseCoopers chief executive Samuel A DiPiazza Jr, National Association of Manufacturers vice president Dorothy Coleman and Columbia University Prof John C Coffee Jr comment (M)

Both Sides Say Bill Addressing Business Fraud Is a First Step

 Cease-Fire at Issue in Israel  Israel said it had been aware of plans for a cease-fire before its airstrike Tuesday on Gaza, but dismissed them as futile.   PAGE A3    Arrest in Sequoia Fire  A woman was arrested on suspicion that she set a California fire that is threatening some of the world's oldest trees.   PAGE A12

INSIDE

Alperen Şengün is a Turkish professional basketball player for the Houston Rockets of the National Basketball Association (NBA). He also represents the senior Turkish national team. Known for his footwork and playmaking ability, he was selected as the 16th pick in the first round of the 2021 NBA draft. He was named to his first NBA All-Star Game in 2025.

Alperen Şengün, Turkish basketball player

Alperen_Şengün

Adam Hložek is a Czech professional footballer who plays as a forward for Bundesliga club TSG Hoffenheim and the Czech Republic national team.

Adam Hložek, Czech footballer

Adam_Hložek

Abdel Rahman Badawi was an Egyptian existentialist philosopher, professor of philosophy and poet. He has been called the "foremost master of Arab existentialism." He published more than 150 works, mostly rendering of Arabic philosophical manuscripts.

July 25, 2002

Headlines from July 25, 2002

World Business Briefing | Europe: Britain: Insurer Raises Reserves

Urban NBC Is Looking For Laughs In Suburbia

Sampler Honors Oregon Troupe's Director

108-Year-Old Schooner Lives to Sail Another Day

Making the Rocks Speak; Harriman Park Becoming Center for Geology Tourism

Billboard 200

Nellyville

By The Way

The Eminem Show

Let Go

Hard Candy

Notable Births

Notable Deaths

Historical Context for July 25, 2002