BUSINESS DIGEST
By Unknown Author
Howard Stern Announces Move to Satellite Radio Howard Stern, one of the most popular but polarizing personalities in radio, announced that starting in January 2006 he would move from commercial broadcast radio to Sirius Satellite Radio. Listeners would have to pay a monthly fee for the satellite radio service. In his new job, Mr. Stern would no longer be bound by government strictures. ''I have to get away from all these restrictions,'' he said. The deal is a risky bet by Sirius that the addition of Mr. Stern will help the concept of pay-radio gain national acceptance -- and quickly bring the company to profitability. And it is a blow to Viacom, whose struggling Infinity broadcasting unit produces and syndicates the show. [Page A1.] Analysts and advertisers said Howard Stern's move may prove to be a seminal moment in the battle between satellite and broadcast radio. Advertising. [C4.] Lazard Partners Said to Back Plan A ''near unanimous'' majority of Lazard's partners have agreed to support Bruce Wasserstein's controversial plan to take the firm public, according to an internal memorandum sent to the firm's partners. [C13.] A.I.G. Standing Firm in Dispute The American International Group has decided to tough it out in its standoff with regulators, according to people briefed on the case and analysts who have spoken to top executives. But that position may be weighing on A.I.G.'s stock price, which has fallen 6.5 percent since the company disclosed two weeks ago that regulators were considering a lawsuit against the company. [C13.] Ex-PeopleSoft Chief Testifies The ousted chief executive of PeopleSoft, Craig A. Conway, told a Delaware judge that he did not lie to analysts in 2003 but had simply not been clear when he suggested at a meeting that all pending software orders had been completed. [C5.] United Airlines Makes Changes United Airlines said that it would cut 68 airplanes from its fleet, shift more responsibility for domestic routes to its regional carrier and expand its international flights. [C10.] Volkswagen Hires Executive Volkswagen announced that Wolfgang Bernhard, a former DaimlerChrysler executive, would take over its ailing flagship car brand. [World Business, Section W.] Banca Intesa Settles With Parmalat Banca Intesa agreed to pay Parmalat $197 million to settle a dispute that threatened to pit Intesa, Italy's largest bank, against the company in court. [World Business, Section W.] Major Stock Indicators Rise Stocks advanced amid optimism about earnings. The S.&P. 500 climbed 7.57 points, to 1,142.05. The Dow Jones industrial average added 62.24 points, to 10,239.92. The Nasdaq composite index increased 15.53 points, or 0.8 percent, to 1,971.03. [C13.] Former Enron Treasurer Testifies Ben Glisan Jr., a former treasurer of Enron, testified publicly for the first time, saying he had participated in an array of crimes to help bolster the company's sagging financial performance. Mr. Glisan, who pleaded guilty last year to one count of conspiracy to commit fraud, at first invoked his Fifth Amendment right against self-incrimination when called to testify in a criminal case. But under a motion by the government he was granted immunity, which compelled him to testify. [C2.] School Finance Policy Gone Awry Texas's experiment in school finance equalization, known as Robin Hood, is a policy disaster. Virginia Postrel: Economic Scene. [C2.] Don't Use the 'E' Word Entrepreneur magazine is playing hardball to stop entrepreneurs from using the word entrepreneur. Small Business. [C2.]