Report

Economic indicators rise

A yardstick of U.S. economic activity rose markedly in November in a sign that the nation’s financial situation is beginning to improve.

A better employment picture and a somewhat stronger financial sector helped boost consumer attitudes, pushing the Conference Board’s Index of Leading Economic Indicators up 0.7 percent, the largest monthly gain in a year.

The increase, which was slightly above analysts’ expectations, leaves the Index at 112.3, and follows a revised 0.1 percent gain in October.

“The financial market slump seems to be lifting a little this autumn,” Conference Board economist Ken Goldstein said. “Recent consumer buying figures have somewhat allayed fears about a weak holiday season and consumer attitudes have also improved.”

Airlines

Bankrupt Vanguard moves toward liquidation

A bankruptcy judge has approved a modified lease agreement between Kansas City, Mo., and grounded Vanguard Airlines Inc., which is shedding equipment and staff as it moves toward liquidation.

Vanguard will start paying $15,641 a month for rent and utilities for office and warehouse space at Kansas City International Airport, down from the current total of $42,000 per month, under the measure approved Wednesday by U.S. Bankruptcy Judge Jerry W. Venters.

Attorney David Ferguson, representing the airline, told Venters an unidentified company has expressed interest in buying some or all of Vanguard’s assets. But there was no talk of returning the low-fare carrier to the air.

Investigation

Technology chairman charged with fraud

U.S. Technologies Chairman and Chief Executive C. Gregory Earls was charged Thursday with securities fraud stemming from a corporate scandal that led to former FBI director William Webster’s resignation as head of a special government oversight board.

Prosecutors allege Earls mislead the public while appropriating at least $13.8 million from USV Partners, a company that was investing in U.S. Technologies.

Some of that money was redirected to an educational trust for Earls’ children and his ex-wife, authorities say.

Earls was charged Thursday with securities fraud, wire fraud and mail fraud.

Merger

Del Monte, Heinz deal OK’d by shareholders

Del Monte Foods Co. on Thursday said its shareholders approved the acquisition of H.J. Heinz Co.’s Starkist tuna, College Inn broth, private-label soup, pet food and baby food units.

Del Monte, the world’s largest distributor of canned fruits and vegetables, said it received stockholder approval at the company’s regular annual meeting, Thursday in San Francisco.

The acquisition received the approval of over 95 percent of those actually voting, Del Monte said.

The proposed transaction was originally announced on June 13 and is expected to close on Dec. 20. The deal includes Heinz’s pet food plant in Lawrence at 727 N. Iowa St.