Jury can’t reach verdict on final Adelphia charges

The fraud case against Michael Rigas, former Adelphia Communications Corp. operations chief, ended in a mistrial Friday, with the jury deadlocked on 17 counts against him.

Jurors were dismissed after telling a federal judge they could not reach a consensus on 15 counts of securities fraud and two counts of bank fraud. Rigas, pictured above on Friday outside federal court in New York, was acquitted of conspiracy and wire fraud charges a day earlier.

The mistrial came a day after Rigas’ father, 79-year-old Adelphia founder John Rigas, and his brother, former chief financial officer Timothy Rigas, were convicted of conspiracy, bank fraud and securities fraud.

International

EU, tobacco company to fight counterfeiting

The maker of Marlboro cigarettes agreed Friday to pay $1.25 billion to help the European Union combat smuggling and counterfeiting — and to end years of legal wrangling over a black market that both sides say costs them hundreds of millions of dollars annually.

The EU’s head office hailed the deal with Philip Morris International, the largest payment it has ever extracted from a single company, as a landmark that could be copied by other tobacco giants threatened with litigation.

The goal is to wipe out illegal sales of black market cigarettes — sometimes genuine but these days usually counterfeit — that deprive manufacturers of sales and governments of tax revenue while generating profits for organized crime.

Earnings

GE touts economy

General Electric Co.’s second-quarter earnings rose 3 percent, narrowly beating Wall Street expectations as revenue climbed 11 percent, the company said Friday.

Chairman and chief executive Jeff Immelt said orders were strong and added, “this is the best economy we’ve seen in years.”

The Fairfield, Conn.-based industrial, financial services and media conglomerate said it earned $3.9 billion, or 38 cents a share, in the three months ended June 30, up from $3.8 billion, or 38 cents a share, a year ago. The results were a penny ahead of analysts estimates.

Survey

Rate hike doesn’t slow consumer’s confidence

Consumers’ spirits brightened during the past month as Americans felt better about the economy’s prospects, an encouraging sign for the nation’s economic well-being.

The AP-Ipsos consumer confidence index climbed to 92 in July, up from 91.3 in June. The latest reading — taken after the Federal Reserve’s first interest rate increase in four years and a disappointing employment report — indicated that consumers took both pieces of news in stride, analysts said.

Economists believe the improvement in confidence reflects a number of factors: a retreat in gasoline prices, somewhat less anxiety over the situation in Iraq and the fact that the economy continues to add jobs.