Business Digest

The Securities and Exchange Commission asked a judge to punish former Kmart chief executive Charles Conaway for misleading Wall Street and Kmart directors. The SEC said Conaway failed to disclose that Kmart was delaying payments to save cash in 2001. In June, a federal jury ruled in favor of the government.

Kmart's board forgave Conaway a $5 million loan and its taxes. The SEC wants that repaid with interest, plus an $8.8 million fine. ad_icon

Tyson Foods reported a net income of $134 million for its third quarter, up from $9 million last year, as chicken sales increased and as the meat producer closed some operations and cleared inventories. Revenue dropped 3 percent, to $6.66 billion, on declines in beef and pork sales.

Starting about a year ago, Tyson began changing the terms of its contracts with major customers, no longer allowing them to lock in long-term low prices. CIT Group said it has received enough offers to complete a debt repurchase program. The lender, which nearly collapsed last month, said that as of Friday nearly 65 percent of $1 billion in bonds due Aug. 17 have been tendered for repurchase. CIT, one of the nation's largest lenders to small and midsize businesses, said it needed 58 percent for the plan, which it said it would need to complete to stave off a bankruptcy filing. link.....