Business briefs for May 14, 2004

Friday, May 14, 2004 | 11:05 a.m.

Executive hired for transition

A United Paramount Network executive has been hired to assist in the transition of Las Vegas TV station KTUD Channel 25 from current owners Venture Technology Group, Los Angeles, to Las Vegas TV Partners.

Steve Carlston, a UPN vice president in Los Angeles, was named president of KTUD and will work with KTUD General Manager Julie Neil in the transition of the station, which officials hope will be completed by July. The $18 million deal awaits regulatory approval.

Phillip Peckman, chief operating officer of The Greenspun Corporation, owner of Greenspun Broadcasting, a partner with Catalyst Investors LP of New York in Las Vegas TV Partners, said today the buyers are awaiting the closing of the deal to discuss further plans for the UPN affiliate, which has 18 employees.

The Greenspun family owns the Las Vegas Sun and The Greenspun Corporation.

Company fined $25 million

WASHINGTON -- The Federal Reserve ordered Riggs Bank's parent company today to take steps to prevent money laundering after it was fined $25 million in connection with a probe into possible links to terrorism financing.

The Fed's action came after the Treasury Department levied the record-setting fine against Riggs.

Costs concern investors

DALLAS -- Quarterly net income surged 22 percent at Dell Inc., which saw record sales, but rising inventory levels and higher costs for memory chips concerned some analysts. In morning trading today on the New York Stock Exchange, Dell shares were down $1.23, or 3.4 percent, to $34.57.

Dell earned $731 million, or 28 cents per share, in its fiscal first quarter, compared with $598 million, or 23 cents per share, a year earlier.

Dell had hoped that the cost of DRAM -- dynamic random access memory -- chips used in computers would ease early this year, but that didn't happen. The increases translated to more than $10 per computer.