Business Digest

Daimler accused of paying bribes

WASHINGTON

The Justice Department has accused car manufacturer Daimler AG of paying tens of millions of dollars in bribes to officials of at least 22 foreign governments over the course of a decade.

A case filed in federal court in Washington said the German-based company engaged in the conduct from 1998 to 2008 in countries that included China, Russia, Egypt and Greece. The payments were reportedly aimed at helping secure contracts with government customers for the purchase of Daimler vehicles.

Toyota will provide replacement pedals

WASHINGTON

Toyota has told dealers it will provide replacement accelerator pedals to owners who are unsatisfied with their repairs under the massive recall after dozens of complaints about the fix.

The Japanese automaker said in a memo obtained Tuesday by The Associated Press that if a customer is unhappy with the feel of the accelerator after the car is repaired, dealers can provide a replacement pedal at no charge. Dealers have been inserting a piece of metal into the gas-pedal mechanism to eliminate friction that was causing the pedal problem on more than 4 million vehicles involved in a January recall.

Home sales fall for 3rd-straight month

WASHINGTON

Sales of existing homes fell for a third-straight month in February, pushing sales down to the lowest level since last July. There is concern the fragile housing rebound is faltering, making it harder for the overall economy to recover.

The National Association of Realtors said Tuesday that sales of previously occupied homes dropped 0.6 percent in February to a seasonally adjusted annual rate of 5.02 million.

Hard Rock aims to build on Boardwalk

ATLANTIC CITY, N.J.

Drawn by the possibility of entering the nation’s second-largest gambling market at a discount price, Hard Rock International says it hopes to build a new $300 million casino-hotel on the Atlantic City Boardwalk.

The Florida-based company said Tuesday it would partner with Och-Ziff Real Estate at the southern end of the city.

Hard Rock, which operates 13 casinos around the world, says it is intrigued by a bill introduced Monday in the New Jersey Legislature that would permit casinos to open with as few as 200 rooms, down from the current 500-room minimum.

Lions Gate turns down investor’s bid

SANTA MONICA, Calif.

Lions Gate Entertainment Inc. rejected on Tuesday the latest bid by activist investor Carl Icahn for control of the film studio, calling the offer too low. Lions Gate also said the unsolicited offer wouldn’t hamper its acquisition strategy.

The company said its board voted unanimously against Icahn’s offer to buy all of its outstanding shares for $6 each.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .58, 17.46 —.02

Avalon Holdings,3.350.00

Clear Channel, .79 37.36 —.19

Cortland Bancorp, 5.000.00

Delphi Automotive, .0211 0.00

Farmers Nat., .24, 4.40 0.00

First Energy, $2.20, 40.44.56

FirstMerit Corp., .64,21.25.28

First Niles Financial,8.250.00

First Place Fin., 3.70.03

FNB Corp., .48,8.57.06

General Electric, .40,18.33—.25

Motors Liquidation, .551. .—.008

Huntington Bank, .04, 5.48.01

JP Morgan Chase, .20,44.58.84

Key Corp, .04,7.69.05

LaFarge, 18.19 —.14

Macy’s, .20, 21.87—.13

Parker Hannifin, 1.00, 66.571.02

PNC, .40,59.81—.04

RTI Intl. Metals,30.701.47

Rural/Metro, 6.95 .06

Simon Property Grp,$2.40,84.43—.5

Stoneridge 9.76 .40

Torent Inc., 2.00 0.00

United Community Fin. 1.390.00

Selected prices at 4 p.m. 03/23/10. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.