NEW YORK – The Dow Jones industrial average is swapping Bank of America for Goldman Sachs and also replacing Hewlett-Packard and Alcoa in a six-company shake up of the most widely known barometer of the U.S. stock market.
S&P Dow Jones Indices says it will replace HP with Visa and Alcoa with sneaker-maker Nike in the first three-for-three change to the index since April 8, 2004. The changes will become effective at the start of trading Sept. 23.
S&P Dow Jones Indices manages the 30-stock average and says the changes won’t disrupt the level of the index.
Britain considering using plastic money
LONDON – Britain is pondering plastic pounds.
The Bank of England is considering replacing paper money with polymer bank notes billed as cleaner, stronger and more secure.
The bank said Tuesday it will hold a public consultation, bringing samples of plastic money to shopping centers so that members of the public can feel the difference.
Polymer bank notes – made from transparent plastic film coated with layers of ink – are used by countries such as Australia, Mexico and Canada.
FDIC: No to insurance for overseas deposits
WASHINGTON – Federal regulators say deposits in foreign branches of U.S. banks will not be covered by the government insurance fund.
The Federal Deposit Insurance Corp. on a 5-0 vote rejected the request from the banking industry seeking to extend the insurance of up to $250,000 to U.S. banks’ deposits overseas. The FDIC estimates those deposits are worth about $1 trillion.
If a failed bank has foreign deposits, the account-holders would become creditors of the bank and would have to apply to recover their funds. Generally depositors recover some of their money, ranging from about 40 cents on the dollar up to the full amount.
Beer maker faces ‘Godzilla’ brand suit
NEW ORLEANS – The Japanese company that produced the classic series of “Godzilla” movies has sued a New Orleans brewery, claiming the MechaHopzilla beer brand infringes on its copyrights and trademarks.
The lawsuit was filed Friday in U.S. District Court in New Orleans by Toho Co. Ltd. It includes photographs of the Mechagodzilla character Toho introduced in 1974 and a beer can produced by NOLA Brewing.
The lawsuit says NOLA Brewing did not get permission from or pay Toho to use the trademarked character.