Business briefs 1/13/04

Job firm Adecco holds accounting returns

GENEVA -- Frightened investors Monday rushed to sell their holdings in Adecco, the world's largest employment agency, after the company said it was delaying publication of its annual results because of possible accounting problems. Adecco shares sank 44 percent to $37.50 by midafternoon on the Zurich stock exchange. Its U.S. shares dropped $6.04, or 36 percent, to $10.89 in late morning trading on the New York Stock Exchange. Adecco said it was looking into "material weaknesses in internal controls in the company's North American operations of Adecco Staffing" and "the resolution of possible accounting, control and compliance issues in the company's operations in certain countries."

GM recalls more than 800,000 cars for repairs

DETROIT -- General Motors Corp. is recalling more than 800,000 cars because of a power steering defect that has led to at least eight injuries. About 750,000 cars in the United States and about 55,000 in Canada are involved. All were made between Jan. 1, 1996, and Oct. 31, 1997, GM said Monday. The models are the 1996 Buick Regal, 1997 Oldsmobile Cutlass Supreme, 1997-98 Oldsmobile Cutlass, Chevrolet Lumina, Monte Carlo, Malibu and 1998 Oldsmobile Intrigue cars. Also, some 1996 Pontiac Grand Prix and Oldsmobile Cutlass Supreme, and 1997-98 Buick Regal cars are being recalled. Drivers have experienced intermittent losses of power steering when making left turns, especially at low speeds, GM said.

Ferrellgas buys some of Suburban Propane

LIBERTY, Mo. -- Propane seller Ferrellgas Partners announced Monday that it bought Suburban Propane Partners' operations in four states. Ferrellgas, the second-largest retail marketer of propane in the United States, said it bought Suburban's retail propane operations in Texas, Oklahoma, Kansas and Missouri, adding about 13 million gallons to Ferrellgas' annual retail sales.

Disney closes Orlando animation studio

LOS ANGELES -- The Walt Disney Co. said Monday it is closing its Orlando, Fla., animation studio and cutting more than 250 jobs as it shifts from hand-drawn animated films to computer-generated ones. Some of the employees will be offered jobs at Disney's animation studios in Burbank, Calif., the company said. Disney has been steadily reducing its animation department for the past few years, from a peak of 2,200 employees in 1999 to 600, all of whom will be based in Burbank. Disney decided to shift from having a large number of animators on staff to hiring on a per-film basis.

-- From wire reports