Business Briefing

N.J. alleges casino magnate Stanley Ho tied to crime

New Jersey casino regulators said they have evidence that Stanley Ho, the Asian casino magnate, has extensive ties to organized crime in China.

Their suspicions led MGM Mirage to agree last week to sell its half of Atlantic City’s top casino -- rather than abandon the lucrative Chinese market, where it has a joint venture with Ho’s daughter.

Considered the father of modern gambling in China, Ho lets criminal gangs “operate and thrive” inside his casinos, the New Jersey Division of Gaming Enforcement said.

The Hos did not immediately comment.

FINANCIAL CRISIS

SEC is probing firms’ actions

The head of the Securities and Exchange Commission confirmed that the agency is investigating several companies’ actions in the run-up to the financial crisis of 2008.

SEC Chairwoman Mary Schapiro said “it would be safe to assume” that the agency is looking very closely at the conduct of a number of firms during this time. She did not name the companies.

Schapiro spoke in testimony to a House Appropriations subcommittee weighing the agency’s request for about $1.3 billion for the budget year starting Oct. 1, a 12% increase from the current year.

EARNINGS

Nike sees profit double on sales

Nike Inc. said stronger sales helped boost the athletic shoe and clothing company’s third-quarter profit.

Nike reported that it earned $496 million, or $1.01 a share, more than double the $244 million, or 50 cents, the company reported a year earlier.

The year-earlier results included a $241-million charge related to the company’s Umbro subsidiary, which it had recently acquired.

Nike said revenue grew 7% to $4.7 billion, helped in part by foreign exchange rates.

LENDERS

Wells to modify 2nd mortgages

Wells Fargo & Co. became the second bank to sign up for a government program to modify second mortgages.

The program is part of the Obama administration’s mortgage modification program that is aimed at reducing monthly payments to help customers stay in their homes.

Bank of America Corp., based in Charlotte, N.C., was the first bank to sign up for the program.

CRIME

FBI mortgage fraud cases soar

The number of mortgage fraud cases under investigation by the FBI has increased more than sixfold, according to bureau Director Robert S. Mueller III.

There were more than 2,900 cases pending at the end of the first quarter of fiscal year 2010, up from 436 cases at the end of fiscal 2003, Mueller said in prepared testimony before a House appropriations subcommittee. The majority of the cases involved losses of more than $1 million.

OIL

OPEC maintains target for output

OPEC oil ministers opted to keep their output targets unchanged in a bid to keep prices at present levels and send a message of stability to energy-hungry economies struggling to emerge from recession.

Even before the formal decision, influential members of the Organization of the Petroleum Exporting Countries had said OPEC would choose the status quo -- unchanged since December 2008, at least on paper.

INTERNET

Yahoo to acquire Citizen Sports

Yahoo Inc. agreed to buy Citizen Sports to add mobile and social-networking features to its sports site.

Citizen Sports, founded in 2004, lets customers check live scores, play fantasy sports and read news through applications for Facebook, iPhone and Android devices. Terms of the deal weren’t disclosed.

-- times wire reports