Report: National City in talks about takeover

Shares of National City Corp. rose as much as 60 cents yesterday before falling back after reports that the Cleveland-based bank was in talks about a possible sale. National City, the Pittsburgh region's second biggest bank, was in discussions with a number of potential suitors including PNC Financial Services Group and Toronto-based Bank of Nova Scotia, the Wall Street Journal reported, citing unnamed sources. Shares of National City, which have been pounded by its exposure to the subprime mortgage market, rose as high as $2.83 yesterday but retreated to close at $2.15, down 8 cents from Wednesday's close. A year ago, shares were trading in the $25 range.

Sales growth lowest since September 2001

U.S. chain store sales growth last month was the weakest of any September since 2001, according to an industry trade group. Sales at established stores rose 1 percent compared with the same period last year, said the New York-based International Council of Shopping Centers, which bases its tally on results from 36 chains. A preliminary estimate on Wednesday, before all the numbers were in, had been a bit higher. Wholesale clubs and drugstores did well, but the economy and financial crisis hurt department stores and luxury retailers.

Comcast offers deals as digital TV era nears

On Feb. 17, when digital broadcasts make analog TV sets obsolete, consumers will be forced to buy either a digital converter box, a new digital TV set or service from a provider. For shoppers choosing the latter route, Comcast Corp. is offering free basic cable for 12 months to new customers who sign up for at least one additional Comcast service, such as Internet or phone. New customers who choose not to subscribe to additional services can get basic cable for $10 a month for a full year.

WTO sides with U.S. on China piracy dispute

The World Trade Organization has partly sided with the United States in a dispute with China over product piracy, officials said yesterday. The WTO panel faulted China for not prosecuting pirates who copy CDs and DVDs before they are passed by censors, one trade diplomat who had reviewed the interim ruling said. But Washington suffered a setback as the panel found that Chinese thresholds for prosecuting piracy did not break WTO rules. The U.S. claims the thresholds allow pirates of everything from designer clothes to medicines to tailor their operations to avoid prosecution by staying just below the minimum level of 500 infringing copies.

Also in business ...

Specialty retailer Linens 'n Things, which filed for bankruptcy in May, said it would scrap its reorganization plan and put itself up for sale in an auction Tuesday. ... A Chief Executive magazine poll of 751 U.S. CEOs found that they supported Republican presidential candidate John McCain by a 4-to-1 margin. The poll, conducted last month, also found that 69 percent of respondents feared that a victory by Democrat Barack Obama would be a disaster. ... Toyota Motor Corp.'s top U.S. sales executive says the company won't make more production cuts despite a sales slump that may not end until after next year.