Lottery firm's shares rise

Shares of Gtech Holdings Corp., of West Greenwich, R.I., rose after the lottery equipment maker said it was considering an acquisition offer from an unidentified party. A spokesman said the company's board is taking the offer seriously and has hired Citigroup Global Markets as an adviser. Gtech shares rose $4.38, or 14 percent, to $34.81 -- above the previous 52-week high of $30.81, set Friday. Gtech said it won't make any further statements until it has a definitive contract or rejects the offer. (AP)

Fidelity adds 2 annuities

Fidelity Investments is offering two basic low-cost variable annuities designed to make it easier for investors to plan for retirement, with discounted annual fees, the Boston company said. The new products ''stripped out" elements of annuities that investors find confusing. Fidelity Personal Retirement Annuity will charge 0.25 percent in annual fees, 82 percent less than the industry average. It's designed for investors making maximum contributions to 401(k) plans and IRAs. Fidelity Freedom Lifetime Income, which offers guaranteed income for retirees, will charge 0.6 percent a year, about half the average fee. (Bloomberg)

THE NATION
Ex-Westar officials guilty

A federal jury found two former Westar Energy Inc. executives guilty on charges they looted Kansas' largest electric utility of millions of dollars. Prosecutors claimed the two men, forced out in 2002, engineered extravagant salaries and benefits for themselves at the expense of shareholders. Ex-chief executive David Wittig was found guilty of 39 counts of conspiracy, wire fraud, circumventing internal controls, and money laundering. Former chief strategy officer Douglas Lake was found guilty of 30 counts of the same charges. Testimony about whether the government can recover money from the executives is expected to start today. It was the former executives' second trial. The first ended in a mistrial. (AP)

Broker: New suit possible

Marsh & McLennan Cos., the insurance broker that paid $850 million this year to settle New York Attorney General Eliot Spitzer's accusations of bid-rigging, said another state may sue. Representatives of one unidentified attorney general told Marsh they may file a civil claim should their investigation not be settled, the New York company reported. Spitzer's suit, which accused the company of fixing prices and steering business to insurers that paid the most in hidden fees, set off investigations in dozens of states, including Massachusetts, Connecticut, and California. (Bloomberg)

Drug ads to be scrutinized

The Food and Drug Administration is questioning celebrity appearances in prescription drug ads. During a public hearing Nov. 1 and 2, the FDA will consider such issues as whether testimonials from actors or patients ''mislead consumers about the risk-benefit trade-offs," according to a notice to be published today. After the FDA relaxed advertising regulations, drug makers spent billions to advertise directly to consumers. The agency will also seek comments on whether advertising techniques affect consumer understanding and whether free drug samples, coupons, and money-back guarantees are an undue influence. (Diedtra Henderson)

Icahn pressing for change

Financier Carl Icahn stepped up his campaign for change at Time Warner Inc., saying he will propose one or more nominees for seats on the board. Icahn, a billionaire investor known for taking stakes in companies and then agitating for change, cited a ''difference of opinion" between management and large shareholders over Time Warner's direction and the reasons for its poor stock performance. Icahn and others want Time Warner to spin off its large cable TV unit and buy back $20 billion of its own stock. The company has proposed buying back $5 billion of stock; Icahn said that's ''a weak attempt to silence growing investor criticism." The company plans to spin off 15 percent of its cable firm after a three-way deal with Comcast Corp. to acquire the cable subscribers of Adelphia Communications Corp. (AP)

Yahoo hires a war reporter

Yahoo Inc., the most-visited website, hired war correspondent Kevin Sites to report from armed conflicts around the world -- the first time the firm has brought on a journalist to report news stories. The ''Kevin Sites in the Hot Zone" Web page will include articles, videos, and photos. Sites, who has worked for CNN and NBC, will begin a yearlong solo stint Sept. 26. Yahoo is also building up its Yahoo News service. A year ago, former ABC Television chairman Lloyd Braun was hired as head of media and entertainment. ''We are going to look for opportunities to present news in a different way," he said. Sites will travel with digital cameras, a laptop, and satellite phone. The journalist is known for his footage of a Marine shooting an unarmed Iraqi inside a Fallujah mosque. (Bloomberg)