IN BRIEF

Change ahead for Nevada overtime rules

Labor Commissioner Michael Tanchek on Wednesday announced a change to Nevada’s daily overtime requirement that will take effect July 1.

Under the new rule, employees who receive qualified health benefits from their employers and earn less than $7.95 per hour and employees earning less than $9.50 per hour who do not receive qualified health benefits must be paid overtime whenever they work more than eight hours in a 24-hour period.

Nevada is one of four states with a daily overtime requirement in addition to the more familiar requirement to pay overtime for more than 40 hours in a workweek.

Future increases in the minimum wage caused by either increases in the federal minimum wage or changes to the consumer price index will also increase the daily overtime rates, Tanchek said.

MINNEAPOLIS

Target earnings rise by 18 percent in quarter

The first quarter was a tough one for many retailers so Target Corp.’s 18 percent profit growth surprised investors Wednesday.

Target beat Wall Street expectations and predicted full-year results would be in line with analyst expectations, although it warned that growth would not be as fast during the rest of the year.

The nation’s second-largest discount retailer said it earned $651 million, or 75 cents per share, during the quarter that ended May 5, up from $554 million, or 63 cents per share, during the quarter ending April 29 last year.

Revenue rose 9.2 percent to $14.04 billion was up from $12.86 billion.

Analysts surveyed by Thomson Financial were expecting profits of 71 cents per share on revenue of $14.17 billion.

WASHINGTON

No breakthrough in talks for U.S., China

The United States and China concluded high-level trade talks Wednesday with progress reported in a few areas but no breakthrough in the biggest dispute, China’s undervalued currency.

Treasury Secretary Henry Paulson and Vice Premier Wu Yi both sounded positive notes on the importance of the new high-level discussions.

But the scant signs of success left China’s critics vowing to proceed with legislation seeking to punish China for what are seen as unfair trading practices that have driven U.S. trade deficits to record levels and cost thousands of manufacturing jobs.

PITTSBURGH

Alcan said to be in talks with BHP Billiton

Canadian aluminum producer Alcan, fending off a hostile $27 billion takeover bid by U.S. competitor Alcoa, has entered into talks with Australian mining giant BHP Billiton Ltd., a newspaper reported Wednesday.

Analysts say such negotiations could be under way, and that other suitors may be waiting in the wings as Alcan seeks a richer offer for its shareholders.

Alcan rejected Alcoa’s offer as inadequate on Tuesday, saying in a filing with the Securities and Exchange Commission that it was exploring alternatives, partly through discussions with third parties.

WASHINGTON

SEC approves changes to rules for businesses

The Securities and Exchange Commission on Wednesday approved revisions to rules under a landmark anti-fraud law that are designed to ease the compliance burden on public companies and allow them to tailor their internal inspections to the scale of a business.

The vote by the five SEC commissioners was unanimous to approve guidelines allowing management greater leeway in assessing the strength of a company’s internal checks and balances to guard against fraud.

A crucial part of the Sarbanes-Oxley law, which arose from the 2002 corporate scandals, mandates such annual assessments of internal financial controls by company executives. Business interests, especially technology companies and smaller businesses, have lobbied in the ensuing years for a softening of the rules.

SAN FRANCISCO

Hewlett-Packard Co. settles federal charges

Hewlett-Packard Co. has settled federal securities charges alleging the company illegally concealed the reason a director resigned just before its boardroom spying scandal erupted.

The Securities and Exchange Commission and the Palo Alto-based technology giant separately announced the settlement Wednesday.

The SEC found that HP violated mandatory disclosure rules in the way it announced venture capitalist Tom Perkins’ May 2006 resignation from the board.

HOUSTON

Enron founder’s widow seeks to keep assets

The widow of Enron Corp. founder Kenneth Lay is asking a judge to let her keep nearly $13 million in assets — particularly the family condominium — that the federal government is trying seize.

In a court filing last week, attorneys for Linda Lay asked U.S. District Judge Ewing Werlein Jr. to throw out the government’s civil action, which was filed after Kenneth Lay’s criminal convictions related to Enron’s downfall were vacated following his death last year.

Federal authorities claim $12.7 million in assets they are trying to seize were “proceeds of the fraud proven in the criminal case against Lay.”

If the entire complaint can’t be thrown out, Linda Lay’s attorneys asked that at least claims to the couple’s home be dismissed.

NEW YORK

Bond market grinds toward higher yields

U.S. Treasury prices fell again Wednesday, continuing the bond market’s nearly monthlong grind back toward higher yields.

At 5 p.m. EDT, the 10-year Treasury note was down $1.88 per $1,000 in face value, or 0.19 points, from its level at 5 p.m. Tuesday. Its yield, which moves in the opposite direction, rose to 4.85 percent from 4.83 percent.

The 30-year bond fell 0.34 points. Its yield rose to 5.01 percent from 4.98 percent.