[ BUSINESS ]

Cantalupo retiring from McDonald's

McDonald's Corp. said Jim Cantalupo, vice chairman and president,will retire next year after 28 years at the world's largest fast-food chain. Cantalupo, 57 years old, joined McDonald's as controllerin 1974, and was named vice chairman and president in 1999. He waspaid $1.8 million in salary and bonus last year, according to thecompany's proxy statement, plus $226,000 in deferred compensation andcompany-paid life insurance. Upon retirement, Cantalupo will continueto serve as a director on several boards including McDonald's andSears, Roebuck and Co. The Oak Brook company's stock has fallen 20percent this year.

Cheney outlines energy strategy

TORONTO-Vice President Dick Cheney warned today that the wholenation could face California-style blackouts as he outlined anational energy strategy relying heavily on oil, natural gas andnuclear power development-but not conservation. "The aim here isefficiency, not austerity," Cheney told editors and publishers at theAssociated Press annual meeting. The nation cannot "simply conserveor ration our way out of the situation we're in." In his firstextensive remarks about the energy recommendations his Cabinet-leveltask force will make to Bush by the end of May, Cheney blamed currentshortages on shortsighted decisions in the past. He said thatconservation, while perhaps "a sign of personal virtue," does notmake for sound or comprehensive policy.

GM hires LaNeve away from Volvo

DETROIT-General Motors Corp. hired Mark LaNeve, chief executive ofrival Ford Motor Co.'s Volvo business in North America, as generalmanager of its Cadillac luxury-vehicle division. LaNeve, 42, replacesMichael O'Malley, who resigned this month. LaNeve worked in Cadillacsales and marketing for 14 years and as the Pontiac Bonneville brandmanager before Volvo recruited him in 1997. The change comes as theworld's largest automaker starts a $4 billion, three-year plan torevive Cadillac. Detroit-based General Motors plans to add newsedans, roadsters and sport-utility vehicles to try to boost Cadillacsales.

De Beers bid raised to $18.7 billion

A group led by mining powerhouse Anglo American PLC has sweetenedits offer for De Beers Consolidated Mines Ltd. to $18.7 billion, inan effort to take the world's No. 1 diamond business private. DBInvestments, a consortium headed by London-based Anglo American,announced today that it was increasing its original cash and stockoffer of about $17.1 billion. Some De Beers' shareholders balked atthe April 10 offer as too low. De Beers produces more than 30 millioncarats of diamonds annually-almost half of the world production-frommines in South Africa, Namibia, Botswana and Tanzania. By buying outDe Beers, Anglo American would become the biggest mining concern inthe world.

Sales of new vehicles off 12 percent

U.S. new vehicle sales fell 12 percent this month from April 2000,based on the average estimate of six analysts. The estimated annualsales rate slid to 16.3 million from 17.9 million in the year-earlier April, and from 17.3 million in the first quarter, becausethe lower confidence and higher unemployment claims are hurting autosales, analysts said. Automakers are expected to report tomorrow thatsales fell 15 percent at General Motors, 17 percent at Ford Motor Co.and 21 percent at DaimlerChrysler AG's Chrysler unit, based on theaverage estimate of analysts. The results mark the seventh straightmonth of lower car and light truck sales as the U.S. economy slowed.Sales fell 4.2 percent in March, less than analysts' estimates of a7.7 percent decline.

Wheat prices take off Wheat prices soared today on the ChicagoBoard of Trade, reflecting investors' uneasiness over the continuingweakness of the winter wheat crop. Soybean and corn futures alsoclimbed strongly. Wheat for July delivery rose 7 cents to $2.83 1/4 abushel; July corn rose 3 1/4 cents to $2.07 1/2 a bushel; July oatsrose 1 1/4 cent to $1.11 3/4 a bushel; July soybeans rose 10 1/4cents to $4.38 a bushel.