Business Briefs

The change creates four business units -- Americas, Asia, Europe/Africa and New Business Ventures -- with the head of each reporting directly to Coke chairman and chief executive Douglas Daft.

The new structure eliminates the president position.

Stahl, 47, was not fired, Coke spokesman Rob Baskin said. Rather, Stahl decided it was time to pursue other career opportunities, considering the company well on its path to financial recovery after several tough years.

Baskin said he did not know if Stahl, who also served as chief operating officer, had been offered another position at Coke. The resignation is effective immediately.

Greenspan's on defensive over delay in cutting interest rate

WASHINGTON -- Federal Reserve Chairman Alan Greenspan defended the Fed's decision to delay cutting interest rates until January despite growing signs of an economic slowdown. He said acting sooner could have caused even more trouble down the road.

Greenspan, testifying at a House Budget Committee hearing on Friday, rejected the view of some critics that the dramatic slowdown occurred in part because the Fed botched monetary policy.

UPS buys out Mail Boxes Etc.

ATLANTA -- United Parcel Service Inc. has agreed to buy retail shipping franchiser Mail Boxes Etc. in a bid to capture a bigger share of the growing business in home and small-office shipments.

Mail Boxes Etc., a privately held subsidiary of U.S. Office Products, has franchised 4,300 stores, including 900 in 29 countries outside the U.S. Terms of the all-cash deal for San Diego-based Mail Boxes Etc. were not disclosed.

"This is another way to broaden our presence on the retail side," UPS spokesman Norman Black said on Friday. "The growth of e-commerce has made it very clear to us that the residential and small-office, home-office part of the market is going to continue to expand."

United to sell off part of airlines' fleet

CHICAGO -- United Airlines' parent company UAL Corp. has agreed to sell three regional airlines -- Allegheny, Piedmont and PSA -- to Atlantic Coast Airlines Holdings for at least $200 million to clear the way for its planned acquisition of US Airways.

The ultimate price under the deal announced Friday is to be negotiated later.

United expedited the proposed sale so federal regulators could decide on it by the time they announce their April 2 verdict on the $4.3 billion United-US Air merger. The world's largest airline doesn't want the small carriers included in that deal.

As part of the transaction, the 4,300 employees of the three commuter airlines are protected from layoffs for two years.

Options Exchange said it wouldn't be able to grade all the cocoa for March delivery.<