Lorillard, the maker of Newport, Maverick and True cigarettes, says its first-quarter profit climbed 26 percent as domestic wholesale shipments and average prices grew.

The nation's third-biggest cigarette maker said higher federal excise taxes on smokes helped boost its revenue.

Lorillard said Monday its earnings rose to $232 million, or $1.50 per share, in the three months ended March 31. That's up from earnings of $184 million, or $1.09 a share, a year ago.

It says revenue climbed to $1.36 billion from $917 million as domestic wholesale shipments of discount brand Maverick grew 48.7 percent. Excluding federal excise taxes, revenue was $923 million partly on higher average prices. Wall Street predicted revenue of $802.7 million.

The Supreme Court is stepping into a legal fight over Omega's effort to stop Costco from offering the Swiss maker's watches for up to a third less than they cost elsewhere.

The case has important implications for discount sellers like Costco and Target as well as eBay, Amazon and other companies that form an estimated $58 billion annual market for goods that are purchased abroad, then imported and resold without the permission of the manufacturer.

The justices said Monday they will hear Costco's appeal of a lower court ruling that sided with Omega in its attempt to invoke U.S. copyright law to halt the discount sales. Omega owns a U.S. copyright on the Omega Globe Design symbol that is engraved on its watches at the time they are made.

The high court has previously ruled that copyright protections do not apply to goods made in the United States, sold abroad and then imported back into the country for resale. At issue in this case are items that are manufactured overseas, sold by their maker abroad and then brought back here for resale.

This means of purchase, importation and resale is sometimes called the secondary-goods or gray-goods market, and it is a big part of Costco's business.

BeBevCo announced today they have hired a new legal team: McMullen Associates LLC from Charlotte, North Carolina. McMullen Associates LLC is a Securities and Corporate Law Firm that specializes in Securities Regulation, Corporate Law, Mergers and Acquisitions, Corporate Finance, Business Law, Private Placement Memorandums, Exchange Listings, Franchising, as well as all general securities law practice and corporate law matters. "After a five-hour meeting that included four of our staff and five of theirs, it was by far the most educational as well as convincing that McMullen Associates team of experts will get the job by helping us develop short and long term strategies to move BeBevCo along a path to the Bulletin boards and then on to the AMEX," said CEO Brian Weber.

About BeBevCo - BeBevCo (Bebida Beverages Company) develops, manufactures and markets several beverages including Koma Unwind "Chillaxation Drink ™," Koma Unwind Sugar-free "Chillaxation Drink ™" and Koma Unwind "Chillaxation Shot™" as well as Potencia Energy Drink and Potencia BLAST energy shot, Piranha Water.

Before a federal judge, Justice Department prosecutors will lay out the dirty laundry of the company best known for its elegant Mercedes-Benz autos: a pattern of bribery that for many decades has helped fuel the company's sales and illicitly added millions of dollars to its profits. As a result, the company has agreed to pay $185 million in fines.

According to court papers filed March 24, the company's board 11 years ago adopted an integrity code with anti-bribery provisions. The problem is, Daimler failed to enforce it; many Daimler executives actively resisted it, and improper payments continued until 2008.

The court papers provide a case study of how executives at one of the world's blue chip companies responded when governments said "no" to bribery.

Of course, Daimler, through its subsidiaries, is hardly the first corporate giant to be caught paying off foreign officials to get contracts.

In December 2008, for example, engineering company Siemens AG agreed to pay more than $1 billion in fines in Germany and the U.S. after being accused of bribing officials with suitcases stuffed with money.

Ten years earlier, Germany ratified an international anti-bribery agreement; an implementing law took effect in early 1999.

Secured creditors are owed about $300 million by owners of The Philadelphia Inquirer and Philadelphia Daily News. They want to use that "IOU" to make a so-called "credit bid" for the company.

The auction is scheduled for April 27. A local group that includes current investor Bruce Toll, the housing company founder, and chemical company heir David Haas has made an opening $67 million bid.

A federal appeals panel issued a 2-1 decision this month that lets Philadelphia Newspapers deny creditors the right to bid with the money owed them. The lenders this week asked the full 13-judge court to hear their appeal, charging that the ruling upends decades of precedent and will disrupt the credit industry.

"The panel decision in this case represents a startling break with decades of established bankruptcy practice and a repudiation of basic principles of bankruptcy law," the creditors wrote in the 122-page motion filed Monday.

About a dozen banks and financial firms must defend allegations of bid rigging, limited competition and price fixing in the municipal derivatives market, a U.S. judge ruled on Thursday.

U.S. District Judge Victor Morrero's written order said the defendants, including Wells Fargo, JPMorgan Chase, UBS AG, Morgan Stanley and others, should prepare for a pretrial conference on April 30.

The case is In Re Municipal Derivatives Antitrust Litigation, U.S. District Court for the Southern District of New York, No. 08-2516.

In 2006, the U.S. Justice Department, Internal Revenue Service and Securities and Exchange Commission launched a sweeping investigation into how the derivatives, known as guaranteed investment contracts, had been priced.

Municipal bond issuers had frequently parked their proceeds from debt sales by buying these contracts, which generate income, until they needed to spend the money.

While the investigation cooled down by early 2009, with information occasionally trickling out in the banks' and insurance companies' SEC filings, it has heated back up in the last few months. At the same time, a number of counties and cities have moved to sue the companies involved.