DIGEST
The U.S. economy surged at a 5.4 percent rate in the first three months of the year. But existing-home sales dropped 6.2 percent in April, a sign that the Federal Reserve's interest-rate increases are beginning to have an impact. The first-quarter increase in the gross domestic product was slightly bigger than many analysts expected but matched the government's estimate from one month ago.</br></br>Calpers named Daniel Szente chief investment officer of the nation's largest public pension fund. Szente, 52, was director of research of Pennsylvania-based McGlinn Capital Management. He will oversee the California Public Employees' Retirement System's $175 billion in assets.</br></br>NextWave's wireless licenses may be auctioned by the FCC, according to one appeals court decision. A federal appeals court in New York has ruled that a bankruptcy court overstepped its authority in blocking the auction. The FCC had canceled 63 spectrum licenses awarded to NextWave Telecom for $4.74 billion after the bankrupt company failed to pay for them on time. The FCC had planned to re- auction the licenses July 26. Whether the auction can occur now is still unclear because the company is pursuing a similar case before a federal appeals court in Washington.</br></br>Saturn plans to lay off about 490 workers at the assembly plant near Newport, Del., because of slow sales of its new mid-size car. The cuts represent about 19.6 percent of the work force at the plant.</br></br>Walt Disney Co. agreed to pay Internet portal GoTo.com $21.5 million to settle a copyright-infringement lawsuit over a logo. Disney also agreed to stop using the disputed logo for its Go Network as well as a replacement logo the company devised after a court issued an injunction against it in November.