DIGEST
Cisco Systems, which makes Internet equipment, said fiscal second- quarter net income rose to $825 million from $282 million as revenue rose 53 percent. Excluding acquisition expenses, its profit was $906 million, or 25 cents, a penny better than analysts expected, compared with $609 million, or 17 cents. The company also set a 2-for-1 stock split, payable in March.</br></br>Bank of New York agreed to provide information about its customers to Federal Reserve regulators in the wake of an examination into fund transfers from Russia. The bank agreed to report quarterly to the New York Fed Bank and state regulators about transactions of customers it has identified as potential money-launderers. The bank said it would devise a plan within 45 days to identify those customers involved in "known or suspected criminal activity against" the bank.</br></br>Nokia Oyj extended its lead as the world's biggest maker of cellular phones, boosting global market share to 26.9 percent last year from 22.5 percent, according to Gartner Group's Dataquest unit. Motorola and Ericsson held on to the No. 2 and No. 3 spots, respectively, but Motorola's share slipped to 16.9 percent from 19.5 percent, while Ericsson's share dropped to 10.5 percent from 15.1 percent. Europe had the biggest percentage of mobile phone sales, and Asia-Pacific beat the United States for the No. 2 spot. Sales in Latin America doubled.</br></br>Five large hedge funds released a report offering recommendations on risk management and business practices for the industry, in response to Long-Term Capital Management's near-collapse in 1998 after it lost $4 billion. The report was prepared by Soros Fund Management, Caxton, Kingdon Capital Management, Moore Capital Management and Tudor Investment, each of which manage more than $3 billion.</br></br>Raytheon, the third-largest U.S. defense company, plans to sell $500 million of its businesses this year as it trims debt and focuses on more profitable units, the company told analysts and investors at a conference in New York.