Business Bites

NEW YORK -- The United Kingdom unloaded 25 metric tons of gold -- the equivalent of five solid-gold Ford Expeditions -- onto world markets last night, the first of 125 metric tons to be auctioned by March 2000. A total of 415 metric tons will sold in total.

As a result, gold prices plummeted Tuesday and gold was traded for as little as $257.50 an ounce, an all-time low.

The sell-off is part of the United Kingdom's treasury to balance its portfolio and ultimately reduce its reserves from 715 metric tons to 300 metric tons. The move by the United Kingdom hit gold prices particularly hard since the International Monetary Fund in Washington, D.C., announced plans to sell 311 metric tons and put the proceeds toward the debt burdens of the world's poorest nations.

PLANO, TEXAS -- Department store chain J.C. Penney Co. Inc. announced that it pulled a number of T-shirts from their stores after more than 100 customers complained about the shirts' offensive slogans.

The slogans included such lines as "Your game is as ugly as your girl" and "You like that move? So does your girl." The shirts, made by Pennsylvania-based AND1 Basketball are targeted at young boys.

"The slogans on the T-shirts came from trash talk on basketball courts," said a spokesman for the Texas-based J.C. Penney. "They catered to that market only."

The company has discontinued selling the shirts, but will continue selling other AND1 apparel.

TOKYO -- Honda Motor Co. announced its entry into the low-emission, fuel-efficient vehicle race Tuesday with a two-door coupe called "Insight" that will get an estimated 80 miles per gallon when it goes on sale this December.

Toyota Motor Corp. was the first to sell a hybrid gasoline-electric car in Japan with the Prius in 1997. The Prius will go on sale in the United States next year.

While similar because they use both gasoline and electrical power to propel the automobile, the Toyota Prius and Honda Insight operate differently. The Prius shifts between battery and petroleum power while the electric motor in the Insight is used only to boost the engine's power during hard acceleration or when driving up steep inclines.

Honda said the Insight will be priced below $20,000 in the United States and will include anti-lock brakes, electric power steering, dual air bags and an anti-theft system.