Business Notes

MOORESVILLE, N.C.— Lowe's has approved a share repurchase program of up to $1 billion that is intended to be implemented through purchases made from time to time, either in the open market or through private transactions. The program begins immediately. Home improvement retailer Lowe's feels that with the continued growth in its earnings and cash flows, as well as a strengthening balance sheet, a share repurchase program, in addition to ongoing dividend payments, are appropriate and efficient ways to return capital to its shareholders. The program also will allow Lowe's to offset the dilutive impact of employee stock options and enhance overall return to shareholders. At the same time, the retailer has declared a quarterly cash dividend of three cents per share, payable Jan. 30, 2004.

AMSTERDAM, THE NETHERLANDS— Royal Philips Electronics is taking impairment and restructuring charges of about $969.4 million for LG.Philips Displays, its 50-50 joint venture with South Korea's LG Electronics. This assessment will lead to a non-cash asset impairment charge of about $654.3 million, and to restructuring charges of about $72.7 million in the fourth quarter of 2003. Philips' share of these charges will be about $363.5 million, and will be included in the net income line of Philips' fourth quarter financials. Philips. LG, maker of CRT displays, has been impacted by worsening market conditions and increased price erosion, caused by rapid penetration of competitive LCD televisions.