HealthSouth Cuts 165 HQ Jobs Amid Fraud Guilty Pleas
Birmingham based HealthSouth Corp. cut 165 headquarters positions as five more executives agreed to plead guilty in an accounting fraud case. The company faces bankruptcy risk after alleging earnings were overstated by at least 1.4 billion since 1999. Kenneth Livesay, 42, among those pleading guilty, joins other executives in the scheme.
MENTIONED IN THIS ARTICLE
Birmingham
HealthSouth Corp
HealthSouth
Wall Street
Richard Scrushy
Kenneth Livesay
Fleming stock moved to Pink Sheets after exchange suspensions
Fleming Cos. stock left the NYSE amid suspensions by the NYSE, Chicago, and Pacific exchanges. The SEC is weighing a delisting with possible appeal while Fleming seeks OTC Bulletin Board review. The Topeka founded firm, employing about 150 at a warehouse, says it may not be eligible for trading until Form 10-K for year ending December 28 is filed.
MENTIONED IN THIS ARTICLE
Fleming Cos
New York Stock Exchange
Chicago Stock Exchange
Pacific Stock Exchange
Securities and Exchange Commission
Fleming
NYSE
Topeka
Bulletin Board
Mortgage rates fall amid Iraq war market gyrations
Mortgage rates declined this week with the 30 year fixed at 5.79 percent down from 5.91 percent a week earlier, and 15 year fixed loans easing to 5.06 percent from 5.21 percent. Analysts cited market volatility tied to concerns over a prolonged conflict as the main driver.
MENTIONED IN THIS ARTICLE
Iraq
Freddie Mac
Borders Warns of Q1 Loss Amid Sluggish Sales
Borders Group Inc warned of a second earnings shortfall in a month as it now expects a loss in the first quarter due to weak sales across all units. CEO Greg Josefowicz cited traffic and sales declines tied to the Iraq conflict. The company had planned breakeven, missing analysts’ 4 cent per share profit outlook and possibly lowering full year targets. Shares fell 40 cents to $14.30 on the NYSE.
MENTIONED IN THIS ARTICLE
Borders Group Inc
Iraq
Greg Josefowicz
Borders Group
Barnes & Noble Inc
Borders
New York Stock Exchange
Boeing bond plan sails through Kansas Senate vote push
Kansas Senate weighs a $500 million bond plan to lure Boeing and fund 7E7 production in Wichita. Gov Sebelius and key legislators support the measure which requires 4,000 Kansas jobs. Boeing says the bonds are repayable from payroll taxes with no risk to the state. Members seek full details before action during the upcoming wrap-up session.
MENTIONED IN THIS ARTICLE
Topera
Boeing Co
Kansas Senate
Senate
Boeing
Kansas
Kathleen Sebelius
Wichita
Bill Jarrell
Senate Commerce Committee
Jarrell
Dave Kerr
R-Hutchinson
Kerr
Karin Brownlee
R-Clathe
Brownlee
Kenny Wilk
Lansing
Greenspan urges financial literacy for youth and adults
Fed Chair Alan Greenspan called for stronger financial education from schools and in adulthood to build literacy, help avoid long term crises, and reduce vulnerability to fraud. He cited rising bankruptcies in 2002 and noted the growing role of technology in banking and credit.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Greenspan
JumpStart Coalition
Uncertainty Keeps Firms Reluctant to Hire in War Climate
New unemployment claims rose to 445000 for the week ending March 29, the highest since April 2002, as firms leaner workforces amid war related uncertainty, higher energy prices, and weak profits. Economists see the job market deteriorating further with sub par growth projected for early 2003.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Aquila delays earnings release to April 15
Aquila Inc will file its fourth quarter and 2002 results later this month after delaying from Monday to give auditors time. The Kansas City based company will release on or before April 15 and hold a conference call to discuss results and renegotiation of its revolving credit. The April 12 renewal deadline looms, with negotiations described as moving along well.
MENTIONED IN THIS ARTICLE
Kansas City, Mo
Aquila Inc
Aquila
Securities and Exchange Commission
Kansas City
al Butkus
Butkus
Also Mentioned on This Page
Joss
Ljworld.com
Scott Rothschild
Fed
U.S
Mark Zandi
Economy.com
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