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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Aug 20, 2004
Page
16
United Airlines said in a bankruptcy court filing that it likely must terminate and replace its four employee pension funds due to the need for further cost cuts and bankruptcy exit financing. If enacted, it would mark the largest pension default ever by an airline.
The Smoke Shop at 17 W Ninth St in Lawrence will close by month’s end and possibly sooner if inventory sells out. Owner Jonathan Levine cites health reasons and a new city smoking ban as factors, noting sales may not improve and business growth will slow.
Gap Inc. reports a larger second quarter sales and profit drop due to disappointing summer clearance sales and debt retirement costs. The company posted $194 million in earnings or 21 cents per share, down from $209 million or 22 cents per share a year earlier.
Aquila Inc in Kansas City priced 40 million common shares at $2.55 each totaling 102 million and plans to raise 300 million via convertible notes. The natural gas provider serves Lawrence and surrounding areas.
Sears at 2727 Iowa Street in Lawrence will celebrate the remodeled store with a ribbon cutting at 7 40 a.m. The nationwide revamp touched about 100 stores expanding appliance displays adding shelving and new flooring. First 125 customers receive prizes.
The 9th U.S. Circuit Court of Appeals ruled Grokster Ltd and StreamCast Networks are not liable for users swapping copyrighted music and files via their programs. The panel said there is no central server and cited widespread noncopyright uses, signaling a victory for the software industry.
Google shares jump about 18 to 20 percent on its first day of trading, raising $1.67 billion and valuing the company at roughly 272 billion as co founders Sergey Brin and Larry Page gain billions on paper. The IPO trails initial hopes for a higher price range and market cap.
A Kansas judge ruled Westar Energy must cover certain defense costs for former chief executive David Wittig and former executive vice president Douglas Lake. Both face 40 counts each of conspiracy, wire fraud and falsification with a trial set for Oct. 12. prosecutors seek $25.5 million from Wittig and $7.5 million from Lake if convicted.
Freddie Mac reports week by week declines in 30-year fixed mortgages to 5.81 percent, below 6 percent for a third straight week, the lowest since April. Fifteen-year fixed rates also ease to 5.19 percent from 5.24 percent, signaling weaker economic activity.
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