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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jan 13, 2001
Page
14
GM executives foresee a weaker early 2001 demand for cars and trucks amid a cooling U.S. economy. Chairman Jack Smith cautions the year could still rank as the third-best in history for the automaker, with industry sales projected between 16 and 16.5 million, down from 2000’s 17.4 million and 1999’s 16.96 million.
IMF managing director Horst Koehler said the fund reduced its 2001 U.S. growth outlook to 2.5 percent from 3.2 percent. He framed the slowdown as a normalization rather than a sign of doom, and noted Asia's recovery should remain on track despite the downgrade.
The European Union cleared United Airlines bid to buy US Airways for 4.3 billion dollars after United pledged to sell airport landing and takeoff rights in Germany. U.S. regulators are also reviewing the deal which would give United over a quarter of the U.S. air travel market.
Federal prosecutors trimmed two more counts from an indictment accusing Koch Industries and Koch Petroleum Group LP of environmental pollution with benzene. Judge Janis Jack had previously pared the total from 97 to 11 after clarifications on overlapping charges. The firms were named in all counts.
A brief note indicates the commodities report is located on page 4E. The item signals where readers can find detailed data on market goods and prices in the newspaper. It directs attention to the specified page without providing figures in the brief.
Stocks fell on Friday as Hewlett-Packard and Gateway issued weak earnings forecasts amid soft demand. Investors weighed a government wholesale price report and potential Fed action, with the Dow down 84.17 to 10525.38 and the Nasdaq easing to 2626.50 while the S&P 500 slipped 8.50 to 1318.32.
Farmland Industries Inc. restarts its Lawrence nitrogen plant as it reports a first quarter profit of 6.7 million against a year earlier loss of 26.5 million. The coop idled Dec. 1 due to spiraling natural gas costs and expects monthly gas bills around 13 million while ramping up production in time for spring planting. Plant manager Dick Lind notes high gas costs, but upgrades and efficiency measures are keeping the operation viable amid economic pressure.
Lawrence based Farmers Cooperative Assn plans a reorganization to satisfy 19.7 million in debts. CFO Mel Squyres said the plan was presented at Ag Processing Inc’s annual meeting in Omaha. Any plan requires creditors and bankruptcy court approval while Ag Processing officials offered no comment.
WorldNet LLC, majority owned by The World Company, seeks to start voice service for business and residential customers using Sunflower Cablevision’s upgraded fiber network in Lawrence. The plan, pending KCC approval, envisions video, voice and data bundles with about 20 new jobs and service by fall. Southwestern Bell welcomed the competition.
The Justice Department told the U S Circuit Court of Appeals that Judge Thomas Penfield Jackson showed no bias in the landmark antitrust fight with Microsoft. The 150 page brief argues the remarks cited by Microsoft do not cast doubt on his impartiality as the appeal of the breakup order proceeds. Ari Fleischer said the Bush transition would review all government litigation.
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