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This newspaper page contains 12 articles. Subscribers can read the full text of each article.
Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jul 01, 2005
Page
12
Morgan Stanley named former President John Mack as its new chairman and chief executive officer, replacing Philip Purcell who retired June 15 under investor and board pressure. Mack takes over immediately, aiming to steady a firm hit by three months of turbulence and talent departures.
Freddie Mac reports for week ending June 30 that 30 year fixed mortgage rates fell to 5.53 percent from 5.57 percent, the lowest since early April 2004 when rates averaged 5.52 percent. This eases some pressure for home buyers amid high prices.
AT&T Corp shareholders vote to approve a 16 billion acquisition by SBC Communications creating a major national phone company. About 98 percent support, 71 percent of outstanding shares in favor, with regulatory signoffs in 26 states and pending approvals elsewhere. Closing expected later this year or early next year.
Former WorldCom chief Bernard Ebbers will pay 5 million and move nearly all assets into a liquidation trust to settle civil charges tied to the accounting fraud. The trust could be worth up to 40 million, prompting prosecutors to drop restitution plans at his July 13 sentencing, pending judge approval.
Contact information for Mark Fagan, business editor, including phone and email placeholders.
The Federal Reserve raised the federal funds rate by a quarter point to 3.25 percent, the ninth such increase since mid 2004, signaling more hikes may follow. Banks pushed prime lending to 6.25 percent as markets noted higher borrowing costs amid a firm economy and energy price fluctuations. Wall Street reacted with disappointment at the ongoing rate trajectory.
The Fed indicates a steady pace of rate increases through much of this year. Economist Richard Yamarone of Argus Research Corp says the central bank favors ongoing hikes over pausing the campaign.
Boeing selects W James McNerney Jr of 3M as chief executive to steer government relations and compete with Airbus. The aerospace veteran becomes Boeing’s third CEO since 2003 amid leadership turmoil and stock gains after the announcement.
W James McNerney Jr named chairman president and chief executive officer of Boging Co at age 55 born in Providence Rhode Island. He holds Yale 1971 and Harvard 1975 business degrees and previously led 3M as CEO and chaired GE aircraft engines GE Lighting and GE Asia Pacific. he and his wife Haity have three children.
Home sellers increasingly hire staging professionals to boost appeal through redecorating or larger makeovers. Realtors vary on value. some say clutter removal and fresh paint win buyers cheaper than the typical 500 to 2000 dollars, while others recall listings that sold quickly after staging.
Real estate advice notes staging can increase final price, but emphasizes that quick sale hinges on realistic asking prices set with a realtor. It warns against overpricing even with attractive staging and suggests reviewing terms with agents before listing. The piece mentions a separate mortgage question about payoff speed and interest, and notes an extra page for details.
Bank of America will buy MBNA for 35 billion in stock and cash, expanding its consumer banking leadership. The Charlotte based lender will add MBNA’s strong credit card book, creating one of the world’s largest holders of consumer debt and about 40 million active credit card accounts after closing. Ken Lewis praised MBNA’s sales capabilities and marketing strength as the deal reshapes the card market.
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