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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jul 17, 2002
Page
20
James North opens Jimmy John's at 922 Mass in downtown Lawrence with hours 11 am to 3 am to serve late night crowds. The sub shop offers sandwiches from 3.25 to 4.25 dollars and North may consider another Lawrence location after success at 922 Mass.
The Teamsters and United Parcel Service announced a tentative contract that would raise wages by 22 percent over six years and create 10,000 new full-time jobs. About 210,000 UPS Teamsters must vote, with results due in mid August. The deal exceeds current benefits but misses some initial demands on full-time hires.
Ron Sommer quit as chief executive of Deutsche Telekom after seven years amid debt and stock pressure. Helmut Sihler, 72, becomes interim CEO for six months and brings experience from Telekom’s supervisory board while also serving as Novartis vice chairman. The move follows Sommer's push to end public debate harming the company.
Motorola Inc faces a record net loss of 2.3 billion dollars in the second quarter, driven by 3.4 billion dollars of special charges tied mainly to restructuring its microprocessor and semiconductor unit. It marks the sixth straight quarterly loss, almost doubling the prior worst of 1.3 billion in 1998’s third quarter.
Lawrence builders issued permits for 20.34 million in June 2002, led by a 200 unit Legends apartment complex on 17 acres in southwest Lawrence. Callaway Development plans completion by August 2003, as total year starts near 100 million.
Federal Reserve Chairman Alan Greenspan told Congress sharp corporate accounting scandals threaten the U S recovery by dampening consumer spending and business investment. He cited market slide and ongoing uncertainties about capital spending profitability and global risks as Fed keeps rates at 40 year lows.
Investors remained nervous after eight weeks of heavy selling as the Dow dropped over 160 points at the open and again late in the day. Experts cited ongoing market volatility despite Greenspan's reassurance that fundamentals remain in place for healthy growth. The Dow closed down 166.08 at 8473.11, seventh straight losing session and a 900-point slide across the period.
Regulators delayed the option for wireless customers to keep their numbers when switching carriers to late next year. The FCC set a new deadline of November 24, 2003, extending the rule for a third time. Major carriers oppose, while some firms support the measure as a customer gain.
Intel Corp said it will cut 4000 positions, about 5 percent of its workforce, after posting lower than expected second quarter profits. CFO Andy Bryant cited weak demand for PC chips and cautious spending, with most cuts to come via attrition. The company had 83,000 employees worldwide at quarter end and reported 446 million dollars in Q2 profit.
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