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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jun 06, 2001
Page
12
The Labor Department said American workers produced 1.2 percent fewer goods and services per hour in Q1, a sharper drop than the earlier 0.1 percent estimate and marking the weakest first-quarter productivity since 1993. The previous record was a 5 percent drop in Q1 1993.
Amazon.com plans online sale of personal computers and market books to institutional buyers including businesses and government agencies later this year. CFO Warren Jenson reaffirmed target of pro forma operating profitability in Q4. The Seattle firm has operated since 1995 but has not yet posted a profit.
General Motors chief Rick Wagoner described negotiations to sell Hughes Electronics to News Corp as a priority while noting other options remain possible. He cited progress yet unresolved issues and indicated receptiveness to proposals from EchoStar and others.
Ford Motor Company expanded its recall to Europe on Tuesday and will replace Firestone tires on about 23,000 vehicles across the continent. The company had previously said no European vehicles were affected by the massive recall in the United States, where 13 million Firestone Wilderness AT tires are recalled.
Blockbuster proposes millions of coupons for free rentals to settle 23 class-action suits over late fees. The face value totals about 460 million dollars, though the company expects costs under 45 million as many coupons go unused. A December hearing is set.
OPEC members unanimously decide to maintain current oil production levels and plan a July 3 meeting to assess market conditions after Iraq suspends daily exports of 2.1 million barrels. Qatar's oil minister Abdullah bin Hamad Al Attiyah notes possible increases if warranted while Saudis can offset losses. Rising U.S. pump prices reflect refinery bottlenecks and transport issues.
Napster moves toward a formal agreement with three major labels to join the MusicNet venture and offer a summer music subscription. MusicNet, a joint venture of AOL Time Warner Ber telsmann EMI and RealNetworks, would provide legal music files and royalty payments, while Napster seeks to roll out a revised service. The talks come amid ongoing copyright infringement lawsuits and industry pressure.
Borden Foods will sell 35 percent of its pasta brands to American Italian Pasta Co for 67.5 million dollars. The buyer, Ameri can Italian of Kansas City, will acquire the Pennsylvania Dutch Anthony's Ronco Globe A-1 Luxury Mrs. Grass and R&F lines, shifting production to Excelsior Springs Missouri and South Carolina. Up to 12 Borden employees in the brands may join AIPC.
Market notes show Farmers Cooperative Assn and Midland Elevator wheat and soybeans at 4.32 and 1.72 respectively with milo NA and corn at 1.72. USDA loan deficiency payments set corn 0.23 and soybeans 0.98. St Joseph livestock reports include steers and hogs price ranges, with feeders and boars, plus nonferrous metals prices in New York with aluminum copper zinc gold silver mercury and platinum quotes.
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