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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Jun 15, 2004
Page
5
MGM Mirage raised its cash bid to 71 per Mandalay share in a revised 4.8 billion offer after weekends negotiations. Mandalay said the terms would give greater closing assurances and would be presented to its board, while MGM said all material terms were agreed.
Kansas farmers have harvested 15 percent of their wheat crop though quality remains below average. A state report from the Kansas Agricultural Statistics Service shows progress ahead of last year’s pace when only 1 percent had been harvested. Only 28 percent of this year’s wheat is rated good to excellent versus 53 percent at the same time last year.
The Pentagon announced Boeing Co has won a 3.9 billion contract to develop and demonstrate a new multimission marine patrol plane potentially producing 109 aircraft. Boeing competes with Lockheed Martin, basing the entry on converting its 737 commercial jet.
Ford Motor Co. announces a base price around 27000 dollars for the 2005 Escape hybrid, about 3300 more than the V6 version. The front-wheel-drive hybrid delivers 35 to 40 mpg city versus 20 mpg for the V6, with production at Claycomo, Missouri. The four-wheel-drive model starts about 1500 dollars higher.
The Supreme Court refused to intervene as FCC rules expiring today would force regional carriers to lease network access at discounted rates to competitors. Long distance firms warn of higher future prices, while carriers say service remains uninterrupted and price changes will not be immediate. Verizon notes potential $6 to $7 monthly increases over three years.
Sears Roebuck and Co plans a 405000 remodeling of its six year old Lawrence store on South Iowa Street. The project adds 700 square feet to the appliance department about 15 percent, enabling built in appliances displays. Finishing is targeted for mid August.
Lawrence officials issued 16.45 million in May construction permits led by the Hobbs Taylor Lofts project at Eighth and New Hampshire. The total, the year's best month so far, reflects a broader lag in housing starts and overall project value versus 2003 and the five year average.
Negotiators from the Society of Professional Engineering Employees in Aerospace return to contract talks with Boeing in Wichita after a failed wage offer. The union plans strike readiness, a support fund, and counseling via United Way while Boeing pledges production continuity. analysts see a strike influencing the possible sale of the facility.
Chicago Board of Trade soybeans climbed sharply on Monday with grain futures rising. Wheat July up 6 cents to 3.56 half, corn July up 2.5 cents to 2.88 quarter, oats July up 2 cents to 1.47 quarter, soybeans July up 25.5 cents to 8.72 half. Beef futures slipped while pork closed mixed on the Mercantile Exchange as July live cattle eased to 88.10 cents a pound and August feeder cattle also fell.
Commodity prices on Monday show hogs up to 76.65 cents per pound while corn sits at 2.63 per bushel and soybeans at 8.44. Local elevator quotes list wheat 3.54, milo around 2.48 to 2.53, with nonferrous metals and precious metals pricing noted at NY Merc spot values.
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