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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Mar 13, 2003
Page
14
McDonald's Corp reports a 4.7 percent drop in international same-store sales in February, marking the 12th consecutive month of decline. U.S. sales fell 4.4 percent and Europe excluding currency effects fell 3.9 percent, with harsh winter weather and weak economies cited as factors.
U.S. trade deficit falls to 411 billion dollars in January as foreign demand for industrial supplies, appliances and cosmetics rises. The Commerce Department reports the deficit shrank 8.4 percent from December's 449 billion, aided by a weaker dollar and cooler imports and spending.
Intel Corp launched a $300 million ad campaign and introduced Centrino as the centerpiece of a broad move to push high speed wireless Internet. PC makers rolled out many new laptops featuring Intel WiFi chips while others offered models using rival faster chipsets.
Federal prosecutors charge two Enron Broadband Services executives, Kevin Howard and Michael Krautz, with securities fraud, wire fraud, conspiracy, and making false statements to FBI agents over an online video on demand venture with Blockbuster that failed. The SEC adds related securities-law violations.
The IEA says world oil output rose 2.5 percent in February but spare capacity is tight and inventories are strained as war fears over Iraq loom. It notes OPEC kept quotas at 24.5 million bpd while aiming to cover any shortfall, with 4 billion barrels in strategic stocks available in emergencies.
A Kansas City area investor has agreed to buy Davol Inc.’s Lawrence manufacturing site at 700 E. 22nd St. The 211,211 square foot facility may close in May and be redeveloped into a multitenant industrial and office complex with up to six spaces. No tenants are yet signed. Davol plans to cut about 40 remaining workers by May as part of a restructuring to save 20 million dollars yearly.
Washington lawmakers and some fund industry officials pressed for tighter mutual fund rules after rising fees and opaque practices. A House Financial Services subcommittee plans to send a letter to the SEC urging new regulatory recommendations. The GAO reported rising fees for large stock funds, while bond fund fees fell. an SEC- NYSE- NASD sweep found mispriced discounts in about a third of transactions, affecting large investors.
Federal investigators examine whether AOL Inc and executives aided and abetted sham transactions to inflate revenue. The Washington Post cites probe into former executives David Colburn and Eric Keller and possible links to the Time Warner merger. AOL Time Warner cooperates and reports $190 million in accounting discrepancies.
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