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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Mar 15, 2008
Page
6
Maui nears a $4 average for regular unleaded gas as AAA notes Wailuku at 3.943 a gallon and Hana around 4.40. With oil above 110 a barrel, Hawaii remains highly oil dependent, importing most energy and relying on tourism and shipping for goods.
Hallmark Cards Inc. will discontinue its direct to consumer flower and gift business, ending catalog and online flower sales. About 100 jobs are affected, with 65 at the Kansas City headquarters and 35 at the Memphis distribution center. The company will preserve online greeting cards.
JPMorgan Chase and the Federal Reserve stepped in to loan Bear Stearns for 28 days after a 24 hour collapse threatened the firm. The near collapse sent the Dow down about 200 points and raised fears of wider financial system turmoil. Bear Stearns planned to seek funding stability and may pursue a sale as the Fed and regulators acted to preserve confidence in major institutions.
Protection One Inc., based in North Lawrence, announced a 110.3 million senior unsecured loan arranged by Bear Stearns and Lehman Brothers with a syndicate led by Highfields Capital Management and Arlon Group. The financing, described as a bridge to a permanent solution, aims to fund acquisitions and market momentum amid harsh markets.
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