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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Mar 26, 2004
Page
12
U.S. District Judge Sim Lake sentenced former Dynegy Inc. executive Jamie Olis to 292 months in federal prison for accounting fraud. Olis, 38, will serve nearly all the term with no parole, and will be 62 at release. The judge noted that good people can commit bad acts.
Havens Steel Co of Kansas City received a three week reprieve from a federal bankruptcy judge. The bonding company lifted the ban on project owners paying Havens for work. The 85 year old firm employs 700 plus, with about 150 in Ottawa. Six bonded projects can proceed, accounting for over 90 percent of current fabrication and erection work.
The Kansas Department of Commerce provides a $15,000 low interest loan to The Body Mechanic Inc. to restore a downtown Ottawa building at 114 W Third St. Private developers commit $68,870 in the project as Ottawa joins 22 cities in the Kansas Main Street Program.
Westar Energy Inc restated its cash flow statements for 2001 2002 and 2003 after misclassifying items including foreign power plant investments and dividend reinvestments. The restatement increases operating cash flow by 10.2 million in 2003 39.2 million in 2002 and 13.5 million in 2001 and reduces financing and investing cash flows in those years.
The Dow climbs 170 points and the Nasdaq rises about 3 percent as a solid 4.1 percent GDP reading for late 2003 eases fears of a prolonged correction. Analysts differ on sustainability, with calls for selective buying while noting possible limits if the labor market falters.
In Austin, the shift from PC based massively multiplayer titles to console online fare accelerates. Xbox Live and PlayStation 2 online networks attract hundreds of thousands of players, with Sony selling 2.4 million network adapters and Microsoft targeting about 100 Xbox Live titles by May. NPD analysts note multiplayer is the key driver, while persistent online worlds face challenges such as cancellations and subscriber goals.
Fed Chairman Alan Greenspan told an international agricultural conference that U.S. farmers have delivered major productivity gains, offering more food choices at lower prices while rural areas face population declines in farming. He noted nonfarm growth in rural counties, driven by manufacturing and services, and urged ongoing gains to stay ahead as global producers catch up.
Soybean futures rose while grain prices mostly declined on the Chicago Board of Trade as May wheat and corn slipped, oats gained, and May soybeans advanced. Beef futures mixed with pork higher on the CME, with live cattle, feeder cattle, and lean hogs showing modest moves. Booster quotes from Ottawa, Edgerton, Midland, Lawrence, and Pauline elevators list various prices for wheat, corn, milo, and soybeans. Nonferrous metals quotes in New York show Gold at 416.10, Silver at 7605, Platinum at 920.00 per troy ounce.
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