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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
May 16, 2003
Page
18
Treasury chief Gordon Brown will announce on June 9 whether Britain can be ready to replace the pound with the euro. Tony Blair's government backs euro adaptation, with a referendum eyed before the next election due by 2006, but public opposition remains strong and Brown is likely to oppose joining now.
Former Sprint Corp. president Ronald T. LeMay will receive a 322500 bonus under the company's short term incentive plan plus a 57 million separation package. The agreement filed with the SEC notes LeMay resigned in April amid concerns over his use of a personal tax shelter. No comment from Sprint.
Freddie Mac reports 30-year fixed rates at 5.45 percent, the lowest since 1971. The weekly nationwide survey shows a drop from 5.62 percent and surpasses the prior low of 5.61 percent set March 14.
Three Lawrence retailers announced quarterly results on Thursday. Target said discount stores earned 38 cents a share, roughly flat from a year earlier and below analysts' estimates. Kohl’s lifted to 32 cents a share, up one cent from the prior year. American Eagle Outfitters fell from 17 cents to 9 cents a share in the first quarters 2002 to 2008.
Wichita plans a 65 thousand dollar refund from an adult job training contract with Diversified Educational Training & Manufacturing Co. The city alleges the contractor failed to meet contract requirements to train unskilled workers and billed for books not provided. DETAMC vice president Pamela Johnson disputes the claim, saying the city misinterpreted terms and owes her money.
Westar Energy earns 123.7 million dollars or 1.72 per share in Q1 2003, reversing a 746.3 million loss a year earlier. Revenue rises to 354.4 million as Jim Haines leads post resignation of David Wittig. Debt aided by asset disposals.
The Labor Department reports a 1.9 percent drop in wholesale prices in April, reversing March gains from energy costs linked to the Iraq war. The Producer Price Index fell while factory and utility production slid 0.5 percent for a second straight month, with capacity at 744, the lowest since June 1983.
The April PPI fell by more than double the expected 0.7 percent, with gasoline and home heating oil posting record declines. Amid concerns of deflation and weak growth, Fed policymakers hinted at rate cuts from the 41-year low as they weigh the risk to the economy.
The FCC voted 4-1 to allow cell phone firms and others to lease unused spectrum, abandoning a 40 year old restriction. The rule aims to boost rural wireless access and lower consumer costs by letting license holders lease spectrum without prior FCC approval.
Washington AP reports new personal bankruptcy filings surged 74 percent in the year ending March 31, led by individuals. TheAdministrative Office of the U.S. Courts counted 1,573,720 new filings in the 12 months, a fresh record amid a sluggish economy. Samuel Gerdano of the American Bankruptcy Institute notes many debtors are still working through the system.
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