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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
May 20, 2003
Page
4
Alan Greenspan promotes a Federal Reserve campaign urging smart money choices. The public service ad highlights a new educational Web site and a toll free number 800 411 5435 for a free brochure with tips.
Ford Motor Co. secured a Supreme Court victory that pauses a $290 million payout over a fatal SUV rollover. Justices ordered California and Kentucky courts to reassess whether the awards were excessive and whether Ford owes $18.0 million to a miner’s family, with potential reductions under new punitive-damages limits.
Genentech shares jump about 40 percent after showing Avastin extended lives for some advanced colon cancer patients. The drug targets blood vessel growth. results from a study of over 900 patients will be released at the American Society of Clinical Oncology in Chicago next month. Analyst Adam Walsh called the results potentially blockbuster.
Weirton Steel Corp, the nation’s sixth largest integrated steel maker and No. 2 tin producer, filed for Chapter 11 bankruptcy protection. The employee owned firm posted over $700 million in losses over five years while securing a $225 million financing package to continue operations during reorganization. CEO John Walker led a cost cutting plan of $120 million prior to the filing.
WorldCom Inc in a Chapter 11 deal agrees to a 500 million civil fraud settlement with the SEC, reducing a 1.5 billion fine as part of bankruptcy. Judge Jed Rakoff will decide after reviewing the case, amid calls that the amount is inadequate given the 11 billion accounting scandal and investor losses.
KU's ITTC and Sprint celebrate a 10 year collaboration with a patent on an all optical recovery clock for fiber optics. The device can monitor up to 80 wavelengths simultaneously, reducing hardware and space needs and potentially transforming telecom networks.
Insurance Information Institute says the early May twisters may surpass prior records with actual claims over 1 billion dollars and 18 states affected. AIR Worldwide estimates insured losses could exceed 2.2 billion as casualty totals rise and liquidation continues.
Gasoline averages fell across the nation to about 1.56 a gallon after a two week decline, while Lawrence saw a price uptick with averages around 1.52 on Monday, up from 1.51 the day before and 1.44 a month earlier. The Lundberg survey notes the fourth straight drop since March, amid expectations shifting on Middle East oil supplies.
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