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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Oct 08, 2004
Page
15
AT&T Corp plans to shrink its workforce by about 12,300 jobs in 2004, an increase from prior targets, while taking an $11.4 billion asset writedown. The moves follow its retreat from core consumer telephone business after a court loss, with severance costs and other expenses expected to reduce third quarter earnings by about $1.11 billion.
Bank of America Corp said it would cut 4500 jobs starting this month due to its merger with FleetBoston Financial and weak mortgage business. The 2.5 percent workforce reduction follows 12500 layoffs expected from the mega-merger, with most cuts in support areas like finance, marketing and operations.
Mexican regulators approve Kansas City Southern bid to acquire Grupo TMM stake in Transportacion Ferroviaria Mexicana, resizing ownership of TFM which carries 40 percent of Mexico's rail freight, allowing creation of unified Nafta Rail.
Freddie Mac reports 30-year fixed mortgages at 5.82 percent for the week ending Oct 7, up from 5.72 percent and the top since Sept 9. Economist Amy Crews Cutts says improving growth risks inflation, prompting rate rises. 15-year fixed rates climb to 5.24 percent from 5.12 percent.
The EPA and DOE annual ranking shows Ford as the most fuel efficient pickup and SUV, with the 2005 Honda Insight manual leading overall at 61 mpg city and 66 mpg highway. Honda and Toyota dominate top 10, with VW in the remaining spots.
Retailers report tepid September with modest gains at Wal-Mart Gap Federated and J C Penney. Consumers cut back on non essentials as gasoline prices rise and job worries mount. Hurricanes Frances and Jeanne cut sales, with mixed results across chains and departments.
Associated Press reports the House passed the Internet Spyware Prevention Act by 415 to 0, adding up to five years in prison for secretly installing spyware and up to two years for altering security or stealing data. The measure funds the Justice Department with 10 million to fight spyware and phishing. Rep. Bob Goodlatte and Rep. Zoe Lofgren defend the bill as a consumer protection move amid rampant online threats.
Ottawa Cooperative Assn and other elevators list bid prices for wheat corn milo and soybeans. Hog receipts and live animal notes from St Joseph report lighter hogs and scarce sows and boars. Nonferrous metal spot prices in New York reflect aluminum copper lead zinc gold silver and platinum quotes.
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