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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
May 28, 2005
Page
6
The NYSE diary shows 2,224 advanced and 1,014 declines with 100 new lows and 170 unchanged on volume of 1.38 billion shares. The Nasdaq diary records 1,664 advances and 1,399 declines with 30 new lows and 177 unchanged on volume of 1.25 billion shares.
Brown-Forman Corp. announced Paul C. Varga will become chief executive on Aug. 1, succeeding Owsley Brown II who remains chairman. Varga, 41, has led Brown-Forman Beverages since 2003 after joining the firm over 18 years ago, with Brown-Forman continuing to explore an allied offer for Allied Cumer PLC.
Beijing states that tariffs announced to curb surging exports will not cover goods already restricted by foreign controls. The move, reported by state media, aims to pressure Washington to lift textile import quotas and resume freer trade in Chinese textiles after the global quota ended.
Crude oil futures extended gains above $51 a barrel as traders eyed Memorial Day weekend. July NYMEX light sweet crude rose 44 cents to $51.45, heating oil slipped and unleaded gasoline rose, while Brent in London climbed to $50.54 a barrel.
A Sanford Bernstein analyst argues GM could instantly eliminate UAW retiree health benefits without triggering a strike and, through a radical move, potentially win a court battle. The report, issued mid April, weighs the financial upside and fallout, including pressure on concessions from retirees or active workers.
Thor Industries Inc. announced the purchase of Indiana based Goshen Coach for about 9.5 million in cash. Goshen, filing Chapter 11 in May, will operate as a separate business under Thor. Goshen ships small and mid size buses to municipalities and tourism operators.
Ford Motor Credit Co. has won approval to operate in China and will start later this year. The initial focus is wholesale dealer financing with trials of consumer installment loans in select areas. Long term plans include expanding to dealers for Volvo, Land Rover and Jaguar. Mike Bannister stressed a prudent approach and a solid foundation for future operations.
Dayton International Airport announces Frontier Airlines will start Aug 31 with two daily nonstop Dayton to Denver flights. The Denver hub carrier plans 53rd and 54th destinations from Denver, with Canadan Regional Jets via Horizon Air. Introductory one way fare is $99. United also operates a hub in Dayton.
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