Economists warn economy headed for a recession after terrorist attacks
Broad surveys by Blue Chip Economic Indicators and the National Association for Business Economics show most economists expect a recession this year as consumer spending falls and layoffs rise. David Wyss of Standard & Poor's predicts a mild recession ending in early next year.
MENTIONED IN THIS ARTICLE
Washington
Blue Chip Economic Indicators
National Association For Business Economics
David Wyss
Standard & Poor's
New York
GE Sees Double Digit Growth Despite Terror Losses
General Electric maintained its forecast for double digit growth and said it remains well positioned after heavy insurance losses from last week s terrorist attacks. CEO Jeffrey Immelt told investors that the GE model works and that the tragedy is a time of strength for the company.
MENTIONED IN THIS ARTICLE
New York
General Electric Co
Jeffrey Immelt
Morgan Stanley Posts 43 Percent Q3 Earnings Drop
Morgan Stanley Dean Witter & Co reported a 43 percent fall in third quarter earnings as a prolonged stock slump reduced trading commissions and investment banking fees. The firm, a World Trade Center tenant, said its short term outlook turned decisively negative after last week’s terrorist attacks, with 3,700 employees at the towers largely unharmed as trading and investment banking activity are expected to slow further.
MENTIONED IN THIS ARTICLE
New York
Morgan Stanley
Dean Witter & Co
Wall Street
World Trade Center
Twin Towers
Stephen Crawford
Insurance Department eases life insurance claims for WTC victims
New York officials said insurers must accept affidavits from families of missing victims as proof of death when no death certificate is available. The World Trade Center disaster leaves 252 confirmed dead and 6,333 missing with no survivors found since Sept. 12.
MENTIONED IN THIS ARTICLE
New York
New York State Insurance Department
World Trade Center
Japan to reform loans to speed bank clean up
Tokyo reports plans for wide reforms to tackle the loan repayment crisis in Japanese banks. A special fund will be created at the Resolution and Collection Corp with private investors and a government bank urged to contribute. The move aims to revive a economy approaching recession after a 1998 bailout of about 514 billion dollars.
MENTIONED IN THIS ARTICLE
Tokyo
Resolution and Collection Corp
Japan
Short-seller anonymity challenged by airline trade probes
Regulators probe unusual trading in AMR and UAL shares after last week's terrorist attacks. Put options and short selling could profit from stock declines, raising questions if attackers or associates timed bets. Experts caution against jumping to conclusions while noting heavy activity on the Chicago Board Options Exchange.
MENTIONED IN THIS ARTICLE
Dallas
American Airlines
United Airlines
AMR
UAL
U.S
Options Clearing Corp
Peter Ricchiuti
Tulane University
Ricchiuti
al Capone
Chicago Board Options Exchange
CBOE
Exchange
Lynn Howard-Reed
Demand for private fights takes off
Demand for chartered jet flights surges nationwide as travelers seek to bypass new security delays. A Southern California charter service reports a 110 percent rise in inquiries, with customers booking longer interstate flights. Prices remain costly, as a Madison to Boston round trip charter runs about 6300 dollars versus 595 for a comparable commercial ticket.
MENTIONED IN THIS ARTICLE
Los Angeles
California
Wisconsin
Madison
Wis
Boston
Neftali Valdez
Flight schools warn of extinction as FAA air ban bites
In Tampa area, flight schools face closure as FAA restricts flying to instrument-rated pilots with filed plans. Owners like Tom Davis cite heavy fixed costs and a frozen market. The industry fears loss of foreign students after last week s attacks.
MENTIONED IN THIS ARTICLE
Tampa
Fla
Tom Davis
Navy
Crystal Aero Group
Federal Aviation Administration
Warren Morningstar
Aircraft Owners and Pilots Association
U.S
Paddock Names New CEO At Daily Herald Publisher
Douglas K. Ray, president and COO of Paddock Publications, was named chief executive and elected a director. He will take the post Jan 1, 2002, as Daniel Baumann retires from full time status next year but stays as a director. The firm also announced board and VP appointments.
MENTIONED IN THIS ARTICLE
Arlington Heights
Douglas K. Ray
Paddock Publications
Ray
Daniel E. Baumann
Robert Y. Paddock Jr
FAA restricts flight plans after Sept 11 attacks
FAA requires instrument rated pilots with formal flight plans amid post 9 11 aviation security. Flight schools fear stricter visa screening by the State Department will slow foreign students. Rep Bob Clement notes impact on general aviation. Mississippi student Heather Fischer worries airline layoffs loom.
MENTIONED IN THIS ARTICLE
The
Federal Aviation Administration
State Department
Bob Clement
D-Tenn
House Transportation and Infrastructure Committee
Clement
Mississippi
Heather Fischer
Chrysler trims Jeep base prices to curb rebate habit
Chrysler Group lowers 2002 Grand Cherokee base prices with a 1875 dollar cut on the Laredo and 2395 on the Limited, dropping to 26025 and 30870 respectively, while signaling fewer incentives overall. Wrangler and Liberty pricing shift, and rivals remain below Grand Cherokee on several trims. Industry analyst doubts the move will fully end rebates.
MENTIONED IN THIS ARTICLE
Chicago
Chrysler Group
Jeep
Chrysler
George Murphy
Murphy
Art Spinella
CNW Marketing Research
Bandon
Ore
Also Mentioned on This Page
New York Insurance
John Kirkpatrick
Knight Ridder News Papers
Brunswick
Maine
Adam Webster
Webster
Clif Stroud
National Air Transportation Association Industry Group
Bill
Facia
Paddock
Daily Herald
Daily Herald Values and Reflejos
Chris Rutherford
Jim Cook
Stuart R. Paddock Jr
Giant City
Carbondale
Illinois
Agedwards.com
Bob Loucks
SIPC
A.G. Edwards & Sor
Milbur Orchard
Murphysboro
Ys. Inc
Old Ben
Lesser City Park
Frank Roach
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