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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 31, 2001
Page
5
The European Central Bank eased its main rate by a quarter point to 4.25 percent marking only the second cut this year as inflation cools. The move contrasts with a more aggressive path by the U S Federal Reserve which has lowered rates seven times in an effort to stave off a recession.
About 3,200 employees of a Chiquita Brands subsidiary halted a 10 day strike in Panama to push for a friendlier contract. The company says costs reached 4.5 million dollars. Union leader Edgar Williams said workers would pursue other means to persuade Puerto Armuecles Fruit Company to reopen three plantations closed in June on the Pacific coast, affecting 540 workers.
Mead's merger with Westvaco will create Mead Westvaco based in Stamford Connecticut, moving headquarters from Dayton Ohio and leaving the city with a single Fortune 500 presence. Leaders react as the announcement follows Mead's 135 year history in Dayton and signals broader corporate realignment.
The Dow Jones Industrial Average closed 171.32 lower at 9,919.58, dipping below 10,000 for the first time in over four months amid a wave of weak economic news. Nasdaq slipped to 1,791.68 and the S&P 500 fell to 1,129.03 as investors grew cautious. The Commerce Dept reported consumer spending rose only 0.1 percent in July, and GDP for Q2 showed a 0.2 percent annual rate, the softest since early 1993.
Charles Schwab Corp will reduce 1,600 to 1,900 full time staff and 200 contractors by October, with 200 to 300 more jobs cut through attrition by year end. The firm plans to shed office space and possibly close up to 400 retail branches as it unwinds last year’s hiring spree amid a 58 percent stock drop.
Travel agents nationwide closed briefly to protest reduced commissions by airlines, a move that raises booking fees for customers. The American Society of Travel Agents aims to push for antitrust immunity and a long term plan while agents at airports from Denver to New York echoed the call for awareness. Independent agencies report higher service fees as carriers shift costs to consumers.
The DeWitt and Chittenango travel plazas will host standalone power units to run heat or air conditioning and power cab equipment for truckers. The pilot project costs 500000 over two years and aims to reduce fuel use and diesel emissions by enabling eight hour idling replacement with a $1.40 hourly service.
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