15 Apr 2003
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 15, 2003
Page
1
Washington AP reports February inventories rose 0.6 percent while sales declined 1.0 percent, signaling lagging demand despite forward signs. Fed holds rates at 1.45 percent amid war uncertainty as consumers show renewed spending momentum in March and April.
U S led forces secure northern Iraq oil fields but sabotage has wrecked pipelines, pumping stations, and field equipment. Locals report looted offices and damaged data systems while engineers warn recovery will be slow and costly as explosives are cleared and repairs run for weeks.
Eaton Corp. said first quarter earnings more than doubled to 72 million dollars or 1 per share from 33 million or 47 cents a year earlier, as restructuring paid off. Chairman Alexander M. Cutler noted revenue growth and margin improvement, while predicting a weak first half followed by a rebound. The company employs about 47,000 and reduced its workforce by roughly 2,000 in 2002.
Dow Jones industrials rise 147.69 to 8351.10 and Nasdaq up 26.10 while broad gains lift the S&P 500 to 885.23. Traders note light volume and focus on upcoming earnings reports amid Iraq war developments. Citigroup and Bank of America post upbeat results, IBM climbs before earnings release.
WorldCom Inc plans to emerge from bankruptcy later this year under the MCI name with a new HQ in Ashburn Virginia. The plan, filed with court, foresees debt of 3.5 to 4.5 billion and gains backing from unsecured creditors holding over 90 percent of claims.
Tony Blair aims for Britain to adopt the euro with a referendum by 2006, said Peter Mandelson. Treasury chief Gordon Brown remains cautious, while analysts note only a quarter of Britons support entry. Mandelson urged weighing costs of staying out against those of joining, and to put Britain at the heart of Europe.
The dollar eased Monday after early gains as worries over a new Middle East flare up weighed on sentiment. US equities and solid data limited moves while the Canadian dollar held near flat ahead of Tuesday’s Bank of Canada rate decision. The euro rose to 1.0775 and the yen traded at 120.30 per dollar.
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