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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 24, 2003
Page
9
The Beige Book reports scattered signs of improvement, with most districts noting lackluster economic activity through March and early April. War in Iraq and poor weather hurt consumer spending, retail sales, and overall demand, keeping the recovery uncertain despite past rate cuts.
AP reports Alan Greenspan said he would accept a fifth four year term as Federal Reserve chairman if President Bush nominates him and the Senate confirms. Greenspan, head since 1967, noted previous confirmations by five presidents and thanked Bush for the trust. He recently returned home after prostate surgery and plans to resume work later this week.
The Beer Institute seeks a 50 percent cut in the federal excise tax citing flat sales and 20,000 jobs lost since the 1991 tax rise from 16.5 to 33 cents per six pack. Opponents including MADD warn cheaper beer fuels underage drinking and fatalities, while about 130 House members favor the cut and Rep. Harold Ford Jr. weighs revised stance after MADD concerns.
In Philadelphia and New York, hundreds of ethnic Chinese customers rushed Abacus Federal Savings Bank branches to withdraw funds after rumors tied to the former manager and account irregularities. Philadelphia officials said deposits were insured but patrons pressed to withdraw, with $700,000 reportedly pulled by Wednesday noon.
Walgreens expands aggressively with new stores and price competition. The Deerfield based chain aims for 7000 locations by 2010, leveraging stand alone formats, drive up windows, and strong real estate to outpace CVS Eckerd and Rite Aid. Analysts liken it to a Wal Mart of chain drugstores as it reshapes markets and pressures rivals.
American Airlines reports a 2 billion dollar first quarter loss amid labor unrest and financial strain. The board may oust chairman Donald Carty as pilots and other unions press for new concessions to avoid bankruptcy. The quarter shows a 6.68 per share loss versus 10.09 per share a year ago.
Wall Street advanced as stronger than expected earnings pushed major indexes higher for a second day. The Nasdaq rose to 1466.16, the S&P 500 to 919.02, and the Dow to 6515.66 as techs led gains. Highlights included 2Bay, AT&T, Boeing, Nextel, and eBay with several firms raising 2003 earnings forecasts or ratings amid market optimism.
The US dollar rose against major currencies in Europe with the euro falling to 1.0996 in late trading and 1.0945 in New York. Yen, Swiss franc, and Canadian dollar firmed, while gold and silver prices declined in London and Zurich with gold at 323.20 pounds and 332.80 dollars, and silver at 4.60 dollars.
U S markets saw 1.62 billion shares traded, just under Tuesday’s 1.64 billion while the Russell 2000 rose 3.81 points to 394.97. In Europe, CAC-40 up 1.7 percent, FTSE 100 up 1.3 percent, DAX up 0.5 percent. Japan’s Nikkei finished up 0.04 percent.
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