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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 17, 1999
Page
6
The 1999 2000 Mercer Compensation Planning Survey shows midsize to large employers plan raises averaging 4 to 4.4 percent. It notes a shift from fixed-salary increases toward incentive based pay with six years of raises averaging just over 4 percent. Jeffrey Fuller of Mercer comments on the ongoing trend.
DaimlerChrysler recalls 2.1 million minivans including 1991 93 Town and Country and Voyager models due to loose liftgate bolts and faulty wipers. 18 minor injuries reported from hatch drops. no crashes or injuries per NHTSA. American Airlines to offer in flight DVD players to first class on select US Europe and South America routes starting Sept 1.
MCI WorldCom will offer 20 days of free service to about 3,000 businesses hit by 10 days of intermittent outages. The company restored the data network after a weekend shutdown caused by a Lucent software upgrade, with Ebbers promising no new upgrade until root causes are found. The disruptions affected ATM networks and the Chicago Board of Trade amid client frustration and a sharp stock uptick to about $78.87.
Ford Motor Co. announced plans to build an experimental car powered by a hydrogen burning internal combustion engine by year end. The move coincides with opening of the United States first hydrogen fueling station on Ford's research grounds and outlines a multi year, over one billion dollar push into alternative fuels led by hydrogen projects and related fuel cell work.
Alcoa Inc moves to take Reynolds Metals Co. private with a 65 dollar cash offer per share after Reynolds board rejects the bid. Alcoa aims to replace directors and break takeover defenses while Reynolds urges shareholders to sit tight.
Daewoo Group reaches settlement with creditors to dismantle its operations, carving a path for chaebol restructuring amid South Korea’s Asian crisis. Settlement targets sale or disposal of 16 of 22 units by year end, signaling broader governance overhauls and clearer accounting practices.
The Dow rose 73.14 to 11,046.79 in a quiet session with the Dow closing above 11,000 for the first time since July. Hewlett Packard jumped about 4% as it beat earnings expectations with 85 cents a share, IBM rose, and traders awaited the Fed’s next move on rates amid inflation worries.
Washington analysts say Tuesday’s Consumer Price Index will be watched for inflation hints but expect no major shift in next week’s Federal Reserve decision. Greenspan and policymakers are seen aiming for a quarter-point rate hike to 5 percent, citing signs of labor market tightening and wage growth.
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