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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 07, 2006
Page
7
The December jobs report shows payrolls up 108000 and the unemployment rate at 4.9 percent, with 2005 seeing 2 million new jobs. Analysts say the economy remains solid despite hurricanes and high energy costs, while Bush touts resilience in speeches nationwide.
Verizon Communications closes its 4.5 billion purchase of MCI Inc gaining a national fiber network and services unit to compete with SBC AT&T. MCI stockholders receive 0.5743 Verizon shares plus 2.738 per share in cash totaling 779 million, with Verizon to cut about 7,000 jobs post merger.
Hours after Independence Air parked at Dulles, carriers launched sale fares and expanded service. JetBlue offered 25 dollar one way to Boston starting Jan 17, US Airways cut Washington Boston New York fares 40 percent, Southwest advertised 49 dollar one way, Spirit considers adding discount routes. Independence Air, based at Dulles since 2004, filed for bankruptcy and halted passenger operations after failing to secure a buyer.
IBM announced pension plan changes that expand 401(k) features for 145000 US employees starting 2008. The company will match contributions up to 6 percent of salary and auto-contribute 1 to 4 percent to each employee's 401(k). Analysts note this blends defined benefit cues with defined contribution plans, highlighting shifts in retirement security and participation.
Wal Mart online cross selling linked Martin Luther King I Have a Dream with a Planet of the Apes boxed set. The error appeared in a manually assigned item group and prompted a formal apology and shutdown of the online system to prevent a repeat. Cast, Walmart.com president, said the mispairing was unintentional and no racist motive existed. The retailer will redesign cross referencing, possibly adopting a system like Amazon’s.
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