Economy slows as 2002 ends with weak fourth quarter
The Commerce Department reports GDP rose at just 0.7 percent in Q4, signaling a dramatic slowdown from prior growth. Analysts note consumer nerves over Iran and job prospects damp spending, ending 2002 with tepid overall growth of 2.4 percent.
MENTIONED IN THIS ARTICLE
Economs T. Maarler Wi
Iran
Stuss
Commerce Department
United States
Lynn Reaser
Banc of America Capital Management
Turner exits AOL Time Warner amid leadership shakeup
Ted Turner will resign as vice chairman in May to focus on philanthropy as AOL Time Warner reports a $45.5 billion fourth quarter writedown including a AOL asset markdown. The merger partner Steve Case also plans to leave, prompting a cautious outlook for the media giant.
MENTIONED IN THIS ARTICLE
New York
Ted Turner
AOL
Time Warner Inc
Turner
Turner Broadcasting
CNN
Time Warner
Steve Case
America Online
AOL Time Warner Inc
ABC
Tuner
Internet users rate net as vital info source in NY survey
A new nationwide survey of 2,000 households shows Internet users find networks at least as important as newspapers and books and more important than TV, radio, and magazines. Yet credibility fears rise with only 53 percent trusting most online content.
MENTIONED IN THIS ARTICLE
New York
Yale University
Ralph Byrd
Google
Center For Communication Policy
University of California
Los Angeles
Federal Trade Commission
Airlines seek relief and antitrust easing in war prep plan
Air executives urge the government to ease taxes suspend antitrust rules temporarily and release oil from reserves to blunt war costs. They call for a national transportation plan as United and US Airways restructure in bankruptcy and American faces potential loss of a record 3.5 billion in 2002.
MENTIONED IN THIS ARTICLE
New York
Iraq
Continental Airlines
Gordon Bethune
Strategic Petroleum Reserver
Transportation Department
U.S
United
US Airways
American Airlines
Congress
Dow Chemical to cut 4000 jobs after steep Q4 loss
Dow Chemical Co reports a 809 million dollar Q4 loss, 89 cents per share, and will cut up to 4000 jobs while selling 1.5 billion dollars in assets. Revenue rises 9 percent to 6.91 billion, and a 828 million pre tax charge for Union Carbide liability plus 225 million for merger costs are noted. President Stavropoulos calls quarter very disappointing.
MENTIONED IN THIS ARTICLE
Midland. Mich
Dow Chemical Co
Dow
New York Stock
Stocks fall as GDP data spooks investors
Wall Street slid after the government reported a 0.7 percent annualized rise in fourth quarter GDP, missing 0.9 percent expectations. The Dow dropped 165.58 to 7,945.13, the Nasdaq fell 35.71, and the S&P 500 declined 19.75 as war jitters with Iraq loomed and oil and gold prices rose. Investors cited geopolitical risk and weak job conditions, with analysts noting a rebound hinges on clarity about a potential conflict and its economic impact. AOL Time Warner fell after revealing large quarterly losses, offset by a 28 cent per share earnings beat following a large asset charge.
MENTIONED IN THIS ARTICLE
AOL
Thomson First Call
Iran
David Sowerby
Looms, Sayles & Co
Detroit
Dow
Ous
Standard & Poor
Commerce Department
Iraq
United States
Arthur Hogan
Jefferies & Co
Bush
State of the Union
Colin Powell
U.N. Security Council
Powell
AOL Time Warner
Compa
Dollar Gains as Iraq Tensions Rise And Markets Waver
The dollar strengthened against major currencies as a coalition letter boosted the greenback early, then pared gains as war fears grew. The Dow fell about 2 percent amid waning sentiment and rising stock losses. Ted Turner said to step down as AOL faced a separate decline. Analysts warned the economy could slow while the Iraq situation unfolds.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
United States
Iraq
Also Mentioned on This Page
Joe Naroff
Naroff Economic Advisors
Mia Carbonell
Time Warner Execu
Tives
Beau Brendler
Alisha Richman
Houston
Dow Chemical
Dow Jones
Spain
Britain
Italy
Poland
Hungary
Czech Republic
Denmark
Portugal
Saddam Hussein
Traq
Todd Clark
Wells Fargo Securities
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