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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 01, 2003
Page
2
Analysts doubt a walkout at Goodyear Tire is likely despite the Steelworkers rejection of an offer and stalled talks. The company posts a record $1.1 billion loss and aims to save up to $1.5 billion by 2005, while the union warns of possible strike action to protect wages and benefits.
New York AP reports Wall Street closed the quarter with solid gains across the S&P 500 Dow and Nasdaq. The S&P rose 14.9 percent for April June, its strongest quarterly advance since late 1998, while the Dow gained 12.4 percent and the Nasdaq rose 21 percent as investors bet earnings and the economy recover. Rebalancing and tax cuts helped sentiment despite light trading and end of quarter volatility. Supervalu fell after JP Morgan cut its rating to neutral.
McDonald's Corp directs its direct suppliers to stop using antibiotics that promote animal growth. The move aims to curb antibiotic resistance and improve animal welfare across its supply chain.
State Auto Companies and State Auto Financial sue Gregory Shepard in US District Court Columbus to force corrections of alleged intentional misrepresentations and omissions in public statements and filings tied to his bid to take over the firms. The complaint argues Shepard would use the insurer’s assets or credit to fund his purchase, not his own funds.
MarketWatch reports that executives from peer to peer networks and music labels will meet Monday to discuss legal access to copyrighted files via services like Kazaa. The Distributed Computing Industry Association includes Sharman Networks. EMI's Ted Cohen is expected to attend while Disney denies planned participation. Wayne Rosso of Grokster says content owners may need blanket licenses. promo items note USHomeGuard offers $10 hourly webcam monitoring at home. Overture launches Content Match connecting advertisers with relevant pages. AOL AIM 5.2 adds encrypted text and file transfer for IMs.
In Panama, Chiquita Brands turned over more than 7,400 acres of banana plantations to a worker owned cooperative after a $20 million purchase. Jose Morris, a union leader, said the move makes workers owners and aims to keep the company competitive in quality and costs. The ceremony in Chiriqui was attended by President Mireya Moscoso and总部 officials from Puerto Armuelles Fruit Co. The deal includes a 10 year banana supply contract and financing from Panama's National Bank. Puerto Armuelles contributed about 6 percent of Chiquita's Latin American output and a third of its Panama operations, a region that accounted for a significant share of banana exports. Panama exported $109.4 million in bananas last year, down 10 percent from 2001.
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