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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 04, 2008
Page
4
Oil prices hit a record high and energy costs tighten household budgets. Gasoline stood near 3.17 dollars per gallon with AAA and the Oil Price Information Service recording the level, while the Energy Department forecasts prices could reach about 3.40 this spring and near 4.00 during the summer driving season.
New York warns that Sharper Image and other gift cards may become worthless as bankruptcies rise. Experts say more than 75 million dollars in gift cards could be devalued this year, with shoppers urged to use cards sooner and regulators considering restrictions on expiry dates and fees.
Ford Motor Co will temporarily cut shifts at plants in Cleveland Chicago and Louisville idling about 2500 workers. Cleveland Engine Plant 2 will run one shift from late April. Chicago Taurus Sable and Taurus X line and Louisville Explorer Mountaineer lines will shift to one from two. Cleveland Engine Plant 1 restart delayed to Q4 after May 2007 closure.
GM announces temporary closure of its Moraine Ohio assembly plant affecting 2,170 workers after a weeklong strike at American Axle and Manufacturing Holdings Inc. The move follows talks ending February 25 and matches broader UAW action at five American Axle sites in Michigan and New York.
United Technologies proposed a 2.63 billion dollar buyout at 40 dollars a share, a 67 percent premium, sending Diebold stock surging while Diebold rejected the approach as opportunistic. Analysts predict board pressure to consider the deal amid UTC's Asia security push.
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