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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 05, 2004
Page
12
U S Commerce Department data show orders placed with factories up 4.3 percent in March from February, the largest gain since July 2002. The broad rebound covers cars machinery appliances and chemicals while some sectors like construction equipment and ships falter. The Fed kept rates at 1 percent as the economy gathers momentum.
Federal Reserve kept its key rate at a 46 year low while dropping a patient stance and signaling rate increases may begin this summer. Analysts expect the first hike in August with some guessing June as a possible early move. The Dow rose to 10317.20 after the announcement as markets welcomed a measured pace.
An investor group led by former Vice President Al Gore agreed to acquire Newsworld International from Vivendi Universal Entertainment for an undisclosed sum. Gore will chair the board and develop an irreverent 18 to 34 audience driven by Canadia n Broadcasting Corp. programming.
Health and Human Services Secretary Tommy Thompson said legalizing prescription drug imports is inevitable and would save money for consumers. He warned safety inspections would rise and noted several bills in Congress to permit imports from Canada and beyond. Governor Pawlenty urged action, arguing imports could relieve high prices and supply limits.
Technical problems caused the stock report not to appear in today’s Chronicle-Telegram. Readers are advised to check later editions or the newspaper’s online site for updates and markets data when restored.
An environmental group and a USDA economist project the 2004 world grain harvest at a record 1.89 billion tons but consumption at 1.95 billion, leaving a shortfall near 60 million tons. They warn higher prices will hit the 3 billion people living on $2 a day, with stocks dipping below 300 million tons for under two months.
In Ann Arbor area Meijer stations a computer flaw allowed 107 customers to fill up without paying by swiping drivers licenses instead of credit cards. The scam began in late March with some fueling up as many as 15 times, totaling about $3,000 taken by 36 offenders.
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