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Archive for Friday, December 1, 2000

Briefcase

December 1, 2000

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Atchison Casting Corp.

Two foundries to close

Atchison Casting Corp. said Thursday it would close two of foundries and shift work to other company plants.

The Atchison-based company said it would close Pennsylvania Steel Foundry & Machine Co., in Hamburg, Pa. Also to be closed is a PrimeCast plant in Beloit, Wis., whose main customer went bankrupt.

The two closures plus another one announced previously were expected to put 220 people out of work.

Economy

Consumer spending up

Consumer spending rose in October at the weakest pace in six months while Americans' incomes actually declined for the first time in nearly two years, the government reported Thursday, providing fresh evidence of an economy shifting into a lower gear.

The Commerce Department said that personal incomes fell by 0.2 percent last month, reflecting a big swing in federal payments to farmers, while consumer spending edged up just 0.2 percent.

Telecommunications

Japanese firm buys piece of AT&T Wireless

AT&T Corp. is selling 16 percent of its wireless business for $9.8 billion to NTT DoCoMo, Japan's top mobile phone company, giving AT&T new funds and a savvy partner in the drive to deliver mobile Internet services.

The deal announced Thursday gives NTT DoCoMo access to the rapidly growing U.S. wireless phone market while providing AT&T cash to help reduce its massive debt.

DaimlerChrysler

Activist aims to dump CEO, Chrysler division

A prominent shareholder activist plans to petition DaimlerChrysler AG to fire its chief executive Juergen Schrempp and dump its loss-making U.S. Chrysler division.

Ekkehard Wenger, who leads a German shareholder advocacy group, said Thursday he also would push for the dismissal of supervisory board chairman Hilmar Kopper in formal proposals to be submitted during DaimlerChrysler's annual shareholder meeting in April.

Internet

Outage bites Amazon

Leading e-tailer Amazon .com was hit by another glitch Thursday that briefly closed its main Web site, the second time in less than a week that the virtual store had been shut down.

The site shut down for about 15 minutes early Thursday afternoon, the company said.

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