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Archive for Friday, October 20, 2000

Briefcase

October 20, 2000

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Shakeup

Gillette cuts top executive

After posting disappointing results during the past year, Gillette Co. abruptly removed its top executive Thursday, saying Chairman Michael Hawley had relinquished his duties effective immediately.

Hawley, a 40-year veteran of the company he also served as chief executive, will be replaced by two men: Gillette President Edward DeGrann, as acting chief executive officer; and Richard Pivirotto, as nonexecutive chairman of the board.

Gillette also said Thursday that its third-quarter earnings fell 1 percent, meeting Wall Street's estimates, as currency problems plagued the consumer products giant.

Gillette posted third-quarter earnings of $350 million, or 33 cents a share, from continuing operations, compared with earnings of $355 million, or 32 cents per diluted share for the same period in 1999.




Communications

Sprint, America Online launch mobile messaging

Quickly matching AT&T's launch of a service that is hugely popular in Europe, Sprint PCS is introducing a wireless version of America Online's Instant Messenger so customers can send and receive text messages on mobile phones.

The new service being announced Thursday came two days after AT&T Wireless became the first national carrier in the United States to offer text messaging services on cell phones.




Manufacturing

Boeing to sell some St. Louis operations

GKN of the United Kingdom intends to buy The Boeing Co.'s fabrication operations in St. Louis, and retain 1,200 of the 1,500 employees there, Boeing announced Thursday.

Terms were not disclosed. The deal is expected to close by early next year, Boeing said.

The operations currently support only Boeing defense operations, but GKN plans to bring in other work as well, Boeing said.




Economy

KSU students create Student Price Index

If that scarce entertainment dollar just won't go as far any more, at least Kansas State University students will know why.

The school's Economics Club has created what it calls the Student Price Index its version of the monthly Consumer Price Index released by the federal Bureau of Labor Statistics.

The CPI, a traditional indicator of inflation, tracks the cost of such items as health care, housing and household items. The SPI focuses on items more important to college students: everything from tuition and rent to gas and groceries to yes pizza and beer.

The costs of those items are on the rise, club member Jose Davalos said.

The SPI for September was up 1.3 percent from August more than double the half-percent hike in the CPI for the same month. Higher movie ticket prices were to blame, after a low-cost theater closed.

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