Archive for Thursday, November 29, 2001

Briefcase

November 29, 2001

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Intrust announces opening of temporary branch, offices

Intrust Bank has moved into new temporary offices as it prepares for construction work on a new 5,000-square-foot bank at 901 Vt.

Community Bank President Mike Maddox said work on demolishing the current bank building at Ninth and Vermont streets should begin in mid-December. Construction of the new bank is expected to take about a year.

The bank is building the new complex to allow for growth, improve parking and increase the number of drive-through lanes the bank can offer, he said.

Above, Michael Bankston, of Trimakr Sign Works, installs a new sign at the temporary offices, which are in a parking lot just west of the 901 Vt. location. The temporary office opened last week.

Bananas: Chiquita files Chapter 11 under pre-arranged plan

Cincinnati-based Chiquita Brands International Inc. filed for Chapter 11 bankruptcy protection Wednesday, under an agreement reached earlier to reduce the company's debt by about $700 million.

Managers had said they expected that the deal with bondholders over the holding company would shorten Chiquita's time under reorganization.

The filing will not affect Chiquita's subsidiaries including its famous banana exporter or their $413 million debt.

"It is our plan to emerge from Chapter 11 in the first quarter of 2002 with a solid balance sheet and a bright future," said Steven Warshaw, the company's president and chief executive.

Microprocessor industry: IBM plans to cut 1,000 jobs, blames weak chip market

IBM Corp. said Wednesday it would eliminate about 1,000 jobs from its seven U.S. chip manufacturing and development plants because of a slowdown in the microprocessor industry.

The company plans to reduce its Microelectronics Division from 21,500 employees to about 20,500. IBM employs about 320,000 people worldwide. The layoffs are to take effect in one to two months.

Big Blue's microprocessors are used in devices ranging from large server and storage computers to cell phones and electronic games.

In October, the company said it had a 30 percent drop in microelectronics sales revenue from outside manufacturers compared with a year ago. IBM predicted the current fourth quarter would produce a similar decline.

Tax preparer: H&R; Block losses less than analysts forecast

H&R; Block on Wednesday reported losses of $28 million, or 15 cents per share, for a 44 percent improvement from the same period last year but not as much as analysts expected.

Last year, Block reported losses of $49.7 million, or 27 cents per share.

The Kansas City, Mo.-based firm credited its mortgage operations for its better-than-expected results. But analysts surveyed by First Call/Thomson Financial had expected Block to report losses of 20 cents a share during the second quarter, which ended Oct. 31.

The company's shares closed down 70 cents at $36 Wednesday on the New York Stock Exchange before the results were announced.

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