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Archive for Saturday, October 27, 2001

Briefcase

October 27, 2001

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Federal Reserve chairman stresses financial education

Improving financial literacy among children and adults is particularly crucial given the ever-expanding financial choices facing consumers, Federal Reserve Chairman Alan Greenspan said Friday.

Greenspan also stressed that understanding basic financial concepts such as budgeting and saving should begin as early as possible in the learning process.

"In many respects, improving basic financial education at the elementary and secondary school level can provide a foundation for financial literacy, helping younger people avoid poor financial decisions that can take years to overcome," Greenspan said in a speech delivered via satellite to the National Council on Economic Education meeting in Chicago.

Aviation: Cessna announces layoffs at its Independence plant

Cessna Aircraft Co. will lay off 175 workers at the Independence, Kan., plant where it builds single-engine piston airplanes, but no job cuts are expected in Wichita, the company said this week.

Another 50 people also will lose their jobs at the company's parts plant in Columbus, Ga., the company said.

Among Kansas' major plane makers, Cessna had been the lone holdout in announcing any job cuts since the Sept. 11 terrorist attacks. Cessna also employs 11,300 people in Wichita, where it builds Citation business jets and Caravan turboprops.

The latest layoffs will leave about 500 people at the Independence plant. Cessna also said it was realigning management chains of command and relocating all of its 10 to 12 Independence marketing jobs to the Wichita headquarters.

Security: Protection One reports loss

Losses mounted during the third quarter for Topeka-based Protection One, a monitored-security company that is majority owned by Western Resources.

Protection One on Friday reported a net loss for the quarter of $25.2 million, or 25 cents per share, compared with a loss of $24.2 million, or 19 cents a share, a year earlier. The company also reported that its annualized customer attrition rate for the quarter was 15.9 percent, up from 15.7 percent a year earlier.

The company provides commercial and residential security services for 1.3 million people in the United States. Topeka-based Western Resources owns 80 percent of the company.

Shareholder action: Judge declines to dismiss lawsuit against Sprint

A lawsuit alleging that Sprint Corp. officials pursued a merger deal with WorldCom for their own financial gain will be allowed to go forward.

Jackson County Circuit Judge Charles Atwell refused to dismiss the shareholder action brought by Amalgamated Bank of New York. Amalgamated is the trustee of labor-related trust and pension funds that own a small fraction of Sprint's outstanding stock.

In the lawsuit, Amalgamated Bank alleges that Sprint officials knew regulators would not approve the merger but arranged it to accelerate the vesting of their stock options.

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