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Archive for Saturday, September 22, 2001

Business Briefcase

September 22, 2001

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Goodwill store opens today

The Goodwill Store, 2200 W. 31st St., opens today.

Persons interested in donating goods can drop off clean, gently used clothing, housewares, furniture and other goods at the door.

Terri Spicer, above, sorts through donations, which are tax-deductible.

Goodwill's retail operations support programs, job training and other services for people with disabilities and/or disadvantages.

The store is open from 9 a.m. to 9 p.m. Monday through Saturday and from noon to 4 p.m. Sunday.

Automaker: Slow sales cause GM to temporarily close plant

General Motors Corp. will close its Fairfax plant in Kansas City, Kan., for two weeks next month because of slow sales, company and union officials said.

The plant, which will be closed the weeks of Oct. 15 and Oct. 22, produces the Pontiac Grand Prix and the Oldsmobile Intrigue.

Surveys say: Economists forecast recession in wake of attacks

An overwhelming majority of economists believe economic damage from the terrorist attacks virtually guarantees a recession this year, according to surveys released by two closely watched forecasting groups.

In surveys by Blue Chip Economic Indicators and the National Association for Business Economics, the new pessimism was pegged to a belief that consumers who account for two-thirds of economic activity would cut back sharply on their spending in the wake of the terrorist attacks and rising job layoff announcements.

Earnings: GE remains optimistic

General Electric Co. pared earnings forecast but still expects double-digit growth and remains well-positioned even after heavy insurance losses from last week's terrorist attacks, CEO Jeffrey Immelt said Friday.

Immelt, who took over Sept. 7 as chairman and CEO from Jack Welch, told investors that the company's diversified businesses would help GE manage losses from its aircraft engine division and at the NBC broadcasting network.

Brokerage: Morgan Stanley announces drop in third quarter profits

Morgan Stanley Dean Witter & Co. reported a 43 percent plunge in third quarter earnings Friday as a prolonged stock slump cut trading commissions and investment banking fees.

The firm, which was the largest single tenant in the World Trade Center, said its short-term business outlook turned "decisively negative" after the terrorist attacks last week as financial markets absorb the impact.

While nearly all of the firm's 3,700 employees at the twin towers escaped without harm, revenues from trading and investment banking activity are likely to slow further following the attacks, chief financial officer Stephen Crawford told analysts on a conference call.

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