Tyco announces split
Tyco International Ltd., the conglomerate that makes products ranging from plastic hangers to fire protection systems, will be broken into four independent, publicly traded companies, executives said Tuesday.
Dennis Kozlowski, above, Tyco chairman and chief executive, said the plan would create more value for shareholders.
Under a plan unanimously approved by the company's board of directors, Tyco's health care, fire protection and flow control, and financial services businesses will be taken public through initial public offerings and then distributed to Tyco shareholders.
Economy: Business continues to expand in December
A key gauge of U.S. economic activity rose strongly in December, and the third consecutive monthly gain signaled that the nation's recession may be over soon.
The New York-based Conference Board said Tuesday that its Index of Leading Economic Indicators increased 1.2 percent in December following a revised rise of 0.8 percent in November and an increase of 0.1 percent in October. It was the largest monthly gain since February 1996.
Finance: Cap Fed boosts dividend
Capitol Federal Financial has declared a quarterly dividend of 18 cents per share of common stock, an increase of 5.5 percent, the company announced Tuesday.
The Topeka-based holding company of Capitol Federal Savings said the dividend would be payable Feb. 15 to stockholders of record as of Feb. 1. Cap Fed operates 34 branch offices in Kansas, including several in Lawrence. Cap Fed went public in the spring of 1999.
Labor: Jobless rate increases
Douglas County's unemployment rate hit 3.6 percent in December, up from 3.1 percent a year ago, according to a new report from the Kansas Department of Human Resources.
Statewide, unemployment was 3.7 percent, up from 3.2 percent a year earlier. The seasonally adjusted national unemployment rate for December was 5.8 percent.
Kansas unemployment is expected to rise this month, as the effects of aircraft layoffs in Wichita and others in the Kansas City area are factored in.
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