Firstar switches names
Firstar Bank was scheduled to complete its transition to its new name US Bank by this morning at its five branches and 18 ATMs in Lawrence.
The only tangible change for customers will be the bank's new signs, officials said. All Firstar account numbers and checks will remain valid; new ATM and check cards will be mailed to customers.
Firstar, which bought out US Bancorp in February, decided to keep the US Bank name and use it for all of the combined company's 2,242 branches with 10.9 million customers in 24 states.
Computer maker
Gateway reports profit
Gateway Inc., the nation's fourth-largest computer maker, announced Thursday that it would eliminate 2,250 jobs and close 19 stores and several offices in an effort to cut costs as it struggles with reduced industry sales and a shrinking share of the U.S. market.
The cuts came as the company reported a net profit of $9.4 million, or 3 cents per share, reversing a year ago loss of $128 million, or 40 cents per share.
Fast food
McDonald's blames loss on disease, recession
McDonald's Corp. earnings tumbled 40 percent in the fourth quarter, a fifth straight decline that the fast-food chain blamed on the global recession and a lingering mad cow disease scare overseas.
After seeing profits for the year decline 15 percent, company executives forecast earnings would improve significantly in 2002 citing a renewed focus on quality, service and cleanliness in U.S. restaurants that they hope will boost long-stagnant domestic sales.
Pharmaceuticals
Bristol-Myers expects loss in first quarter
Bristol-Myers Squibb Co. posted a 26 percent increase in fourth-quarter earnings even as the company struggles to deal with expensive, controversial acquisitions made during the period.
Meanwhile, the company warned that earnings during the first quarter of 2002 would fall between 10 and 15 percent and not the 5 percent analysts were expecting.
Congress
House OKs measure on student loan rates
Future college students borrowing money from the government would be guaranteed a low rate under a measure passed Thursday by the House.
Lawmakers voted to fix federally backed student loans at 6.8 percent beginning July 1, 2006. The rate currently is 5.99 percent, among the lowest since the student loan program began in the 1960s.
The rates would affect only new loans, not outstanding ones. It also would have no effect on loans taken out before July 1, 2006.
Interest rates for those loans could rise to 8.25 percent, the current limit, as early as next July.
IRS
Taxpayers should watch for 'slavery' scams
A growing number of black taxpayers are being misled by scams falsely claiming they can get tax credits or refunds as reparations for slavery.
The Internal Revenue Service received about 80,000 tax returns last year claiming $2.7 billion in reparations refunds, up from 13,000 the year before.
Typical scams use terms such as "black investment taxes," "reparations for African-Americans" or a "black inheritance tax refund."
The con artists often warn clients not to contact the IRS because the government doesn't want the general public to know.
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