Kansas exports rise

Kansas bucked a national trend by increasing its business exports in 2002 while the nation saw a decline, according to a report released by the U.S. Department of Commerce.

Exports by Kansas businesses increased 7 percent to $5.8 billion in 2002. Exports for the U.S. economy shrank by 3 percent during the year.

The top country Kansas goods were exported to was Canada at $1.28 billion, followed by Japan with $1.09 billion and Mexico at $845 million.

The top type of product exported was transportation equipment, which includes aircraft, at $1.85 billion, followed by manufactured food at $1.52 billion and agricultural crops at $650 million.

Insurance

Credit scoring bill signed

Gov. Kathleen Sebelius signed into law Thursday a bill making it illegal for insurance companies to use a person’s credit history as the sole reason for raising premiums.

Insurance Commissioner Sandy Praeger, R-Lawrence, said at a Thursday news conference that the new regulation takes effect Jan. 1., but insurance companies will be required to submit information to her office much sooner.

The new law requires insurance companies to provide details on how they use credit histories in determining premiums.

Praeger said she’s not sure how large a problem the practice, called credit scoring, was in the state. But she said a majority of the 600 people who took part in an Insurance Department online survey said they had received notices from their insurance companies that their premiums were increasing because of their credit history.

Wall Street

Markets closed today

Most financial markets, including the New York Stock Exchange and the Nasdaq, are closed today in observance of Good Friday. Weekly roundups for stocks and mutual funds will appear in Saturday’s Journal-World.

Finances

Earnings of area interest

Kansas City, Mo.-based UMB Financial announced earnings of 66 cents per share for the latest quarter, up from 55 cents during the same period a year ago. UMB, which operates a bank in Lawrence, also declared a quarterly dividend of 20 cents per share.

Kmart, which operates a distribution center in Lawrence, said it expected earnings of $51 million for the quarter compared to a previously projected loss of $133 million.

ONEOK Inc., which does business in northeastern Kansas as Kansas Gas Service, declared a quarterly dividend of 17 cents per share.