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Archive for Tuesday, January 7, 2003

Business Briefcase

January 7, 2003

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AT&T to cut jobs

AT&T Corp. said Monday it would eliminate 3,500 jobs in its business services division and take $1.5 billion in fourth-quarter charges, mainly because of losses on investments in its Latin America subsidiary.

The job cuts represent nearly 5 percent of the telephone company's work force.

AT&T said slightly more than half of the employees affected were in management, and that most of the cuts would be accomplished in the first half of 2003.

Fast food: PETA protests KFC

People for the Ethical Treatment of Animals said Monday it was launching a campaign against KFC to highlight alleged animal-rights abuses by the fried-chicken chain.

The Norfolk, Va.-based animal rights group said it had tried for nearly two years to persuade KFC's parent company, Yum Brands Inc. of Louisville, Ky., to change the way it raises and slaughters chickens.

Because those negotiations failed, PETA said it would launch a campaign to put public pressure on the company.

Yum denied PETA's allegations.

Aviation: Boeing deliveries hit lowest level in five years

Boeing Co. said Monday it delivered 381 commercial airplanes in 2002 -- the fewest in five years but on target with its lowered estimate in the depressed aviation industry.

The company said it delivered 86 planes in the fourth quarter to finish the year with one more delivery than its latest announced objective of 380.

The year's total was down 28 percent from 527 deliveries in 2001, when the full impact of the Sept. 11 attacks wasn't yet evident. With airlines mired in their worst-ever slump throughout 2002, it was the fewest since 1997 when Boeing delivered 375 jets.

Boeing has said it expects 2003 deliveries to fall to between 275 and 285 -- a decline likely to hand its title as world's largest commercial jet manufacturer to rival Airbus.

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