Britain may adopt Euro

Britain’s Treasury chief said Thursday he will announce on June 9 whether the country will be ready to replace the pound with the euro.

Prime Minister Tony Blair’s government supports the idea of adopting the euro, the common currency of 12 European countries, and Blair reportedly wants to call a referendum on the issue before the next election, due by 2006. However, public opposition is strong, and news reports say Gordon Brown, the Treasury chief, is likely to recommend against joining the euro now.

Sprint

Lemay to receive bonus despite tax allegations

Former Sprint Corp. president and chief operating officer Ronald T. LeMay will receive a $322,500 bonus in addition to a $5.7 million separation package, according to an agreement filed with the Securities and Exchange Commission.

According to the separation agreement filed Wednesday, LeMay will receive the bonus under the company’s short-term incentive plan.

LeMay resigned in April after concerns were raised about his use of a personal tax shelter. William T. Esrey, Sprint’s former chief executive and chairman, resigned this month over the same issue.

Sprint declined to comment on LeMay’s 2003 bonus. LeMay could not be reached for comment.

Real Estate

Mortgage rates hit low

Rates on 30-year mortgages dropped to a record low this week, the sixth time that has happened this year.

The average interest rate on a fixed-rate 30-year mortgage fell to 5.45 percent, down from 5.62 percent the week before, Freddie Mac, the mortgage company, reported Thursday in its weekly nationwide survey.

This week’s rate surpassed the previous low of 5.61 percent, set the week ending March 14. The new rate is the lowest since Freddie Mac began tracking 30-year mortgages in 1971.

Wall Street

Retailers report earnings

Three retailers with Lawrence stores reported first quarter earnings on Thursday.

Target reported that earnings for its discount stores remained virtually unchanged from a year ago at 38 cents per share. The earnings fell short of analysts’ expectations.

Kohl’s officials said earnings rose by a penny from year ago totals to 32 cents per share.

American Eagle Outfitters reported a drop in earnings from 17 cents a share in the first quarter of 2002 to 9 cents a share in 2003.

Employment

Wichita seeks refund for job-training program

Wichita is seeking a $65,000 refund from an adult job-training program once hailed by former Vice President Al Gore, according to a city audit.

The city wants Diversified Educational Training & Manufacturing Co. to repay $64,688 in federal grant money for not fulfilling contract requirements designed to train unskilled workers. The audit’s other findings include claims that DETAMC also billed the city for books never provided to students.

DETAMC vice president Pamela Johnson, said the city misinterpreted the contract terms and owes her money instead.