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Archive for Saturday, May 17, 2003

Business Briefcase

May 17, 2003

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Boeing says it will build jetliner in United States

Boeing Co. on Friday said it would build its proposed super-efficient 7E7 jetliner in a U.S. location offering good weather, ample facilities, skilled labor, low taxes and relaxed business restrictions.

After briefing officials from Washington state who hope to keep the company's assembly work located at its Everett, Wash. plant, pictured above, Boeing laid out a laundry list for competing sites to mull over as it solicits bids for the 7E7 assembly site, a mid-sized jet planned for delivery in 2008.

Kansas lawmakers during the last session approved $500 million in bonds to help lure a major portion of the 7E7 project to Wichita, although the assembly is not expected to be done there. Boeing officials have said their Wichita plant could gain 4,000 jobs as a result of the project.

Access to capital: Business center to offer commercial loan seminar

The KU Small Business Development Center will present a seminar titled, "Loan Basics: Understanding the Loan Process," at 6 p.m. Wednesday at the Lawrence Chamber of Commerce offices, 734 Vt.

The seminar, led by Tony Augusto of Go Connection, will feature a discussion on various issues to consider when applying for a small-business loan as well as the options available to small-business owners.

The cost to attend the program is $20 per person. Reservations can be made by calling the center at 843-8844.

Price fixing: Cigarette makers settle lawsuit with farmers

Philip Morris and other cigarette makers agreed Friday to buy large amounts of U.S.-grown tobacco during the next decade and pay American farmers $200 million to settle allegations they fixed prices paid to growers at auction.

The class-action lawsuit, filed on behalf of more than 400,000 growers and quota holders in 2000, charged that cigarette companies violated antitrust laws by rigging bids at tobacco auctions.

Manufacturing: Del Monte estimates earnings will fall short

Del Monte Foods Co., the largest U.S. processor of fruits and vegetables, on Friday gave an earnings forecast for the current fiscal year that fell short of Wall Street expectations, pushing its shares as much as 5 percent lower.

A Del Monte spokeswoman said the guidance was the first the company has provided for fiscal 2004.

Del Monte expects revenue growth of 2 percent to 4 percent for fiscal 2004.

Del Monte operates the former Heinz production plant in Lawrence, which produces Kibbles'n Bits pet food.

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