Economic indicator rises

A key economic forecasting gauge advanced a strong 0.5 percent in January, suggesting that the economy will expand further in coming months.

The business-funded Conference Board said Thursday its Composite Index of Leading Economic Indicators rose to 115.0 last month following gains of 0.2 percent in December and 0.3 percent in November. Analysts had expected a rise of about 0.3 percent for January.

Media

KU graduate buys San Francisco paper

Kansas University graduate and Qwest Communications founder Phil Anschutz is buying the once-mighty San Francisco Examiner from the Fang family, the parties announced Thursday.

Financial terms were not disclosed. A source close to the deal said Anschutz was paying $20 million for the paper Florence Fang and her family bought from the Hearst Corp. in 2000. The Fangs also received $66.7 million from Hearst to subsidize the newspaper’s operation.

Anschutz is the majority stockholder and founder of Qwest Communications. He is a 1961 KU business school graduate and has been a major benefactor for several projects on campus.

Management

Coke leader to retire

Coca-Cola Co. chairman and chief executive Doug Daft said Thursday he planned to retire at the end of 2004, a surprise announcement that caps a year of layoffs, management changes and legal turmoil at the world’s largest beverage maker.

Daft did not elaborate on his decision in a statement issued by the company and did not make himself available for further comment.

Real Estate

Mortgage rates fall

Mortgage rates around the country dropped this week to their lowest levels in seven months, good news for prospective home buyers.

The average rate on benchmark 30-year mortgages fell to 5.58 percent, down from 5.66 percent last week, Freddie Mac, the mortgage giant, said Thursday in its weekly nationwide survey of mortgage rates.