Shrimp producers net tariff proposal by Bush

The Bush administration on Tuesday proposed tariffs on shrimp imports from China and Vietnam, finding that companies there were dumping frozen and canned warm-water shrimp products into the United States at artificially low prices.

U.S. seafood distributors and retailers said Americans would face higher shrimp prices at restaurants and in grocery stores if the duties, which take effect later this week, were kept.

The proposed tariffs on Chinese exporters of frozen and canned warm-water shrimp and prawn range from 8 percent to 113 percent. Vietnam exporters face duties ranging from 12 percent to 93 percent.

U.S. shrimp groups have claimed the value of the U.S. harvest dropped by more than half between 2000 and 2002, from $1.25 billion to $560 million, because of dumping.

Telecommunications

Sprint, MCI to dial up increases on phone plans

Sprint Corp. and MCI Inc. are raising prices on a handful of wireline calling plans, saying rates are increasing across the industry.

Both companies say the increases are not the result of recent regulatory decisions that could raise the wholesale rates they pay regional Bell companies.

Sprint’s new $3.95 monthly fee on its Sprint Sense Domestic and Sprint Sense Day Domestic plans will affect about 5 percent of the company’s customers, said Scott Stoffel, a company spokesman.

At MCI, monthly fees for the company’s Nationwide plan will increase from $2.95 to $4.95. Connection fees for another flat-rate plan, called Anytime Calling plan, will increase by 14 cents a call, going from 35 cents to 49 cents.

Overland Park

Applebee’s sales increase

Restaurant chain Applebee’s International Inc. said system-wide comparable-store sales rose 6.8 percent in June, on higher guest traffic and average customer checks.

Overland Park-based Applebee’s said it expected second-quarter earnings of 33 cents to 34 cents per share, slightly below analyst predictions of 34 cents to 36 cents per share.

The estimate includes a second-quarter charge of $2.3 million for meat products that did not meet the restaurant’s quality standards.

Wall Street

Market pushed lower by tech sector results

Rising oil prices and disappointing forecasts for the technology sector sent stocks skidding Tuesday, with pessimism about the economy further fueling the selloff. The tech-heavy Nasdaq composite index fell more than 2 percent, its biggest loss since mid-March.

A lower earnings forecast for tech bellwether Intel Corp. and a disappointing outlook from chip maker Conexant Systems Inc. triggered selling throughout the technology sector. Oil prices rose $1.26 to $39.65 a barrel on the New York Mercantile Exchange, adding to worries about inflation and the economy.