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Nasdaq slides to 6-year low

(09/24/02 1:00am)

NEW YORK -- The Nasdaq composite index slid to a six-year low Monday and the rest of Wall Street fell equally hard amid a worsening outlook for the U.S. economy. The Dow Jones industrials dropped more than 100 points. Responding to a smattering of bad news -- and lacking any positive economic data -- investors essentially sold across the board, punishing shares of everything from Microsoft to Wal-Mart. The selloff carried the Nasdaq to its lowest close since September 1996, and the Dow back toward the four-year low it reached July 23.

Adelphia CEO indicted

(09/24/02 1:01am)

NEW YORK -- Adelphia Communications Corp. founder John J. Rigas, two of his sons and other former executives were indicted Monday on charges that they built "a towering facade of false success" based on a $2.5 billion fraud. The indictment, handed up in U.S. District Court in Manhattan, seeks a staggering $2.53 billion in forfeiture for the alleged large-scale accounting fraud and corporate looting.

Minutes from Tyco meeting seem damaging

(09/24/02 1:02am)

CONCORD, N.H. -- Minutes from a board meeting early this year contradict Tyco International's testimony to regulators that board members had no knowledge of excessive pay packages allegedly arranged by former chief executive L. Dennis Kozlowski. Internal documents also show that a human resources official said she was pressured by a board member to do something "dishonest" during the company's internal investigation.

Hershey Foods survive -- for now

(09/24/02 1:03am)

HERSHEY, PA. -- Even as thousands of workers celebrated the derailment of a possible sale of Hershey Foods this week, many weren't sure whether they had saved their company, or merely postponed changes that will eventually unravel the cocoon Milton S. Hershey built around this small Pennsylvania community nearly a century ago. "I don't think anyone believes that this is the end of the issue," said August "Skip" Memmi, chairman of Derry Township's board of supervisors. "This was a close call, and a close vote, and there's nothing that says there couldn't be a sale in six months or a year."

Dow Ends Down 189, Hits 4-Year-Low

(09/25/02 7:01pm)

NEW YORK -- Wall Street's malaise deepened Tuesday, with stocks falling on a confluence of factors that included disappointing earnings news and a criminal investigation into Xerox's accounting practices. The Dow Jones industrials dropped nearly 190 points to hit a four-year low. Growing concerns about a possible war with Iraq exacerbated the selling. There was little reaction to the Federal Reserve's decision to leave rates unchanged.

Cook to appeal ruling

(10/09/02 12:38am)

Bloomington-based Cook Inc. will soon turn to an appeals court after the U.S. District Court for the Northern District of Illinois on Monday again supported Boston Scientific Co.'s assertion that a potential merger between Cook and Guidant Inc. violates a co-exclusive agreement that Boston and Cook signed in 1997 with Angiotech Pharmaceuticals.

Indiana's income disparity increases

(10/09/02 12:43am)

The gap between the rich and the poor in Indiana grew in the 1990s, according to information released late last month by The Associated Press. Indiana's overall economic disparity -- the gap between the richest and the poorest Hoosiers -- rose by 2.2 percent in the 20th Century's final decade. Two Indiana counties, Union and Orange, were most heavily affected. They had a 17.6 percent growth in economic disparity.

Local pizzerias slice up awards

(10/16/02 7:21pm)

Two of Bloomington's very own pizzeria's, Aver's Pizza and Pizza Express received national recognition in the "Pizza Today" magazine's list of Top 100 independent pizzerias in the nation for 2002. Aver's Pizza, 1837 N. Kinser Pike, opened seven years ago by Brad Randall and Kris Kaiser as a gourmet pizzeria. To make the Top 100 list, "Pizza Today" requires that the independent chains be willing to experiment with new ideas at all times. This is exactly what Aver's pizzeria does. Randall said that not only does Aver's focus on quality, but it aims to exceed in creativity. One of Aver's' best sellers is the Cream & Crimson gourmet pizza, which has an Alfredo sauce, oven-roasted potatoes, bacon, cheddar and Gorgonzola.

United will cut another 1,250 jobs

(10/22/02 2:33am)

CHICAGO -- United Airlines said Monday that it is cutting 1,250 more jobs, or 1.5 percent of its work force, and closing three reservation centers as part of cost-cutting efforts aimed at saving the troubled carrier about $100 million annually. More cutbacks are expected later this week by United as it joins other airlines in trimming back this fall to try to fight declining air traffic and mounting losses.

Workers take sick days for personal reasons

(10/22/02 2:37am)

NEW YORK .— More workers are taking sick days for family and personal reasons rather than illness, at a rising cost to employers, a new study says. Only a third of unscheduled days off are because of illness, according to the survey by CCH Inc. But more workers are calling in absent because of family issues, stress and personal needs in what could be a sign of changing attitudes since last year's terrorist attacks, the company said.