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Consumer spending down

(03/04/03 12:12am)

WASHINGTON -- Consumers worried about a possible war with Iraq and their own financial prospects trimmed spending in January -- the first such rollback in four months -- and manufacturing slowed in February, sending a pair of trouble signs for an already struggling economy. The 0.1 percent cutback reported by the Commerce Department Monday came after consumers splurged in December, boosting their spending by a sizable 1 percent. End of year financing deals on cars and other big-ticket goods proved too good to pass up.

Dow closes down 307 on fears of long war

(03/25/03 12:39am)

NEW YORK -- War euphoria wore off on Wall Street Monday as investors realized that Operation Iraqi Freedom might not be so quick after all. The Dow Jones industrials gave back more than 300 points after its best week in two decades. With allied forces encountering resistance from Iraqi troops over the weekend, many investors chose to cash in profits following a stunning eight-day rally by the Dow and Standard & Poor's 500 index.

War costs might force Hoosiers to pay $500 for 'Iraqi Freedom'

(03/31/03 11:31pm)

Homeland security and the war in Iraq could cost the average Indiana resident more than $500, The Indianapolis Star reported. The figure covers everything from missiles to a set of "red alert" warning signs purchased by Hendricks County officials, according to an analysis by the Star for Friday's paper. The Bush administration estimated the war will cost about $74.7 billion.

Business in Brief

(04/22/03 1:00am)

Kokomo man receives 35 years KOKOMO, Ind. -- A central Indiana man convicted of selling more than $1 million in unregistered securities has been sentenced to 35 years in prison. Judge Stephen Jessup also ordered Grady Rogers to pay more than $110,000 in restitution to four of his victims. Prosecutors said Rogers illegally sold securities through his business, Strategic Marketing Group Inc., then used the invested money for personal expenses.

War, the dollar and the economy

(04/29/03 12:31am)

With the war all but over, the short term economic impact now seems to be amazingly small. In the old industrial economy increases in defense spending would lead to increased growth, as factories would increase production and output. Defense spending accounted for 37.91 percent of Gross Domestic Product at the height of WWII, 14.1 percent during the Korean War and 9.41 percent during Vietnam, according to Business Week. But this is not the case in today's economy where the war represents only 4.1 percent of GDP.

Best Buy to open Nov. 21

(09/02/03 1:25am)

The Best Buy Corporation will open its first store in Bloomington, located just off of the intersection of the 45/46 bypass and 3rd Street on Nov. 21, according to Best Buy project development manager Travis Cinco. In June, Best Buy signed the lease to build the new store next to Barnes and Noble and close to electronics rival Circuit City, which comes as part of Best Buy's plan to expand the company's operation to 800 North American stores by 2006.