BUSINESS NOTES.AIR FARES INCREASE AGAIN: The up-and-down air fares went back up - this time, likely to stay up for a while. ``The demand for that type of fare, which is basically a business-type fare, is extremely heavy,'' said Bill Berry This article refers to the drummer. For other people named Bill Berry, see Bill Berry (disambiguation). William "Bill" Thomas Berry (born July 31, 1958) was the drummer in alternative rock band R.E.M. for 17 years, before retiring from the group and becoming a farmer. , a spokesman for Delta Air Lines, which along with other major carriers Tuesday reinstated 5 percent fare increases. CAMPBELL TO SPIN OFF NEW COMPANY: Campbell Soup Co. plans to create a new company featuring its Vlasic pickles Vlasic Pickles grew out of a Detroit creamery and fresh pickle business begun by Croatian immigrant Frank Vlasic, and then his son Joe in the 1920s. Vlasic's primary product, pickles packaged in glass-jars, began production during World War II, and the business rapidly expanded in and Swanson frozen dinners and spin it off to shareholders. Campbell said Tuesday the spinoff would allow it to concentrate on expanding its core, or main, businesses, which include its signature Campbell's soup line and Pepperidge Farm Pepperidge Farm was founded in 1937 by Margaret Rudkin, who named the brand for a property her family owned in Connecticut (which itself was named for the pepperidge tree, Nyssa sylvatica). In 1961, the company was purchased by Campbell's. baked goods, and to reduce costs. In all, seven noncore businesses with revenues of $1.4 billion would be included in the yet-to-be-named company. It would rank 21st of the 32 publicly held food companies, Campbell said. ?13Associated Press MIRAGE SUES TRUMP, HILTON: Mirage Resorts Inc. said it sued Donald Trump, Trump Hotels & Casino Resorts Inc. and Hilton Hotels Corp., saying they are unfairly blocking the company's plans for a new casino in Atlantic City. The lawsuit claims Trump and Hilton violated antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... by trying to limit competition. Mirage, which also claims Trump made improper political contributions, is seeking $150 million in damages. At issue is a $330 million tunnel, partly funded with public money, from the Atlantic City Expressway The Atlantic City Expressway (officially numbered, but unsigned, as Route 446) is a controlled-access toll road in New Jersey, managed and operated by the South Jersey Transportation Authority. to the city's casino and marina areas that Mirage Chairman Stephen Wynn says is necessary to build a $2 billion hotel and casino project. Trump, a bitter rival of Wynn's, has challenged the tunnel in court, claiming the use of state money is illegal. Trump denied the accusations and said his company would countersue coun·ter·sue tr.v. coun·ter·sued, coun·ter·su·ing, coun·ter·sues Law To bring proceedings against (a plaintiff) in direct opposition to a suit brought against onself. . ?13Bloomberg News COLUMBIA/HCA SAYS EARNINGS TO DECLINE: Columbia/HCA Healthcare Corp. is showing the strain of operating under a management shake-up and a federal fraud investigation. After routinely churning out 15 percent profit increases, the nation's largest for-profit hospital chain said Tuesday it expects third-quarter earnings to decline. The lower estimate is because of a management restructuring and a government investigation of alleged Medicaid fraud Medicaid fraud The fraudulent billing of Medicaid by physicians or other health care providers, especially international medical graduates and psychiatrists. See Medicaid. that Columbia put at about $60 million for the quarter. The news prompted a 9 percent stock sell-off that brought Columbia shares to the lowest point in two years. In a more disturbing sign to securities analysts, hospital admissions declined by about 1 percent in August, suggesting the company may be damaged in the eyes of consumers. ?13Associated Press WORKER PRODUCTIVITY INCREASES: The best productivity advance in 3-1/2 years is helping support the idea that the Federal Reserve can leave short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. untouched without worrying about an increase in inflation. Nonfarm business productivity - output per hour worked - grew at a seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate of 2.7 percent, nearly double the 1.4 percent rate of the first quarter, the Labor Department The Department of Labor (DOL) administers federal labor laws for the Executive Branch of the federal government. Its mission is "to foster, promote, and develop the welfare of the wage earners of the United States, to improve their working said Tuesday. That was much faster than last month's initial second-quarter estimate of 0.6 percent and even better than the 2 percent revised rate forecast by economists. Meanwhile, labor costs per unit of output - a key ingredient in price pressures - slowed to a crawl. ?13 Associated Press |
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