BRAZILIAN CEMENT COMING TO PORT: A Brazilian company will begin importing cement at the Port of Tampa next year. Port commissioners agreed Tuesday to lease about seven acres at the south end of Hooker's Point to Cimento Tupi Florida. Greek-owned Titan America expects to complete construction of a berth it leases from the port and start cement imports this fall. Cement imports to the port are projected to increase 49 percent to 1.3-million tons for the fiscal year beginning Oct. 1, not including imports by Cimento Tupi, officials said.
GAS PUMP PRICE DROPS: The average price of self-serve regular gasoline nationally has fallen 5.5 cents since mid-July to $1.862 a gallon, AAA said Tuesday. The average price in the Tampa Bay area was $1.774. The lower price may be short-lived, however, as crude oil prices push fuel costs. Light crude for September delivery climbed 70 cents Tuesday to a new high of $46.75 on the New York Mercantile Exchange. In mid-July, AAA's online Fuel Gauge Report (www.fuelgaugereport.com) showed self-serve regular at $1.917 per gallon nationally and $1.890 in Tampa Bay.
SEC DELAYS GOOGLE IPO: Google Inc.'s long-awaited initial stock sale, which appeared imminent Tuesday, has been delayed while the company awaits final approval of its paperwork by the Securities and Exchange Commission. The Internet search company had requested that its registration statement be made effective at 4 p.m. Tuesday. SEC spokesman John Heine declined to explain the delay. Google did not return telephone calls seeking comment.
ORANGE JUICE FUTURES DROP: Orange juice prices fell Tuesday on the New York Board of Trade on speculation that bulging inventories will compensate for a loss in production after crop damage by Hurricane Charley. Juice processors had 178.9-million gallons in storage Aug. 7, almost enough for a year, Florida Citrus Processors Association data showed. Orange juice futures for September delivery fell 1.7 cents, or 2.5 percent, to 67.8 cents a pound after rising 12 percent Monday.
COSTCO ACCUSED OF DISCRIMINATION: An assistant store manager at Costco Wholesale Corp. filed a federal civil rights lawsuit against the chain in San Francisco on Tuesday, alleging she was passed over for a promotion because the company's policies discriminate against women in upper management. The suit, which seeks to represent what plaintiffs lawyers say could be 650 women, says women rarely get high-level management jobs. Costco employs about 103,000 people worldwide.
ECONOMIC INDICATORS ALL POSITIVE: The nation's industrial production - the output of its factories, mines and utilities - rose 0.4 percent in July after dropping 0.5 percent in June, the Federal Reserve reported Tuesday. Home builders broke ground on 8.3 percent more homes in July than the month before, driving housing starts to a 1.98 million unit seasonally adjusted annual pace, up from 1.83 million in June, the Commerce Department said. Building permits, a sign of future construction, also jumped. And, the Labor Department's consumer price index fell in July by 0.1 percent, confirming that inflation had retreated since spring.
MOUNTIES FORMALIZE NORTEL INQUIRY: Canadian officials are beginning a criminal investigation into accounting at Nortel Networks Corp. Canada's largest high-tech company said late Monday it had received a letter from the Royal Canadian Mounted Police's Integrated Market Enforcement Team advising that the RCMP will begin a criminal investigation. The inquiry follows months of informal review by police. "The RCMP are beginning a criminal investigation, but they did not provide additional detail," spokeswoman Tina Warren said Tuesday.
TEAMSTERS WIN AT AMERICA WEST: A majority of 3,100 America West customer service representatives have voted to join the Teamsters, the union and the airline said Tuesday. The election results were announced at the National Mediation Board. The workers are in 50 airports and two reservation call centers across the country. The Phoenix-based airline said it was disappointed by the outcome, but will "respect the decision made by the majority of our customer service employees. It is now time to move forward together."
JANUS SAYS ING IS WITHDRAWING: Janus Capital Group Inc. on Tuesday identified ING US Financial Services as the client planning to withdraw $5-billion from the Denver mutual funds giant. Janus, which recently settled improper trading allegations, announced the planned withdrawal in late July without naming the client. Janus spokeswoman Shelley Peterson said Janus would work with ING to transfer as many of the assets in kind as possible, meaning ING would take its portion of the underlying securities instead of a cash withdrawal.
UAL GETS PENSION OVERSEER: A legal overseer will be appointed to represent the more than 20,000 participants in United Airlines' pension plans now that the carrier has halted contributions, the Labor Department said Tuesday. "United Airlines' decision to stop funding its pension plans made clear the need to appoint an independent fiduciary to represent the interests of workers and retirees," Labor Secretary Elaine Chao said. The airline announced last month it would stop paying into the retirement plans while it restructures under bankruptcy protection.
SEC TO SUE TYSON FOODS: The Securities and Exchange Commission staff plans to seek a civil enforcement action and possible monetary penalties against Tyson Foods Inc. over benefits the company paid some executives, Tyson Foods said. The world's largest meat producer also said its former senior chairman, Don Tyson, had repaid the company $1.52-million. The SEC staff alleges that company proxy statements for fiscal years 1997 through 2003 did not fully describe or disclose about $1.7-million in perquisites enjoyed by Tyson, and the company failed to maintain adequate internal controls.
EARNINGS
ATA Holdings Corp.: The parent of ATA Airlines reported a second-quarter loss because, it said, costs rose 21 percent. The airline said it may default on loans and lack sufficient operating cash by early next year. ATA plans to talk to lenders and the federal board that backed the loan about waiving some terms, ATA said.
The Home Depot Inc.: The nation's largest home-improvement store chain raised its full-year earnings outlook Tuesday after posting a 19 percent increase in net income as store and customer-service upgrades continued to buoy sales. The results easily surpassed Wall Street expectations of 64 cents a share.
Staples Inc.: Riding strong sales across its office products portfolio, the world's largest office products retailer reported a 39 percent jump in net income that topped Wall Street forecasts. Staples also announced its acquisition of two supply businesses in Europe - expanding its presence to 15 countries - and a joint venture investment in China.
J.C. Penney Co.: The department store operator eked out a small profit in the second quarter, compared to breaking even in the year-ago period. The results included operating losses from the Eckerd drugstore business, which Penney sold during the quarter.
TJX Cos. Inc.: The company that operates the T.J. Maxx and Marshalls stores said second-quarter earnings fell 4 percent, reflecting higher markdowns on merchandise because of softer sales trends. Earnings met analysts' expectations.
Saks Inc.: The department store operator's second-quarter loss widened despite higher sales as its latest quarter was hurt by a charge while the year-ago period benefited from a one-time gain. Analysts had forecast a second-quarter loss of 12 cents a share.
Borders Group Inc.: The nation's second-largest bookseller's second-quarter profits rose 89 percent on stronger than anticipated book sales and topped Wall Street's estimates. The company also increased its full-year earnings outlook.
