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Business Today
By wire services
Published May 27, 2005
KNOLOGY COMPLETES PRIVATE EQUITY FINANCING: Knology Inc. said Thursday it completed a previously announced convertible preferred private equity financing. The West Point, Ga., cable company said it sold 920,000 shares of preferred stock to certain shareholders, generating $9.2-million in proceeds, some of which will be used to pay down debt.
GDP IMPROVES AT 3.5 PERCENT PACE: The pothole the economy hit in March apparently wasn't very deep. Economic activity advanced at a solid 3.5 percent pace in the first quarter of the year, somewhat better than initially thought. The latest reading on gross domestic product, released by the Commerce Department on Thursday, raised hopes that there is enough momentum to maintain economic expansion and job growth in the months ahead.
EBBERS SENTENCING DELAYED: A federal judge has postponed the sentencing of former WorldCom chief Bernard Ebbers by one month, to July 13, federal prosecutors said Thursday.
JUDGE DELAYS UNITED RULING: United Airlines' labor situation remained in limbo Thursday as a federal judge declined to rule on a threatened strike by the carrier's baggage handlers and customer-service agents until after their contract standoff is resolved. U.S. District Judge James Zagel put off until June 7 a decision on the machinists union's request for a temporary restraining order that would have barred United from trying to impede a strike.
OIL ABOVE $51: Crude oil futures prices edged above $51 a barrel on Thursday to settle at $51.01 after an unexpected drop in U.S. crude inventories ahead of the summer driving reason rattled markets.
GANNETT NAMES CEO: Gannett Co., the largest newspaper publisher in the country, has named Craig Dubow as its new chief executive, taking over from Douglas McCorkindale, who will stay on as the company's chairman. Dubow will assume his new post July 15. Dubow, 50, is head of Gannett's broadcasting division, which has 21 TV stations, including WTSP-Ch. 10 in St. Petersburg.
EARNINGS
Costco Wholesale Corp.: The bulk retailer said Thursday its profits rose 6 percent in the fiscal third quarter, boosted by increased sales across the board and a moderate gain in business at locations open at least one year.
[Last modified May 27, 2005, 00:46:03]
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