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Business Today

PSC approves Peoples Gas request

By wire services
Published October 6, 2005

The Florida Public Service Commission approved Peoples Gas Systems' request to pass through higher natural gas costs to its customers.

The PSC agreed to raise the cap on the fuel component of Peoples' monthly rate from 99 cents per therm to $1.50. For an average residential customer using 20 therms of natural gas a month, the increase would raise their monthly bill by 27 percent to up to $48.40. The increase takes effect this month.

A decision whether to stop construction on the Scripps Research Institute was delayed Wednesday pending documents expected to be filed next month. U.S. District Judge Donald Middlebrooks said he would hold off on the decision until Scripps and environmentalists file pleadings and responses, which are due by Oct. 24.

Toyota Motor Corp. said Wednesday it has agreed to buy an 8.7 percent stake in Fuji Heavy Industries from General Motors Corp. for about $315-million. GM, the world's biggest automaker, plans to sell its remaining 11.4 percent stake and dissolve its alliance with Fuji.

Motorola Inc. is cutting 1,900 jobs at 29 U.S. and international locations in an effort to improve operating efficiency, the company said Wednesday. The cell phone maker said the layoffs will be distributed over its facilities in more than 20 countries and began in July, when it announced a consolidation of its supply chain facilities over the next several years.

Shareholders of Viacom Inc. will get half a share of the new Viacom and half a share of CBS Corp. for each share they hold when the media conglomerate splits itself into two companies, the company said Wednesday. Viacom detailed terms of its plan to split itself into two public companies in a filing with the Securities and Exchange Commission but didn't give a date for when it expects to finish the breakup.

FedEx will raise rates for overnight shipping by 3.5 percent next year, FedEx Corp., the corporate parent of the world's largest cargo airline, said Wednesday. The higher rates come from a rate-chart increase of 5.5 percent coupled with a cut of 2 percent in the airline's fuel surcharge. That leaves a net increase felt by customers that is the largest since 2001, said spokeswoman Lourdes Pena.

Gerald Storch ran some of Target Corp.'s most important operations, and the vice chairman was seen as a possible candidate for CEO. But Tuesday night, Target announced Storch's departure and wouldn't say why he left. Storch couldn't be reached for comment.

Cryo-Cell International Inc.: The cord blood storage company in Oldsmar said revenues increased as a result of price increases, but so did sales and administrative costs for the third quarter ended Aug. 31. The prior year's results included a $1.6-million gain related to litigation.

Yum Brands Inc.: The Louisville, Ky., fast-food company posted 16 percent growth on the strength of resurgent sales in China coupled with solid U.S. performances by its Taco Bell and KFC restaurant brands. The company also raised its full-year forecast.

[Last modified October 6, 2005, 20:48:38]