Senators to question oil company execs
By TIMES WIRE
Published November 2, 2005
Top executives of three major oil companies will be asked by senators Nov. 9 why some of their industry's estimated $96-billion in record profits this year shouldn't be used to help people having trouble paying their energy bills. Lee Raymond, chairman of Exxon Mobil Corp.; Jim Mulva, chief executive of ConocoPhillips Inc.; and John Hofmeister, president of the U.S. unit of Royal Dutch Shell PLC will be among the industry executives to be questioned at a Senate hearing, congressional and industry officials said.
Manufacturing activity grows slowly
The nation's manufacturing activity grew at a slower pace during October as companies increasingly felt the strain of an ongoing rise in energy and raw material prices. The Institute for Supply Management, issuing its monthly report on the U.S. economy's industrial sector Tuesday, said its manufacturing index was at 59.1 percent last month, down from September's 59.4 percent. A separate report Tuesday from the Commerce Department pointed to continued health in the construction business, where spending rose 0.5 percent to a record in September. Spending reached a seasonally adjusted annual rate of $1.12-trillion.
Rita estimate shows $4.7-billion billHurricane Rita, which struck the Texas-Louisiana border area in late September, is likely to result in $4.7-billion in residential and commercial property loss claims for the insurance industry, according to a preliminary survey released Tuesday. ISO's Property Claim Services unit said that damage was reported in seven states, with the highest losses totaling $2.4-billion in Louisiana. Florida reported $23-million in losses.
Dell lowers outlook, shares drop $2.64Long a leader whose low-cost model drove rivals crazy, Dell Inc. lowered its earnings guidance for its just-ended fiscal third quarter, citing costly failed computer parts and sluggish growth. The company's goal of hitting $80-billion in annual sales within three to four years may be drifting out of reach. Dell's shares tumbled 8.3 percent Tuesday, dropping $2.64 to $29.24 on the Nasdaq Stock Market. The stock fell below the previous 52-week low of $30.82.
Shareholder wants Knight Ridder to sellKnight Ridder Inc.'s largest shareholder, Florida money-management firm Private Capital Management, is urging the newspaper publisher to put itself on the block, citing the poor performance of its stock. In a letter to the company's board dated Tuesday, PCM chief executive Bruce Sherman said a sale should be pursued aggressively, "in light of limited revenue growth across the newspaper industry and the difficulties the company has faced in realizing the fair value" for its shareholders. Knight Ridder didn't immediately comment.