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Business briefs

Briefs and news of note.

By Times staff and wires
Published June 27, 2006

35,000 GM workers accept buyout deals

About 35,000 hourly workers at General Motors Corp. have taken buyout or early retirement offers, surpassing the company's expectations as it tries to cut costs by paring its hourly work force, GM chairman and CEO Rick Wagoner said Monday. The job cuts, helped by a flurry at Friday's deadline, will help GM's long-term turnaround plan as it cuts production capacity to match its current sales and market share. GM previously announced plans to cut its 113,000-person U.S. hourly work force by 30,000, closing 12 plants by 2008. GM said it expects to reach its job reduction target by Jan. 1.

Retirement paves way for law firm merger

Tampa's Ward Rovell law firm will merge into competitor Hill Ward & Henderson effective Saturday. Ward Rovell president Alton Ward said the two firms had discussed merging for the past 10 years but that 52-year-old Roger Rovell's decision to retire from the practice of law accelerated the dialogue. Six of Ward Rovell's lawyers will go to Hill Ward & Henderson. Alton Ward and Hill Ward & Henderson namesake David Ward are not related.

Progress nuclear operations renewed

Progress Energy Inc., owner of utilities in the Carolinas and Progress Energy Florida of St. Petersburg, received permission from U.S. regulators to operate its Brunswick 1 and 2 reactors near Southport, N.C., for an additional 20 years. The renewals extend the operating life of Unit 1 until 2036 and Unit 2 until 2034, the Nuclear Regulatory Commission said Monday in a statement.

Investor optimism index in decline

Lots of investors are feeling glum about the stock market, interest rates and the economy, according to the UBS/Gallup Index of Investor Optimism, which hit its low point for the year this month. The index declined from 93 at the beginning of the year to 58 in June. Still, 55 percent said they think this is a good time to invest in stocks.

May new home sales make unexpected gain

Sales of new homes rose in May to the fastest pace this year, led by big gains in the South. The Commerce Department reported Monday that sales of new single-family homes increased by 4.6 percent last month to a seasonally adjusted annual rate of 1.234-million units. Wall Street had been expecting a 4 percent drop in sales.

T-bill rates rise

Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since early 2001. The Treasury Department auctioned $15-billion in three-month bills at a discount rate of 4.905 percent, up from 4.830 percent last week. An additional $14-billion in six-month bills was auctioned at a discount rate of 5.110 percent, up from 5.055 percent last week.

[Last modified June 27, 2006, 06:20:44]