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In brief

By TIMES WIRES
Published July 7, 2006

It's been a sweet ride for the Corvette

June 1 marked 25 years for the GM plant in Bowling Green, Ky., where 35,000 of the signature sports cars are built annually.

Office vacancies drop while rents post gain

The Tampa Bay area's office market continues to hum. The region's 69.5-million square feet of offices posted vacancies of 10 percent in the second quarter, an improvement over the 11.7 percent vacancy in 2005. Rents were 5 percent higher year to year, according to the Colliers Arnold real estate firm. Hot spots were downtown St. Petersburg, Tampa's Westshore and the Interstate 75 corridor. Downtown Tampa's vacancy slipped to 17 percent, the worst in the region.

Jobless claims fall by 2,000 across U.S.

The number of Americans filing new claims for unemployment benefits declined slightly last week, indicating continued strength in the labor market despite a spring slowdown in the economy. The Labor Department said Thursday that applications for jobless benefits totaled 313,000 last week, a drop of 2,000 from the previous week. That was slightly better than economists had expected. They had forecast that jobless claims would rise by 2,000.

Analysts: GM boss likely to fight merger

General Motors Corp. chairman and chief executive Rick Wagoner probably is building a coalition to fight an effort by dissident shareholder and billionaire Kirk Kerkorian to link GM with Renault SA of France and Nissan Motor Co. of Japan, industry analysts who know Wagoner say. The battle begins today when GM's board meets via teleconference to discuss the plan. If Kerkorian, unhappy with the pace of change at GM, can convince some big investors of the plan's merits, Wagoner could be ousted and replaced by Carlos Ghosn, chief executive of both Renault and Nissan who revived Nissanfrom near death.

Service sector posts 39th straight gain

The service sector of the U.S. economy expanded in June, but at a slower pace than in May, according to a monthly survey of supply managers released Thursday. The expansion was also slower than analysts expected. The Institute for Supply Management, a research group based in Tempe, Ariz., reported that its index of activity in the service sector stood at 57 in June, vs. analysts' expectations of 59. In May, the index came in at 60.1, in line with expectations. A reading of 50 or more indicates expansion, while below 50 indicates contraction. June marked the 39th consecutive month of expansion in the service sector of the economy.

Jo-Ann Stores names new president, CEO

Fabric and crafts retailer Jo-Ann Stores Inc., hurt by sagging sales that have cut its stock price in half in the past year, has hired a Kroger Co. executive to take charge of the company. Darrell Webb, 48, takes over this month as chairman, president and CEO, Jo-Ann announced Wednesday. He replaces the retiring Alan Rosskamm, a descendant of store founders, who will remain on the board of directors.

[Last modified July 7, 2006, 01:06:57]