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Letter to the editor

5 Big Stories: The Week in Review

A look back at the week in Business

By Jeff Harrington, Times Deputy Business Editor
Published October 14, 2007

1. The slide continues

Home sales in September fall 39 percent from a year ago in Hillsborough, Pinellas and Pasco counties.

What it means:Most troubling may be the double-digit sales plunge between August and September, bucking some predictions that the housing market had bottomed out.

2. St. Joe recoils

Florida developer St. Joe Co. plans to cut about 80 percent of its work force, sell 100,000 acres of land and scrap its dividend.

What it means: When Florida's largest private landowner pulls back from its ambitious development goals, it can't bode well for the ailing home building market.

3. Progress Energy chief dies

Robert McGehee dies shortly after suffering an apparent stroke while in London to meet with investors.

What it means:The company is now in the hands of the man who had often been mentioned as Mr. McGehee's heir-apparent. On Friday, the board approved president and chief operating officer William D. "Bill" Johnson, 53, as the new CEO.

4. Canadian tourism expected to pick up

Reversing flat tourism numbers, local tourism operators and hotels are reporting an uptick in winter bookings from Canadian travelers.

What it means:Thank the plunging U.S. dollar, which is worth less than a Canadian loonie for the first time in three decades, leaving Canadian visitors feeling flush with cash.

5. Chrysler strikes - never mind

The United Auto Workers union reached a four-year contract with Chrysler, ending a walkout within hours.

What it means: With a General Motors-union deal ratified last week, attention shifts to Ford Motor Co.

[Last modified October 12, 2007, 20:07:54]