Travelers loses bid to increase insurance rates
By Times staff and wires
Published December 22, 2007
TALLAHASSEE - A proposed 4.6-percent average statewide increase for homeowners insurance by the Travelers Cos. Inc., was rejected Friday by Florida insurance regulators. A review by the Florida Office of Insurance Regulation showed that Travelers' rates should decrease by a statewide average of more than 11 percent. Travelers insures about 75,000 Florida homeowners through four companies - Travelers Indemnity, First Floridian Auto and Home Insurance, Travelers Indemnity Co. of America, and Phoenix Insurance.
Union tries to stop nursing home sale
TALLAHASSEE - A union that represents some nursing home employees asked a judge Friday to block the takeover of Florida homes by a private-equity firm. The firm, the Carlyle Group, completed a $6.3-billion buyout of nursing home chain Manor Care Inc., earlier in the day. SEIU Healthcare Florida, a division of the Service Employees International Union, opposes the takeover because the application before state regulators to run the homes doesn't include all the required information. Manor Group operates 29 homes in Florida, including locations in the Tampa Bay area.
Consumers kept their wallets open
WASHINGTON - Consumers put aside worries about slumping home sales and soaring gasoline prices and headed to the malls in November, pushing spending up by the largest amount in 3 1/2 years. The better-than-expected surge lessened fears of an imminent recession. The Commerce Department reported that consumer spending shot up 1.1 percent last month. It was the biggest one-month jump since a 1.2 percent rise in May 2004.
Investors punish Jabil for outlook
ST. PETERSBURG - Shares Of Jabil Circuit, Inc. plummeted nearly 22 percent Friday, the lowest since 2002, after the electronics manufacturer forecasted a weak second quarter. Shares dropped $3.99, to $14.43. Jabil on Thursday estimated second-quarter earnings to be between a loss of 3 cents per share, and a profit of 1 cent per share. Analysts were expecting a profit of $1.50 per share. On Friday, the company said in a U.S. Securities and Exchange Commission filing that Tim Main, president and chief executive, received compensation of $5.6-million for the fiscal year ended Aug. 31. His base salary was $1-million.
Grocery chain will open six stores
TAMPA BAY AREA - Aldi, the German grocery chain that makes its name on low prices and no frills, has announced the locations of six stores it plans to open in the Tampa Bay area. They are: The Buccaneer Square center at Hillsborough Avenue and Sheldon Road in Town 'N Country; 610 Brandon Blvd. in Brandon; State Road 39 near Johnson Road in Plant City; 4745 U.S. 98 in Lakeland; U.S. 19, north of Sunset Point Road, in Clearwater; and Missouri Avenue and Rosery Road in Largo. The Tampa Bay stores will open in the fall along with stores in the Orlando area in Aldi's first foray into Florida. The chain plans to open stores in The Villages, Ocala, Orlando, Palm Beach, Titusville and Daytona Beach.