Print

Email story

Comment

Letter to the editor

Cuts, changes in leadership at newspapers

By Times Wires
Published February 15, 2008

- The New York Times is cutting 100 jobs - about 8 percent - from its newsroom, this year as financial pressures mount from a weak economy and competition from the Internet. Executive editor Bill Keller told employees in a meeting Thursday that the cuts would come mainly through attrition and buyouts, but layoffs also were possible.

- The publisher of the Orlando Sentinel resigned Thursday, adding to the upheaval among Tribune Co. newspapers and other properties in the two months since the company went private. Kathleen Waltz had worked for Tribune for 34 years, and been publisher of the Sentinel since 2000. She did not indicate pressure to leave but said she foresaw changes in corporate structure. Waltz's resignation came a day after Tribune Co. told employees hundreds of jobs would be cut. They are the first such plans since billionaire Sam Zell took the financially troubled media company private last year.

- The Los Angeles Times named Russ Stanton as editor, its fourth in less than three years, after budget cuts drove out previous managers. Stanton, previously the Times' innovation editor, takes over Tribune's Co.'s largest newspaper almost two months after Zell led an $8.2-billion buyout of the company.

TAMPA

Utility adds 5 units to meet demand

To boost its electricity output, Tampa Electric plans to install five new 60-megawatt peaking units to serve its growing service territory. The new peaking units will provide power during periods of peak customer demand, be operational by late 2009 and provide power to about 65,000 homes on a peak winter day. Four of the units will be single-fuel natural gas and will be located on the site of the existing Bayside Power Station in Tampa. One other unit will be located at the Big Bend Power Station in Apollo Beach.

WellCare member list grows 32,000

WellCare Health Plans Inc. of Tampa added 32,000 new members to its Medicare Advantage plans through Jan. 11 for a total enrollment of about 191,000, despite an ongoing federal investigation. Though some growth is due to the addition of new markets, particularly Texas, investors considered it a good sign. WellCare's shares rose 5 percent to close at $51.04, up $2.45. United Healthcare had the biggest MA enrollment nationwide, with 1.4-million members. Humana, No. 2 nationwide, topped the market in Florida, with 340,000 members.

NEW YORK

Auto loan lateness hits 10-year high

Auto loans at least two months delinquent hit a 10-year high in January, Fitch Ratings said Thursday, signaling the continued spread of consumer weakness to beyond homes and credit cards. The firm said 0.77 percent of U.S. prime and subprime auto asset-backed securities were more than 60 days behind on payments, with the rate jumping 12 percent from December and 44 percent from a year ago. Fitch's prime auto ABS annualized net loss index was at 1.28 percent in January, a 4.5 percent decline from the prior month but 44 percent higher than a year earlier.

[Last modified February 14, 2008, 23:58:07]