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Letter to the editor

Food prices jump by most in 11 months

By Times Wires
Published February 21, 2008

WASHINGTON

The Labor Department reported that its Consumer Price Index posted a gain of 0.4 percent last month, matching the December increase. Food costs rose by the most in 11 months, led by big gains for vegetables, fruit, poultry and pork. Core inflation, which excludes food and energy, rose by 0.3 percent, the biggest jump in seven months. That increase reflected higher prices for medical care, education, clothing, tobacco and airline fares.

PARIS

Trader acted alone, French bank says

Investigators of a $7-billion fraud at French bank Societe Generale say that the only trader implicated in the scandal acted alone. Investigators also said they found no evidence that there were any personal monetary gains made through the allegedly unauthorized positions taken by futures trader Jerome Kerviel, 31, who is accused of carrying out trades that forced the bank to mop up about $7.33-billion in losses.

TALLAHASSEE 

Worker comp firms must repay $4.2M

Six workers' compensation insurance companies were ordered Wednesday to return $4.2-million in excessive 2003-2005 profits to policyholders after Florida regulators went over their books. "These policyholders are businesses that will get back some of the premium they've been paying for the past three years," said Insurance Commissioner Kevin McCarty. The companies and what they owe: Alaska National ($144,488); American Interstate ($3.02-million); Church Mutual ($768,259); Harco National ($4,819); Midwest Employers Casualty ($218,337); and Petroleum Casualty ($94,329).

TAMPA

Bright House has new division boss

Mike Robertson was named Tampa Bay division president at Bright House Networks. Robertson, 54, has been an executive in the cable television industry for 29 years, and had worked for American Television & Communications, Time Warner Cable and Paragon before joining Bright House in 2003. Robertson replaces Kevin Hyman, who has been promoted to executive vice president of cable operations for Bright House Networks, overseeing cable operations for all six Bright House divisions.

JACKSONVILLE

Forecast boosts Winn-Dixie shares

Winn-Dixie Stores Inc., the Jacksonville grocery chain that emerged from bankruptcy in November 2006, gained the most in almost four months in New York trading after the company raised its earnings forecast for the year, topping analysts' estimates. Winn-Dixie gained $1.88, or 11 percent, to close at $18.25 in Nasdaq composite trading, its biggest increase since Oct. 29.

DETROIT

GMAC contraction to cost 930 jobs

GMAC LLC plans to combine 20 U.S. and Canadian offices into five regional centers and cut about 930 jobs - about 15 percent of its work force - in its auto finance business to cut expenses in the wake of tightening credit markets and heavy losses last year. The job cuts will occur by the end of the year.

[Last modified February 21, 2008, 00:06:45]