Business: Business digest

Business digest

Compiled from Times wires

AMERICAN STANDARD TRIMS STAFF: American Standard Cos. has eliminated 1,000 jobs and reduced profit forecasts because of the slumping economy. The maker of plumbing fixtures and Trane air-conditioning systems said third-quarter income is expected to be about $1.23 a share, unchanged from a year earlier and less than the $1.42 average estimate of analysts. Full-year earnings will be $4.52 to $4.58, which is less than the First Call estimate of $4.91.

CHIPMAKER REDUCES WORK FORCE: Computer chip manufacturer Advanced Micro Devices Inc. said it is cutting 2,300 jobs and closing two factories in Texas to cut costs and strengthen its core business. The cuts represent about 15.3 percent of AMD's global work force. AMD will take a one-time charge of between $80-million and $110-million in the current quarter for the restructuring. CAMARO, FIREBIRD SHELVED: General Motors Corp. said it will stop producing the Camaro and Firebird next year and close the plant near Montreal that builds them to cut costs. General Motors put the vehicles on "hiatus," a sign they may be resurrected to appeal to nostalgic buyers. Camaro sales dropped 26 percent this year through August to 22,339, while Firebird sales declined 28 percent to 16,225. General Motors said demand for sports cars declined 53 percent from 1990 to 2000 as many of those buyers switched to trucks and sport utility vehicles.

TREASURY AUCTION: Interest rates on four-week Treasury bills rose in Tuesday's auction. The Treasury Department sold $10-billion in four-week bills at a discount rate of 2.45 percent, up from 2.25 percent last week. The new discount rates understate the actual return to investors: 2.495 percent.

INTERMEDIA OUTLINES CUTS: Intermedia Communications Inc. said it will close its Maitland office and eliminate all 102 employees there by year-end. The telecommunications company also is gradually paring 221 of 888 employees at its Tampa headquarters and an unspecified number of the 397 and 99 workers at its Sabal Park and Westshore offices, respectively. Nationwide, Intermedia plans to fire at least 900 of 4,000 employees at its 50 offices. It was acquired by WorldCom Inc. in July.

CRUISE LINE SHUTS DOWN: Renaissance Cruises of Fort Lauderdale has ceased all operations, becoming the industry's first casualty of the terrorist attacks. Industry analysts said Renaissance's shutdown was a result of long-term financial problems, which were aggravated by a sharp decline in cruise bookings after the attacks. Passengers and crew onboard its vessels already at sea were being removed, according to a message on the company's voice mail and on its Web site. According to Jason Ader, an analyst at Bear, Stearns, the attacks have had a "devastating impact on demand, with bookings dropping 5 percent to 50 percent depending on the cruise ship and its location." Officials with Renaissance could not be reached for comment.

WINN-DIXIE CUTS ESTIMATES: Winn-Dixie Stores has lowered its fiscal first-quarter earnings estimate, citing the Sept. 11 terrorist attacks. Income in the first quarter ended Sept. 19 will be 15 cents to 18 cents a share, down from a previous forecast of 24 cents to 30 cents, a spokesman said.

AIRTRAN OFFERS NEW SERVICE: AirTran Airways will begin flying the only jet flights between Tampa International Airport and Tallahassee, the airline said. Orlando-based AirTran, formerly ValuJet, will fly three daily round trips starting Nov. 15. Tampa has been without jet service to Tallahassee since 1996, when now-defunct Air South stopped flying the route. AirTran also is initiating service between Tampa and Miami. Introductory fares to Tallahassee and Miami, available through Nov. 14, begin at $30 one way; 14-day advance fares are $39 each way; and walk-up fares are $84.