PRODUCTIVITY GROWTH STRONG BUT SLOWING: Workers' productivity grew at a healthy though considerably slower pace in the third quarter, the Labor Department said. Productivity -- the amount of output per hour of work -- rose at an annual rate of 3.8 percent during the July-September quarter after a sizzling 6.1 percent rate of growth posted in the second quarter. While third-quarter productivity growth was the slowest since the beginning of the year, the gain exceeded many analysts' expectations.

HEDGE FUND LANDS STAKE IN SYKES: A New York hedge fund company has swiftly and quietly acquired 14.6 percent of the shares of Sykes Enterprises Inc., according to a form filed with the Securities and Exchange Commission. Ahmet Okumus, principal and portfolio manager at Okumus Capital LLC, said in an interview that he acquired the shares during the past several weeks in hopes of turning a quick profit for his investors. He said his company has no intention of trying to change the leadership or strategic direction at Sykes, whose stock hit an all-time low of $3.81 Oct. 12 after reaching over $50 in January. Sykes' stock rose 53 cents Thursday, or 9 percent, to close at $6.56.

JOBLESS CLAIMS UNCHANGED: First-time claims for unemployment benefits last week held steady, the Labor Department said. Initial jobless claims were unchanged at 308,000 in the week ended Oct. 28. The four-week moving average for claims rose to 309,750 last week from 308,000 the previous week.

PRICELINE REPORTS JOB CUTS, LOSS: Priceline.com is laying off 87 people, 16 percent of its work force, and said that chief financial officer Heidi G. Miller is leaving after only eight months on the job. Priceline made these announcements in conjunction with its third-quarter earnings report, in which it reported a loss of 1 cent per share. The results met lowered analyst expectations. OLYMPIC ENDOWMENT CREATED: With the help of a $100,000 gift from SunTrust Banks Florida, the U.S. Olympic Committee has created the Florida Business Endowed Athlete Grant. The endowment, which will be funded by businesses, will help Olympic-caliber athletes around the Southeast pay for their training. It's the first endowment of its type in the country.

NUMED SEEKS BANKRUPTCY PROTECTION: NuMed Home Health Care Inc. of Clearwater has filed for bankruptcy protection while it seeks a buyer or financing. The struggling Clearwater company has home health agencies in Florida, Ohio and Pennsylvania. It also provides temporary nurses as well as physical, occupational, language and speech therapists. NuMed also said two of its directors, Richard Osborne and Michael Gorman, have resigned from the board. The company said it did not expect its home health services and contract staffing to be affected by the Chapter 11 filing. Last spring, NuMed was unable to pay its 700 workers when an expected buyout offer failed to materialize.

TAMPA CHAMBER STATES POSITIONS: The Greater Tampa Chamber of Commerce supports the idea of one University of South Florida, while it opposes an amendment to the Florida Constitution that would mandate construction of a high-speed rail system by 2003. Those issues were among resolutions passed by the chamber. Also, the chamber supports the Big Bend Transfer Co.'s plans to build a sulfur-handling facility at the Port of Tampa and wants to expand Hillsborough County's health plan to low-wage workers at businesses with 19 or fewer employees.

CHECKERS PICKS NEW AD AGENCY: Checkers Drive-In Restaurants Inc. has selected MARC USA of Pittsburgh and Miami as its new ad agency. Chief executive Dan Dorsch has made no secret of his aversion to Checkers' latest ad campaign, which featured a fast-driving, burger-inhaling vixen named Holly. That campaign, developed before Dorsch joined the company, was done by Crispin Porter & Bogusky. Checkers expects to have a new ad campaign by January. The account's estimated value is $10-million.

WORLDCOM CONTENT WITH DIGEX STAKE: WorldCom Inc. will not buy the 45 percent of Web-site manager Digex Inc. that Intermedia Communications doesn't own, chief executive Bernard Ebbers said. Speaking at a Bear, Stearns & Co. conference in New York, Ebbers also said WorldCom has "hired people to look at the sale of Intermedia's assets as a unit."

UNDERWRITER TO CUT 3,000 JOBS: Insurance underwriter Aon Corp. said it plans to cut 3,000 jobs in the next year to improve efficiency. The cuts represent about 6 percent of Aon's work force and are mostly expected in the company's insurance brokerage subsidiary. Shares of Aon fell 18 percent, to $33.19.

CELOTEX OPENS KENTUCKY PLANT: BPB Celotex of Tampa has opened a $72-million gypsum production plant in Carrollton, Ky. Celotex said the plant, which will employ about 100 people, has an annual production capacity of 700-million square feet of gypsum board.

Back to Business

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright

Special Links

Stocks

From the Times
Business report

Z-Tel execs put accent on growth

Business today

Verizon sued for telephone rental fees

Florida goes west for Silicon Valley riches

Southwest expanding TIA presence

BofA taps Publix for store locations

From the AP
Business wire

From the state business wire

Judge denies dismissal of Citigroup shareholder suits

Carnival to buy 4 cruise ships from Italian builder