Business: Business digest

Business digest

Compiled from Times wires

JOB CUTS MOUNT AT MOTOROLA: Motorola Inc. said it will cut another 9,400 jobs in a push to return to profitability in 2002. The cuts amount to more than 8 percent of its work force. The cell phone and semiconductor manufacturer has now shrunk its work force by 32 percent -- 42,900 jobs through layoffs and 5,500 through sales of businesses -- since it stood at 150,000 worldwide in August 2000. Motorola also warned that it anticipates a loss of 11 cents to 14 cents a share in the upcoming first quarter. Analysts had pegged the loss at 5 cents. Motorola's shares closed up 34 cents at $16.61; the announcement came after the close of regular trading.

STEEL PRODUCTION PACT: The United States joined 38 other steel-producing nations in agreeing to reduce world output of the metal by almost 10 percent during the next decade. The agreement, reached after two days of talks in Paris, was prompted by a slowdown in the global economy that has depressed demand from carmakers, builders and other steel consumers. The glut has sent prices to their lowest level in 20 years. The United States pushed for the accord, which it said would boost a domestic industry that has seen 18 steelmakers -- including Bethlehem Steel Corp. and LTV Corp. -- declare bankruptcy since 1997.

DAIMLERCHRYSLER TO CUT EUROPE FORCE: DaimlerChrysler said it will shrink its work force in Germany by up to 6,000 workers by the end of next year. The company, already struggling to turn around its money-losing Chrysler unit in the United States, blamed a slowdown in its truck and bus business in Europe. A spokesman said the cuts would be made through attrition, and there will not be layoffs. DaimlerChrysler has launched a three-year turnaround plan for Chrysler that calls for eliminating nearly 26,000 jobs, closing six or seven plants and selling unnecessary business units.

JOB CUTS AT GE CAPITAL: General Electric Co. said it will cut 3,000 jobs at its GE Capital unit and exit some financing businesses to reduce expenses. GE Capital, which accounts for about 40 percent of the parent company's profit, is consolidating administration at some of its 24 businesses, such as European equipment financing. The job cuts and exiting of product lines are expected to save $400-million next year. GE Capital operates a call center in Tampa but spokesman John Oliver could not provide an estimate of current jobs there late Tuesday. Oliver said the 3,000 cuts are not specific to any geographic region or business unit. GE Capital's 90,000 employees are spread across 47 countries.

PRICEWATERHOUSE NAMES CEO: PricewaterhouseCoopers has named Samuel DiPiazza Jr. global chief executive, effective Jan. 2. DiPiazza, 51, replaces Jim Schiro, who in June said he would retire as soon as a successor was found. DiPiazza has been chairman and senior partner of the company's U.S. firm since August 2000. PricewaterhouseCoopers will hold an election to replace DiPiazza as U.S. chairman and senior partner.

HUNTINGTON MAINTAINS FORECAST: Huntington Bancshares reiterated its estimates for the fourth quarter, but said the bank expects higher loan losses as the U.S. economy weakens. The estimates for the quarter of 29 cents a share to 31 cents don't include costs of a reorganization plan the company announced in July. Analysts expect the bank to earn 30 cents a share. The company said it will add $50-million to its loan-loss reserves in the quarter. "The economic outlook is more negative today than two months ago," chief executive Thomas Hoaglin said. "Fourth quarter results will reflect additional credit quality deterioration." Huntington shares rose 10 cents to $16.54.

OFFICEMAX TO CLOSE STORES: OfficeMax Inc. said it will close 40 stores despite an improvement in same-store sales in the fourth quarter. Operating results in the fiscal quarter ending Jan. 26 are "substantially better" than the third quarter, chief executive Michael Feuer said. Sales at stores open a year or more fell 2.4 percent, less than a 7.9 percent decline in the third quarter. OfficeMax nonetheless still expects a loss for the quarter. The stores to be closed will be in locations "no longer economically and strategically viable," Feuer said, though specific sites and closing dates have not yet been determined. Shares rose 63 cents to $4.15.

PORT AUTHORITY PICKS CHAIRMAN: The Tampa Port Authority board elected Ruskin dentist Joseph Diaz as its new chairman. Diaz was Gov. Jeb Bush's+

first appointment to the port board in 1999. Last week, Bush named Gladstone "Tony" Cooper of Temple Terrace to the board. He replaced Fassil Gabremariam, who served eight years but did not seek reappointment.