Thursday, July 27, 2000

Business Digest


Amazon.com posts losses

        Amazon.com Inc. said its second-quarter loss more than doubled to $317.2 million, as the top Internet retailer spent more on new warehouses and product lines. Sales fell short of forecasts.

        The quarterly loss of 91 cents a share compares with a loss of $138 million, or 43 cents last year. Sales rose 84 percent to $577.9 million from $314.4 million, which was below estimates. Amazon.com has lost a total of $1.5 billion over six years as the company expanded into new products.

Reactor start delayed Bloomberg News
        Columbus-based American Electric Power Co. said the restart of a Michigan nuclear plant's idled reactor will be delayed until early next year and cost the utility owner another $145 million.

        Columbus-based AEP had expected to have the Cook plant's No. 2 unit running this year.

May buy tissue plants Bloomberg News
        Kimberly-Clark Corp., the world's largest maker of tissues, said it will consider buying the tissue plants of Fort James Corp., which are being sold as part of its acquisition by Georgia-Pacific Group.

        A Georgia- Pacific spokesman declined to identify the individual plants in the United States and Europe to be sold. A purchase by Kimberly-Clark also would prevent Procter & Gamble Co. from getting the properties.

Wisk tablet to hit U.S. The Associated Press
        Unilever announced Wednesday that it will introduce a new tablet form of Wisk — Wisk Dual Action Laundry Tablets — to the U.S. market. The announcement comes a day after industry rival Procter & Gamble Co. said it would reintroduce the first tablet laundry detergent in the U.S. since 1978.

Carmaker's profits up The Associated Press
       

        Second-quarter profits rose 18 percent at DaimlerChrysler AG, topping expectations, but the automaker warned that earnings for the rest of the year would be hurt by larger U.S. sales incentives and the cost of launching new Chrysler cars and minivans.

        The U.S.-German company reported Wednesday that profits totaled $1.67 billion, or $1.66 a share, from April to June, as a strong showing for Mercedes-Benz and other units offset lower earnings from the Chrysler division.

       



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- Business Digest