Tuesday, October 7, 2003

Business digest

UPS to deliver some packages sooner

Enquirer wire services

ATLANTA - United Parcel Service Inc. will deliver ground packages a day faster in 20 of the nation's largest cities, the company said Monday.

Improvements in using railroads, trucks and technology have allowed UPS to guarantee some of its packages will arrive a day earlier than under its previous schedule, said UPS spokeswoman Christine McManus.

Only about 370,000 packages of 10 million shipped by UPS daily will arrive faster. But the improvements target some of the largest cities and most competitive markets. For example, a package shipped at the ground rate from Los Angeles to New York would arrive in four days instead of five. Shipments from Kansas City to the Carolinas would take two days instead of three.

FedEx Ground spokesman Perry Colosimo responded that it usually offers ground delivery to those cities in the same amount of time. But FedEx doesn't yet guarantee those delivery times.

Rates of short-term securities fell Monday

WASHINGTON - Interest rates on short-term Treasury securities fell in Monday's auction.

The Treasury Department sold $16 billion in three-month bills at a discount rate of 0.920 percent, down from 0.935 percent last week. An additional $16 billion was sold in six-month bills at a rate of 0.995 percent, down from 1.005 percent.

In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 1.17 percent last week from 1.22 percent.

Goodyear closing Alabama tire plant

HUNTSVILLE, Ala. - Goodyear Tire & Rubber Co. will close its Dunlop tire plant in Huntsville by Dec. 5, putting 1,100 employees out of work.

The closing announced Monday had been anticipated since mid-September, when workers with the United Steelworkers of America approved a three-year contract that allowed the nation's biggest maker of tires to close the Huntsville plant, which is its most expensive to operate.

Goodyear said Huntsville workers will be given priority consideration for any jobs at its plant in Gadsden, Ala.

UAW ratifies deal with General Motors

DETROIT - The United Auto Workers union has ratified a four-year labor contract with the last of the Big Three automakers, General Motors Corp. The pact allows GM to close a large assembly plant and a smaller parts factory.

Ford Motor Co. and DaimlerChrysler AG's Chrysler Group already ratified new agreements reached in mid-September.

UAW members also voted to ratify a contract with auto parts supplier Delphi Corp., a former GM division. The UAW did not disclose what percentage of its members voted for the new deals.

Carrier cuts jobs, citing Asian markets

EAST SYRACUSE, N.Y. - Carrier Corp. is eliminating 1,200 manufacturing jobs at its suburban Syracuse container refrigeration and compressor plant, saying it needs to shift production closer to its key markets in Asia.

The cuts amount to 43 percent of the work force at the facility.

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Business digest