Sunday, March 14, 2004

Queen City Rewind


The week in business news in Greater Cincinnati and Northern Kentucky

HEADLINERS

High-profile plaintiffs lawyer Stan Chesley has two new reasons to hold press conferences, suing both the National Football League, on behalf of Hamilton County, and five leading drug companies, on behalf of Ohio's Medicaid program.

Strikes in Southern California and West Virginia cut Kroger Co. earnings by $156.4 million in the fourth quarter, the Cincinnati-based supermarket giant said last week. Kroger will be faced with additional labor negotiations as contracts - including one for the workers in Cincinnati - are set to expire later this year.

THE GOOD, THE BAD

First, the good news. Procter & Gamble Co. shareholders got a three-pronged dose of good news this week with a 2-for-1 stock split, a bigger dividend and increased earnings guidance.

Now the bad news. British drugmaker Shire Pharmaceuticals Group is consolidating its U.S. marketing headquarters and will moved out of Newport. About 170 jobs are affected although the company said it will offer jobs at other sites to some employees. For local economic development pros the news is a blow because high-tech and investment from an overseas company are coveted.

QUOTE OF THE WEEK

"We may not have won, but there are going to be other battles. I'm not a 'give-up' guy, and this is not a 'give-up' company." This from Comair president Randy Rademacher after parent Delta Air Lines awarded its 2005 regional jets to other subsidiaries.

GET A JOB

New surveys show that companies nationwide expect to hire between 8 percent and 12 percent more new college grads than last year. Is the "jobless recovery" disappearing? That's good news for graduating seniors at colleges and universities throughout the Tristate.

THE CRYSTAL BALL

Northern Kentucky leaders already have lightened their pursuit of big-box distribution centers, in the quest for high-tech research offices. Now they have a new study that shows them the road map including 21 top priorities. With the report behind them, a coalition of Northern Kentucky interests now must set about turning the goals into realities.




BUSINESS HEADLINES
Rocky Shoes climbs out of the shadows
Landscape designer listens, and prospers
Lloyd's tempest swamps 18 here
Look Who's Talking: John Pepper
Queen City Rewind
Tristate business notebook
Some tips on how to get moving
Business notebook