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The Week of Dec.11, 2001 About the newsletter Send Us Feedback
Job Title Story

 

Cole named Valor CEO
 

VALOR Telecom's Board of Directors recently announced that Kenneth R. Cole will assume the role of Chief Executive Officer of VALOR in addition to his current title of President. Anne K. Bingaman, VALOR's Chairman and CEO, will continue as Chairman of the Board. The management changes are effective January 1, 2002.

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Fed to cut interest rate
The Federal Reserve is close to wrapping up its most aggressive interest rate cutting exercise since the early 1980s, many economists believe. They think the Fed will cut rates for an 11th time this year at the close of its recent meeting. But many analysts believe the rate cut will be a smaller quarter-point move that will signal that the central bank may be finished with its credit easing campaign.
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SingTel to layoff workers

Singapore Telecom Ltd. plans to lay off 60 contract workers - mainly from China and the Philippines - to cut costs, a company spokesman said. The contract workers will not be given severance packages, but will have their plane tickets paid for by SingTel, the Straits Times reported. The company is also trimming costs by implementing a hiring freeze in some areas and cutting back on travel.

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The Industry Headline
Kroger income up, 1,500 jobs to be cut
 

Kroger Co., the largest U.S. grocer, reported that third-quarter earnings rose and said it would eliminate about 1,500 jobs as part of a cost-cutting plan.

The Cincinnati-based company, which operates more than 2,300 supermarkets, said its earnings before merger-related and one-time costs for the quarter ended Nov. 10 rose to $258.6 million or 32 cents per diluted share, from $233.0 million or 28 cents a year earlier.

Analysts polled by research firm Thomson Financial/First Call had expected earnings per share to range from 30 cents to 33 cents, with consensus at 32 cents. Sales in the quarter rose 3.8 percent to $11.38 billion from $10.96 billion in the prior year, Kroger said.

Looking ahead, the retailer said it expects fourth-quarter earnings per share to be in a range of 46 to 48 cents, bringing the full-year earnings per share to an estimated range of $1.48 to $1.50.

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