Thursday, May 1, 2003

Tristate summary

From staff reports

Keith Lindner to resign from AFG

Keith Lindner, director and co-president of American Financial Group Inc., will resign from the company and the board, AFG said Wednesday.

One of three sons of company chairman and chief executive officer Carl Lindner, Keith Lindner said he will concentrate on "continuation of my investment career and continued involvement in some of the family-involved Christian charitable activities."

AFG will create a new board slot. They will nominate William Shutzer and Terry Jacobs to fill the two open positions, giving the company five independent directors on the nine-member board. Shutzer is a managing director of Wall Street investment house Lehman Bros., and Jacobs, who worked for AFG's Great American Insurance unit in the 1970s, is chairman and CEO of Regent Communications Inc.

Credit agency predicts deficits

Two credit agencies maintained their high ratings for $52.7 million in bonds the city of Cincinnati will issue Thursday. But one agency sent the city a warning with a "negative outlook" on the local economy and continued budget deficits.

Moody's Investor Service expressed concern over the city's shrinking cash reserves and projected deficits through 2006, which could decrease the city's general fund to "critical levels." Moody's also said the city is "especially vulnerable to a continued economic slowdown."

Tree trimmer cuts employees

Asplundh Tree Expert Co. has notified state officials that it will terminate up to 196 employees because Cinergy Corp. is reducing its tree-trimming work with Asplundh. The cuts include 58 supervisors and 138 hourly employees working in Ohio, Kentucky and Indiana

A spokeswoman at the company's Willow Grove, Pa., headquarters declined comment. A spokesman for Cinergy said Asplundh submitted a "significant increase in price'' under a contract reopener with the utility. He said Cinergy was reducing its work with Asplundh and rebidding a portion of its contract.

Delta asks pilots for pay cut
Kroger leaves Derby floral designers in dust
Fed chief foresees gradual growth
Grocers to alter labels on color-enhanced salmon
Provident shows greater profits
Tyco says audit finds new problems in books
DHL will have American owner, lawyers tell judge
GE eliminating 80 engine-repair jobs
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