Thursday, May 15, 2003

Tristate summary

From staff reports

April, May storms cost insurer $48M

Payouts to policyholders whose homes were damaged by storms in April and May will cost Cincinnati Financial Corp. about $48 million in lost second-quarter profit, the insurance company said Wednesday.

The Fairfield-based company raised its estimate of April storm losses to $13 million. It also issued an initial loss estimate of $35 million for storm damage from May 2 to May 11.

Schaefer to head Commercial Club

George Schaefer, president and chief executive officer of Fifth Third Bancorp, is the new president of the Commercial Club.

The private club, composed mainly of local business executives, elected its new officers Wednesday night. The others include Robert Kohlhepp, CEO of Cintas Corp., vice president; Ronald Tysoe, vice chairman of Federated Department Stores Inc., treasurer; and Victoria Buyniski-Gluckman, CEO of United Medical Resources Inc., secretary.

Other members of the executive committee include David Calhoun, president and CEO of GE Aircraft Engines; Kenneth Lowe, president and CEO of E.W. Scripps Co.; and Lee Carter, chairman of Cincinnati Children's Hospital Medical Center.

DHL Airways ruling delayed

The Department of Transportation has delayed a final ruling on a hearing over the ownership of DHL Airways by two months.

The department was ordered by Congress to conduct an administrative hearing into the ownership of the airline, with a final ruling to be submitted by Sept. 2. But Monday, Transportation Department officials delayed that date until Oct. 31 because the companies involved requested more time to present needed documents.

DHL Airways is the domestic carrier for DHL Worldwide Express, which operates its lone domestic hub at the Cincinnati/Northern Kentucky International Airport.

Several U.S. air freight companies, most notably United Parcel Service and Federal Express, have complained that DHL Airways is violating U.S. law regarding the ownership of domestic airlines. The hearing is to determine the DHL carrier's actual ownership.

Pilots examine Delta dilemma
Truckers face new licensing
Grandin sounds grand as catalog
Wal-Mart Supercenter due in W. Chester
Ex-banker's home open for viewing
Federated down 48% for quarter
Retail sales dip in face of joblessness
Industry notes: Manufacturing
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