Wednesday, June 25, 2003

Tristate summary



From staff reports

Cinergy unit ends deal with gas supplier

A unit of Cinergy Corp. said Tuesday that it will end a gas marketing arrangement with Apache Corp., a Houston-based gas producer, on July 1.

Cinergy Marketing & Trading LP, Cinergy's wholesale gas origination and trading company, said Apache provides about 15 percent of its natural gas supply. Cinergy said the end of the Apache agreement - begun in 1998 when it acquired ProEnergy, a gas marketing company partly owned by Apache - would not affect operations.

Cinergy continues to add new gas supplies through partnerships with other producers, said Michael Cyrus, CEO of Cinergy Marketing & Trading.

Apache, which has more than doubled its North American gas production, said it wants to develop closer relationships with its end customers.

Standard & Poor's, the credit rating agency, said the termination wouldn't affect the ratings of either company.

Convergys buys Avaya employee operations

Convergys Corp.'s smallest but fastest-growing business got a major boost Tuesday when it completed acquisition of Avaya Inc.'s global employee service operations.

Under the agreement, Convergys will provide human resources support services to more than 17,000 Avaya employees in 50 countries.

The Cincinnati-based billing, employee and customer care provider thinks that it is the first to offer human resources services to multinational corporate clients around the world. As more global companies expand overseas, Convergys believes, there's a huge market providing human resources services to their workers.

As part of the Avaya agreement announced in May, Convergys also will operate Avaya's employee service center in Guildford, United Kingdom, to showcase both its and Avaya's products.

Chamber chooses Taft aide for VP post

Douglas Moormann has been named vice president of government affairs at the Greater Cincinnati Chamber of Commerce, succeeding the retired Susan Laffoon, the chamber said Tuesday.

Moorman previously was executive assistant for business and industry to Ohio Gov. Bob Taft. He will start July 21.



Consumer confidence stays level
Forecasts surpassed at Kroger
PEALE: What's the Buzz?
Area bookstores reap the magic
Abercrombie settles lawsuit over dress code
N.Ky. small businesses honored
Consumers prefer to bank at branches
Tristate summary
Business digest
Morning memo