Thursday, June 26, 2003

Tristate summary

From wire reports

Chevrolet Cobalt replaces Cavalier

A Chevrolet to be built at the General Motors Lordstown, Ohio, Assembly Plant beginning in 2004, replacing the Cavalier, will be called Cobalt.

The name wasn't a total surprise.

Car dealers were shown a test model of the car at an event in California a few weeks ago. But Chevrolet had withheld the name until this week, when it announced it to employees at the plant.

The Cobalt is due out in fall 2004 as a 2005 model. To prepare, GM is spending more than $550 million to renovate and upgrade the Lordstown assembly plant and adjacent fabrication plant.

Boeing air fleet moves to Indiana

Boeing Co. plans to move the Midwest division of its executive fleet to the Gary/Chicago Airport in northwest Indiana, ending a 15-year presence in St. Louis.

The decision to consolidate the corporate fleet in Gary was based on efficiency and cost reduction, company officials said this week.

"We got three facilities down to one," Boeing's Robert Paul said. The company's St. Louis-based jets will join three others that Boeing moved to Gary last fall from Chicago's Midway Airport.

The Gary airport was more functional and included space for sleeping quarters that was not available in St. Louis, Paul said.

SEC accuses man in securities sales

Federal regulators accused an Ohio man of selling $20 million of unregistered securities to investors, including members of his church.

The U.S. Securities and Exchange Commission sued Gary L. McNaughton, 48, in federal court this week, saying that he used money from investors' accounts to buy himself cars, a boat and a motor home.

The SEC says McNaughton, a youth assistant at the Church of the Open Door, in Elyria, sold 150 investors notes issued under the name Haven Equity Co.

McNaughton referred questions to his lawyer, Karl May, who had not seen the allegations.

Fed sees firmer economy, trims rates
Teamsters joining effort at Cintas
Home sales increase
Another likely to plead guilty
Durable-goods orders decrease
Concorde set for final trip, by river, to German museum
FERC deals death blow to Enron
Music labels say they'll sue over file downloading
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