Profits of Sports Authority decline
New York: Sports Authority Inc., the largest US sporting goods chain, said on Friday quarterly earnings fell more than 70 per cent, as consumers curtailed purchases of sporting goods due to adverse weather and the war in Iraq. The retailer, which operates 204 stores in 33 states in the US, said first-quarter net income totalled $489,000, or 1 cent per share, compared with $1.7 million, or 5 cents per share in the year-earlier period. Before an accounting change related to money received from suppliers and charges, the company said it earned $1.5 million, or 4 cents a share in the quarter.
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Air traffic plunges due to SARS, Iraq
Geneva: International world air passenger traffic plunged 18.5 per cent in April from the same month last year and by a massive 44.8 per cent in the Asia-Pacific region and 23.5 per cent in North America, the airlines body IATA said on Friday. "These are dark days for our industry," the Geneva-based International Air Transport Association's Director-General Giovanni Bisignani said.
The nose-dive in the already struggling airline business was largely caused by the war in Iraq and the SARS virus crisis in east and south-east Asia, the association said.
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Citigroup fires seven top sector analysts
New York: Citigroup , the world's largest financial services company, has fired seven top analysts and has temporarily dropped coverage in nine sectors as it realigns its research department, sources familiar with the situation said on Friday. Analysts let go at Smith Barney, the investment banking unit of Citigroup formerly known as Salomon Smith Barney, include Michelle Applebaum, head of metals and mining research, and Ray Niles, its top utilities analyst, the sources said. "As a result, our US coverage universe has been reduced by 117 companies, placing current Smith Barney coverage of the S&P at about 70 per cent," an internal bank memo issued by Jonathan Joseph, head of US stock research, said.
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US Senate clears $350bn tax cuts
Washington: The US House of Representatives on Friday passed a $350bn tax cut plan that was less than half the size of President Bush’s original proposal, but backers said it was enough to boost the economy as well as the president's re-election chances. The House voted 231-200 for the plan, mostly along party lines. It lowers the top tax rate on dividends and capital gains to 15 per cent through '08 and accelerates scheduled income-tax cuts. It also provides tax breaks for businesses to encourage investment in new equipment. The bill also provides for checks of up to $400 per child to be issued in ‘03. The Senate is expected to pass it later on Friday. It will then go to Bush who said he would sign it.
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