Business memo 04/29/02

Labor market shows little improvement

Missouri's jobless rate jumped four-tenths of a point to 5.2 percent and non-farm payroll employment fell by 9,000 jobs, on a seasonally adjusted basis in March, the state's Department of Economic Development recently announced.

Joe Driskill, director of the department, said the colder, more winter-like conditions Missouri experienced last month contributed to the unusually large increase in the unemployment rate.

In Cape Girardeau County, the unemployment rate for March was 4 percent, which is mostly unchanged since the beginning of the year, according to statistics provided by the economic development department.

Nine Missouri counties reported a double-digit unemployment rates in March, including Madison, Pemiscot, Wright, Washington, Douglas, Wayne, Reynolds, Taney and Stone.

Boone and Nodaway counties posted the lowest unemployment rates at 2.1 percent.

Financial firms asked to fight money laundering

Banks, credit card firms and many other financial companies will have to adopt comprehensive programs to combat money laundering as part of the Bush administration's fight against drug dealers and terrorists.

The requirement announced last week by the Treasury Department implements part of a law enacted last year that aims to thwart terrorism and crack down on money laundering.

The rules cover not only banks and credit card companies, but also securities firms, mutual funds, wire-transfer businesses, check cashers and commodities dealers.

Business center offering counseling sessions

The Small Business Development Center of Southeast Missouri State University will be conducting counseling sessions for area small business people who are planning a business venture.

The counselor, Gil Degenhardt, will be available from 10 a.m. to 3 p.m. May 15 at the Cape Girardeau Chamber of Commerce. Call 335-3312 for an appointment. The counseling sessions will last about an hour and are free.

AT&T Wireless reports $176 million loss

AT&T Wireless Services Inc. said last week its loss in the first quarter widened, hurt by a large accounting adjustment. But the cell phone company boosted revenue and subscribers.

Redmond-based AT&T Wireless recorded a net loss of $176 million, or 7 cents a share, compared with a loss of $42 million, or 2 cents a share, a year earlier. Revenue climbed 13 percent to $3.61 billion from $3.21 billion.

Most of the loss came from a $166 million adjustment of accounting for goodwill -- a switch that also is affecting other companies. The cost lowered results by 6 cents a share. The company also took a $6 million charge for the early retirement of debt. Those losses were offset partially by a $12 million gain from discontinued operations.

-- From staff, wire reports