Business memo 4/22/02

Lutesville Motor gets highest company honor

Lutesville Motor Co. Inc., of Marble Hill, Mo., has achieved the President's Award, Ford Motor Co.'s highest dealer honor. Every year, Ford Motors honors dealerships that have gone above and beyond their customers' expectations.

The customers are the judges, which is measured by a comprehensive survey in which the customers rate dealers on the basis of their sales, service and overall ownership experience.

This year, 340 dealerships out of 5,000 were awarded the honor.

"It's a thrill to receive the recognition from our customers," said Dave Thomas, general manager. "Making sure our customers are happy is what everyone who works here strives for, and it takes real teamwork to make it happen."

Lutesville Motors has served the area since 1935.

Northwest, US Airways report large losses

Northwest Airlines and US Airways, the nation's fourth- and sixth-largest carriers, reported large first-quarter losses last week, blaming the decline in business travel for much of their troubles.

Low-fare carrier Southwest Airlines managed to earn a profit despite the unfavorable conditions in the first three months of 2002, although its income was substantially lower than it was during the same period last year.

Executives at all three airlines said the outlook for the next three months, typically a busy season for the industry, does not look great, but that they expect the beleaguered industry to continue its gradual recovery.

US Airways said it plans to restructure and is "likely" to ask for more government assistance.

Noranda gets climate protection award

Noranda Aluminum Inc. in New Madrid, Mo., was recently honored by the U.S. Environmental Protection Agency at the 2002 Climate Awards Ceremony, held in Washington, D.C., in March.

Noranda was recognized for voluntary reduction of CFCs, which are potentially potent global warming gasses. Noranda has reduced the emissions by more than 80 percent since 1990.

Noranda produces more than 500 million pounds of primary aluminum products at its St. Jude Industrial Park near New Madrid. Those products are distributed throughout the U.S. and Mexico.

Economic indicators edge up in March

A key gauge of U.S. economic activity edged up last month but a more recent measure of new claims for unemployment ticked higher, suggesting an economy struggling to make its way out of recession.

The New York-based Conference Board reported its Index of Leading Economic Indicators inched up 0.1 percent last month to 112.3 after holding steady in February. Analysts had forecast a 0.3 percent gain.

Meanwhile, new claims for jobless benefits edged up by a seasonally adjusted 1,000 to 445,000 for the work week ending April 13, the Labor Department reported.

The leading indicators index measures where the overall U.S. economy is headed in the next three to six months. It stood at 100 in 1996, its base year.

Nokia profits, sales decline in first quarter

Nokia, the world's largest cell phone maker, reported its profit and sales fell in the first quarter and slashed its forecast of sales growth for the rest of the year, sending its share price down more than 12 percent.

The first-quarter results were in line with market expectations, but the forecast of slower sales growth for the year underscored the problem facing telecommunications equipment manufacturers as debt-burdened operators have cut spending.

Nokia also announced Thursday it will lay off more than 600 people at its plant near Dallas that employs 1,600 workers.

-- From staff, wire reports