1. Archive


TYCO DUMPS 7,200 JOBS: Tyco International Ltd. will slash about 7,200 jobs as part of a restructuring plan and sell off 50 businesses, including its undersea fiber-optic network. The businesses Tyco is exiting are in every segment of the conglomerate's operations, except plastics and adhesives. They had combined annualized revenues of $2.1-billion in fiscal year 2003, or about 6 percent of the company's total revenue, Tyco said Tuesday. Based on revenue, more than half of the divestitures are in the company's fire and security segment.

LAYOFFS DOUBLE IN OCTOBER: Job cuts announced by U.S. companies more than doubled in October from the month before, showing again that the nation's economy is in a period of jobless expansion, according to Challenger, Gray & Christmas Inc., an outplacement firm in Chicago. Companies announced plans to eliminate 171,874 positions, compared with 76,506 jobs in September. It was the highest monthly level since October 2002, when 176,010 job cuts were announced. Hardest-hit was the automotive industry, which announced plans to eliminate 28,363 jobs in October. That was followed by the retail sector, which plans to cut 21,169 jobs.

DAYTIME ADDS DISCLOSURES: Responding to mounting criticism, WFLA-Ch. 8 said Tuesday it will more clearly disclose to viewers when guests or companies featured on its Daytime morning show have paid a fee in exchange. The Tampa NBC affiliate will identify each paid segment moments before it airs, in addition to its current practice of listing them briefly during the show's closing credits. "This should eliminate any remaining possibility for confusion," general manager Eric Land said in a news release. The move came a day after Sen. John McCain, R-Ariz., complained in a letter to the Federal Communications Commission, calling Daytime a sham and asking whether the FCC's rules are strong enough to protect viewers. Recent articles and an editorial in the Washington Post also criticized Daytime's pay-for-play format. In response to an article, chief executive J. Stewart Bryan III of Media General Inc, which also owns the Tampa Tribune, accused the Washington Post of "doing the misleading by mischaracterizing our (Daytime) program."