Key Developments in Business and Economy

Strategic Insights -

General Motors has announced the appointment of Troy Clarke as its new president of North American operations, while the Tribune Co. has approved a massive share buyback program worth over $2 billion. Meanwhile, a study has found that nearly 75% of former Bethlehem Steel and LTV Corp. retirees had obtained health care coverage within two years of losing their benefits, but at the cost of significant lifestyle changes. The consumer confidence index has also fallen to a six-month low, with experts attributing the decline to the current economic and job outlook.

Key Takeaways:

  • General Motors has appointed Troy Clarke, 51, as its new president of North American operations, effective July 1.
  • The Tribune Co. has approved a $2 billion share buyback program to repurchase up to 75 million shares.
  • A study has found that 75% of Bethlehem Steel and LTV Corp. retirees had obtained health care coverage within two years of losing their benefits, but had to make significant lifestyle changes to access coverage.
  • The consumer confidence index has fallen to 103.2 in May, down from 109.8 in April, indicating a decline in consumer optimism.
  • Colorado Governor Bill Owens has vetoed an ethanol mandate passed by his state's legislature, citing support for "free market principles".
  • Missouri Governor Matt Blunt has expressed support for similar ethanol mandates, sparking criticism from some experts.

Statistics:

  • The $2 billion share buyback program approved by the Tribune Co. represents a significant investment in the company's future.
  • The consumer confidence index has fallen by 6.6 points in May, marking a six-month low.
  • 75% of Bethlehem Steel and LTV Corp. retirees had obtained health care coverage within two years of losing their benefits.
  • The "Beach Bum Blonde Ale" seasonal draft beer from Anheuser-Busch Cos. will be available on tap through early September.

Sources:

  • " INSIDE GM PRESIDENT" - No date specified
  • " C2 BIG BUYBACK" - No date specified
  • " C2 MADE OF STEEL?" - No date specified
  • " C2 NO CONFIDENCE" - No date specified
  • " C3 IN BRIEF" - No date specified
  • "STLtoday.com" - No date specified
  • "ONLINE STLtoday.com" - No date specified