Laclede Gas Customers Face Price Hike

Strategic Insights -

Laclede Gas Co. customers will soon see a price hike under a new rate system that took effect Monday. The increase, which will be reflected on bills sent out in the last half of January, will cost the typical residential user $1.50 a month, or $18 a year. This hike is expected to raise $11.2 million in additional revenue yearly for the utility. The Missouri Public Service Commission had scaled back Laclede's request for a bigger rate increase that would have cost the typical residential user $3.40 a month.

Key Takeaways:

  • Laclede Gas Co. customers will face a price hike of $1.50 a month, or $18 a year, under the new rate system that took effect Monday.
  • The price hike is expected to raise $11.2 million in additional revenue yearly for the utility.
  • The Missouri Public Service Commission had scaled back Laclede's request for a bigger rate increase that would have cost the typical residential user $3.40 a month.
  • Laclede sought the increase to cover non-gas administrative expenses.
  • The increase will start showing up on bills Laclede sends out in the last half of January.

DaimlerChrysler Sees 12 Percent Sales Increase

DaimlerChrysler AG, Europe's largest industrial company, reported a 12 percent sales increase in 1999, driven by strong demand for Mercedes-Benz's S-Class luxury models and Chrysler's Jeep Cherokee.

Key Takeaways:

  • DaimlerChrysler AG reported a 12 percent sales increase in 1999.
  • Sales increased to 148 billion euros ($149.7 billion) from 131.8 billion euros last year.
  • The company estimates operating profit grew faster than sales for the year.
  • Strong vehicle sales in North America and Western Europe contributed to the positive sales figures.

Statistics:

  • 1999 sales: $149.7 billion
  • 1998 sales: $131.8 billion
  • Sales increase: 12 percent

Goodyear Faces $3.5 Billion Lawsuit

Goodyear Tire & Rubber Co. was accused in a $3.5 billion lawsuit of lavishing Chinese officials with gifts to secure an interest in a tire plant.

Key Takeaways:

  • Goodyear Tire & Rubber Co. was sued for $3.5 billion by China Tire Holdings Ltd.
  • The lawsuit claims that Goodyear interfered with China Tire's contractual relationship with a Chinese tire factory.
  • Goodyear allegedly violated several U.S. laws, including one barring payments designed to influence foreign officials.

Statistics:

  • Lawsuit amount: $3.5 billion

General Mills Overtakes Kellogg as Top Cereal Maker

General Mills Inc. has dethroned rival Kellogg Co. as the biggest U.S. cereal company for the first time, with a 29.8 percent market share.

Key Takeaways:

  • General Mills Inc. has overtaken Kellogg Co. as the largest U.S. cereal company.
  • General Mills had 29.8 percent of the market share, compared to Kellogg's 27.9 percent.
  • The market share is based on the pounds of cereal sold.
  • General Mills' share of the market has surged from less than 20 percent a decade ago.

Statistics:

  • General Mills' market share: 29.8 percent
  • Kellogg's market share: 27.9 percent

Sources:

  • "Laclede customers will see increase" by the St. Louis Post-Dispatch, date unknown
  • "DaimlerChrysler sales up 12 percent" by Reuters, date unknown
  • "Goodyear sued for $3.5 billion" by Bloomberg, date unknown
  • "General Mills overtakes Kellogg" by Prudential Securities, date unknown
  • "AT&T tries to block Bell Atlantic" by the Associated Press, date unknown