Augusta executive to head Husqvarna office
Outdoor power products company Husqvarna has named Roger Leon as head of its North American consumer product business effective July 1.
Mr. Leon, who is currently the North American chief operating officer, will replace the retiring Robert E. Cook and be based at the company's North American headquarters on Stevens Creek Road in west Augusta.
Mr. Leon, along with Mr. Cook, joined the company in 1989 when it was a part of Electrolux. Mr. Leon will report to the Stockholm, Sweden-based company's CEO Bengt Andersson and will serve as a member of Husqvarna Group Management.
Morris downsizes corporate staff
Morris Communications Co. LLC eliminated 28 positions at its corporate headquarters in Augusta on Wednesday.
The employees were not part of The Augusta Chronicle or any of the holding company's other media properties.
"We are in the midst of challenging economic times, nationally and here at home in Augusta," said William S. Morris IV, president of Morris Communications. "...The communications industry is undergoing massive changes."
He said temporary market conditions required the company to manage staffing in a "responsible and prudent fashion."
"I am confident (the company) will move forward with increased strength and vigor to meet the challenges ahead," he said.
Oil prices drop, gas prices continue rise
NEW YORK --- Oil prices extended their drop from record highs Wednesday, falling to the $122 level after the Energy Department said gasoline demand fell sharply last week.
Retail gas prices, meanwhile, rose to a new record above $3.98 a gallon and are likely to hit $4 in coming days, although oil prices have retreated nearly $13 from last month's record levels.
In its weekly inventory report, the department's Energy Information Administration said demand for gasoline fell by 1.4 percent over the last four weeks. Gasoline inventories rose by 2.9 million barrels last week, more than three times the increase analysts polled by energy research firm Platts had expected.
Concerns about demand have helped pull oil down from its May 22 high of $135.09.
Service industry avoids recession
WASHINGTON --- Worker productivity increased at a faster pace in the first three months of this year than expected, wage pressures moderated and an important measure of business activity showed the service sector skirted recession in May.
The Labor Department reported Wednesday that productivity rose at an annual rate of 2.6 percent from January through March, faster than the government's first estimate of 2.2 percent a month ago.
The Institute for Supply Management said its nonmanufacturing index, which covers 80 percent of the economy, stood at 51.7 in May -- better than expected and close to April's 52 figure.
Bernanke says repeat of '70s woes unlikely
WASHINGTON --- Federal Reserve Chairman Ben Bernanke said Wednesday he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks. His assessment came in a speech Wednesday to graduating students at Harvard University.
Back then, the economy suffered from a dangerous combination of stubborn inflation and stagnant growth. Some economists have expressed fears that the U.S. may be heading in that direction again.
-- From staff and wire reports
icon.
