What do you earn?
Every year, Parade magazine reports on people's salaries around the country. This year's "What We Earn" report is in the Parade magazine that will appear next month in The Bee. To supplement this report, The Bee is looking for area residents who would be willing to share their name, age, occupation, annual income and comments about wages in the valley. Arrangements will be made to get photographs of those who are interviewed. If you would like to participate, call 578-2336 or e-mail email@example.com.
Paper firms cut deal
International Paper, a global supplier of packaging materials and uncoated paper, announced Monday that it is buying the containerboard unit of Weyerhaeuser Co. for $6 billion in cash. Memphis-based International Paper said it will pay for the purchase through increased debt. Weyerhaeuser and International Paper have container and packaging plants in Modesto's Beard Industrial District. It wasn't immediately known how the deal would affect the two Modesto plants. The planned purchase would make International Paper the largest containerboard producer in North America with a 29 percent market share. The sale includes nine container board mills; 72 packaging locations; 10 specialty-packaging plants; four kraft bag and sack locations, and 19 recycling plants. About 14,300 employees work at the containerboard packaging and recycling business.
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Industrial output fell in February by the biggest amount in four months, providing another gloomy assessment of the economy's health. The Federal Reserve said Monday that output at the nation's factories, mines and utilities dropped by 0.5 percent in February, the biggest decline since a 0.6 percent fall in October. It was a far weaker reading than the slight increase of 0.1 percent that many analysts had been expecting. It served to underscore the severity of the economic slowdown. Daniel Meckstroth, chief economist for the Manufacturers Alliance/MAPI, said he believed the manufacturing sector fell into a recession in October and the economy followed in December.
Small businesses should avoid mistakes and omissions on tax returns that attract the attention of the IRS, warns Small Talk columnist Joyce M. Rosenberg.