Poughkeepsie Journal from Poughkeepsie, New York • Page 6B

Agenda The Commerce Department will report on gross domestic product for, the third; quarter today. louhkeepBie 3ournal BUSINESS Quote "It feels terrible. It doesn't feel like Christmas at all to me." Jim Gescheldlo One of 93 local Verizon employees who lost their Jobs Thursday 6B JUDITH M. BRUSH, BUSINESS EDITOR (845) 437 4808 bl2newspoughkee.gannett.com FRIDAY, DECEMBER 20, 2002 IN BRIEF Gallorla gets ready for now Target store Construction is under way at me Poughkeepsie Galleria making way for the new Target store expected to open in October 2003. Target will be at the south end of the mall where Dick's Clothing Sporting Goods and DSW Shoe Warehouse are.

Dick's and DSW will move to the 80,000 square foot space Montgomery Ward occupied before it closed in March 2001. The Galleria will expand by 37,000 square feet to accommodate Target. On Thursday, workers were painting the outside of Ward's. Earlier in the week, workers used a large crane to lift heating and ventilation units onto the building's roof, Galleria spokeswoman Colleen Pillus said. "The construction is ongoing to get the new Dick's store built and ready to make way for Target," she said.

Target, based in Minneapolis with 1,081 stores nationwide, has stores in Kingston at the Hudson Valley Mall and in Middletown at the Galleria at Crystal Run. Stop Shop gets OK to buy Ames stores QJJINCY, Mass. Stop Shop Supermarket Co. has received approval from bankruptcy court to pay $20 million to take over the leases of 18 department stores from bankrupt retailer Ames. One of the stores is in New Paltz.

Stop Shop Kelly O'Connor said the company expected "many, but not all" of the sites to be developed into Stop Shop stores. The company did hot identify the locations of the stores other than to say they are in New England, and one in Virginia. However, bankruptcy court papers indicate the location of at least three: Falls Church, VaV Old Saybrpoki Conn, and the Ulster County store. Rocky Hill, Conn. based Ames announced in August that that it would close all its 327 stores in 14 states and the District of Columbia, leaving about 22,000 people jobless.

A Stop Shop rival, Shaw's Supermarkets successfully bid $20 million at auction last month to control 18 former Ames stores. Wal Mart found guilty of wage violations PORTLAND. Ore. Wal Mart forced employees to work unpaid overtime between 1994 and 1999, a federal jury found Thursday. The lawsuit in U.S, District Court accused Wal Mart Stores Inc.

of violating federal and state wage laws. The jury did not rule on monetary damages, which will be decided in a separate trial More than 400 employees from 24 of Wal Mart's 27 Oregon stores sued the retailer. It was the first of several similar suits across the country to come to trial. Previously, Wal Mart settled similar overtime cases in Colorado and New Mexico. Home Depot plans to add stores, jobs ATLANTA The Home Depot said Thursday it has opened its store this one in Abilene, Texas and is on target to add 200 locations and 40,000 jobs by the end of its fiscal year.

Twenty years ago, the country's largest home improvement store chain operated 10 stores and had roughly 4.2 million customer transactions. Last quarter, the chain had L471 stores that handled 286 million purchases in the United States, Canada and Mexico. The Atlanta based chain, which has 280,000 employees, said it plans further growth this year in several key markets, including Texas, California, New York, Florida and Indiana. Staff and wire reports Unemplopiieiit stays steady Regiongains positions in November Tlra Associated Press ALBANY The jobless rate stood nearly still in the mid Hudson in November, the state Department of Labor reported Thursday. County joblessness rose a tenth of a percentage point to 3.7 percent, up from 3.6 percent a year ago and the same as in October.

This means 4,600 jpeople are but of work. Ulster County showed a 3.8 percent rate, also up a tenth of a point from a year ago, but up three tenths from October. Orange County's rate fell to 3.8 percent from 4 percent a year ago and was even with October's. The total job count grew. Dutchess added 1,000 in a year; Ulster added 200; and Orange added 400.

Statewide, unemployment; was 6 percent in November as a trend continued in which joblessness in the; state mirrored that of the nation as a whole. Rat os. below average The state Labor Department said the state's unemployment rate compared to 5.8 percent in October and 5.6 percent in November 2001. The corresponding national rates were 6 percent in November, 5.7 percent in October and 5.6 percent in November 200L Comparing November 2001 with last; month, the Labor Department said there were 42,400 fewer private sector jobs in the state, a decline of 0.6 percent. The nation as a whole lost 0.4 percent of its private see tor jobs during the same period.

"This mirroring of the national performance contrasts with a decade ago, when New York continued to lose jobs even after the national recession ended said Stephen Kagann, the state's chief economist. Kagann said the slow recovery being experienced by the state and country is similar to what' happened nationally following the 1990 91 recession. Private unemployment remained unchanged for nearly a year after, even though there were signs of improvement in the economy. Journal reporter Craig Wolfcontributed to this story. mkomm November unemploy ment rates: Dutchess County; 3.7 percent In compared.with 3.7 per! "cent In October and 3.6, percent in November, Columbia, 2.8; 2:4 and 2.8.

Orange, 3,8 3.8 and u4.0. Putnam, 3.0; 3.0 and 2.8 Ulster, 3.8; 3.5 and 3.7;.v Mi 1 Source: New York state Labor. Departments AThe Get business WIRE updates from The Associated Press on the Poughkeepsie Journal's Web; site at www. poughkeepsiejourrial.com New restaurant in works for city tor 1 1 Will aKBfBS SBMmwK IHBuyDlr'PYVll llflllMdilliiHBjttfsrFswwIlli Lee FerrtsPoughkeepsle Journal Cosimo DiBrizzi, right, watches construction of his new restaurant on Delafield Street in the City of Poughkeepsie on Wednesday. The gourmet Italian restaurant is expected to open in February.

Pizza to take back seat on upscale menu Verizon cuts 93 valley jobs Valentine's Day opening is planned By Jennifer McGraw Karchmer Poughkeepsie Journal Wood fired pizza and northern Italian cuisine will come to Poughkeepsie in early 2003 when Cosimo DiBrizzi opens his third restaurant in the mid Hud son Valley. DiBrizzi, owner Of Cosi mo's. on Route 300 in New burgh and Route 211 in Mid dletownt is creating an upscale version of the popular pizza and Italian food chain he started in 1993. The Poughkeepsie location on Delafield Street just south of Marist College plans to open in mid he said. "I hope to open for Valentine's Day, February 14," he said recently during a visit to the new site." We will offer hospitality for families, for the middle class," Finishing up work Workers were finishing blacktopping Thursday at 'It's going to be a Tuscan style trattoria.

It's a little more upscale, a little less Nicholas Cttera co owner of new restaurant coming to city of Poughkeepsie the site next to CRM, Compensation Risk Managers LLC. The 7,000 square foot restaurant will feature 25 foot ceilings, a private wine room, a bnck oven and bar, said DiBrizzi, who owns and runs the restaurants with nephews Nicholas and Carlo Citera. "It's going to be a TuscanTuscan style trattoria," Nicholas Citera said. "It's a little more upscale, a little less pizza." They plan to hire about 45 employees in Poughkeepsie, DiBrizzi said; Cosimo's also has five locations in Jersey City, N.J, and Sarasota, Fla. A fast food version is in the food court at the Danbury Fair Mall in Danbury, Conn.

By Jennifer McGraw Karchmer Poughkeepsie Journal Verizon Communications Inc. laid off 93 workers in the mid Hudson Valley Thursday, part of a downsizing announcement that affected 2,400 employees overall. The cuts, effective immediately, affect mostly installation and service technicians, Verizon spokesman Mark Marchand Also, some call center workers were laid off. Verizon wireless employees were not affected. Calling the layoffs "a last resort," Marchand blamed tight competition from traditional, cellular and cable modem services and the poor health of the telecommunications industry for the reductions.

"We've been reading every morning about layoffs at companies. It's finally hit us, and we need to be a little bit smaller," he, said. Local 1120 of the Communications Workers of America union lost 62 workers in Dutchess' and Ulster counties. The union represents 750 Verizon workers in Dutchess, Ulster, Orange, Sullivan, Columbia and Greene counties. Jim Gescheidle, 27, a Poughkeepsie field technician with Verizon for almost five years, lost his job Thursday.

"They brought us in one at a time, handed us a packet," Gescheidle said. "It feels terrible. It doesn't feel like Christmas at all to me" Most of the laid off employees had worked less than six years with Verizon. The company had offered retirement incentive packages this year to long time work ers. Under a severance package offered Thursday, workers with five years or less with the company were given one week of pay for each year of service.

Workers with six to 10 years with the company got two weeks' pay for each year of service, local union president Glenn Carter said. No agreement reached In recent weeks, company officials and union representatives negotiated terms for a new contract. The current three year contract ends in August. Agreement wasn't reached on salary, sick pay, health benefits, the pension plan and other conditions, both sides said. "They don't have enough people to service the customer," Carter said.

Tow that they've laid off people, the service will get even worse. If you Were waiting for a line getting fixed, if going to take even longer." Carter, 57, of Hopewell Junction, retired from Veri v.zon in 2001 after 32 years with the company, He's been union president for six years. In its more than 100 year history, the phone company has never had layoffs, Marchand said. Verizon, was formed in 2000 when Bell Atlantic and GTE merged. Verizori, with 34,000 employees, said the cuts in New York are part of about 3,500 being made in Verizon's service area throughout the Northeast.

About 400 workers will be laid offin New Jersey and another 500 jobs will be cut in New England, the companysaid. The Associated Press contributed to this report. Taxi, livery businesses accused of lying to trim auto insurance costs The Hartford: False local status claimed By Craig Wolf Poughkeepsie Journal The Hartford, a ConnecticutConnecticut based insurance company, has sued several New York residents and businesses, saying they defrauded the company by claiming to be based in low cost Dutchess County while they actually did business in New York City. Insurance costs more The suit in U.S. District Court alleges the defendants "conspired to fraudulently obtain automobile liability insurance for five New York City taxi and livery companies by misrepresenting them as lower risk ambulette and limousine companies operating primarily in rural Dutchess County." A statement issued last week by The Hartford said key figures in the suit are Scott Eric Sanders of St at en Island and his brother, Adam Drew Sanders of New City, Rockland County.

Others named are Scott Sanders' wife, Marci Lyn Ury Sanders; Louis Balzaho, Peter Setteducato and Thomas Bevilacque, all of Staten Island; and Stanislaw K. pgonowski of Monroe, Orange County. Alleged links varied A spokeswoman at The Hartford, Jennifer Paradee, said the suit claims the defendants were variously involved in several companies, including; three that claimed to be based in Dutchess: "Lou Son," "Twin Transportation" and Brokks. A listing for Twin Transportation was found in New York City, and a man who answered said Scott Sanders wasn't in. Another company Hartford said was involved was RPM Enterprises, which claimed to be based in Mod ena, Ulster County, Paradee said.

The suit says The Hartford's stibsjdiary, Twin City Fire Insurance would not have issued policies if the companies had, truthfully said they were providing taxi and private car service in New York City. It allegedly cost company in claims. In a news release, Hartford executive Joseph Koenig' said the company will settle claims "of those innocent victims who were in accidents involving taxis, that were insured under false pretenses." The defendants' replies to the suit are due next week, Paradee said. PORTFOLIO NOTES FOR INVESTORS War worries prompt 3rd day of stock drop NEW YORK; War fears overshadowed encouraging economic reports Thursday on Wall Street, sending stock prices lower for a third consecutive day. The Dow Jones industrials fell to their lowest level in nearly six weeks, Analysts said trading was choppy as investors struggled to decide whether to buy on bets of stronger prospects in 2003.

But the escalating rhetoric on Iraq Thursday ultimately gave them another reason to sell, they said. "They're worried quite a bit about a war, and they're still worried about corporate profits and economic factors going forward," said Mark Donahoe, managing director at US Bancorp Piper Jaffray in Minneapolis. The Dow Jones industrial average fell 82.55 to close at 8,364.80, for a three day loss of 262 points. It was the lowest finish since Nov. 11.

The Nasdaq composite index lost 7.30 to 1,354.21 and the Standard Poor's 500 index dropped 6,85 to 884.27. Inspectors cite gaps Chief U.N. weapons inspector Hans Blix told the Security Council that Iraq's 12,000 page weapons declaration contains gaps and inconsistencies. The United States called Iraq in "material breach" of UN. resolutions, setting a course toward a possible war early next year.

Investors, meanwhile, largely shrugged off reports showing modest improve ments in the economy. The Labor Department reported Thursday new claims for unemployment benefits dropped last week by a seasonally adjusted 11,000 to 433,000. And the New York based Conference Board said its Index of Leading Economic Indicators rose 0.7 percent in November, the largest monthly gain in a year. Analysts say investors have been uncertain whether to commit to stocks on hopes of a strengthening economy or cash in profits from an autumn blue chip rally Indeed, many analysts are questioning whether Wall Street will see its traditional holiday rally in the last two weeksof December. "In the absence of really strong and compelling economic evidence, the markets are still subject to tax said A.C.

Moore, chief investment strategist for Dunvegan Associates. The Associated Press MARKET HIGHLIGHTS Key Indicators STOCKS OF LOCAL INTEREST 52 week ro YTD High Low Stock Ticker PE 100't Dly Chg Last Chg 1.69 .77 AroerBioMedica ABMC 1610 37,9 1.20 .01 46.50 20.85 Bank oi New York BK 15 115164 I76 41,7 23.78 1.39 52.39 39,90 CH Energy Group CHG 15 260 2.16 8.7 47.25 .05 34.77 23.89 ChtOneFs CF 12 8041 10.6 28.60 91.60 65.41 ChevronTexaco CVX 40472 2,80 26,1 66.25 1,18 5430 1530 OuPpnlPholomasksDPMI 3555 48.6 2233 .03 1,75 .17 eMaglnn EMA 946 11,9 ,37 .02 23.13 15.75 EngyEast EAS 13 3953 ,96 14.8 .21.80 .14 38.80 17.65 Fftet Financial FBF 63 33829 1,40 32,9 24.49 .45 79.90 62,76 Gannett GCI 18' 11013 .96 5.8 71,13 .67 17.14 8.35 Gap Inc GPS 45368 .09 14,3 15.93 28 64.55 60.17 HSBC HBC 10090 7,1 55,45 .22 .33.00 22.90 HudsonUtd HU 12 1514 1,12 6.2 30.48 .38 12639 54.01 IBM IBM 28 71693 ,60 35.0 78.66 .47 29.40 20,96 KeyCorp KEY 20 9974 1.20 3.5 25.19 .10 90.05 67.70 MiTBank MTB 16.4483 1.2018.5 79.02 .05 33.00 12.75 PhllipsEI PHO 15026 40.0 17.48 .09 28.00 18.80 Standex SXI .15 106 .84 6.7 23.20 .10 22.45 11.68 Staples SPLS 23 43587 2.9 18.15 .08 48.94 37.00 Tompkins TMP 15 31 1.20 11.2 44.75 .50 67.10 54.25 UPSBn UPS 30 25665 .76 16.8 63.63 .31 51.09 26.01 VerlzonCm VZ S3528 1.S4 18.3 38.79 .46 39.88 28.57 Wachov WB 15 37706 17.6 36.8818 63.94 .41.60 WaJMarls WMT 29 74329 .30 12.8 50,16 .22 Indicator Close Change Dow Jones Irid. 8,364.80 62,55 884.25 6.87 NYSE Composite 473.00 3,46 Amex Index 822.96 2.10 NASDComposite1354.10 7.41 Value Line Geo. 263.52 1.55 Wilshlre 5000 B.372,32 58.88, Gold $346:25 $4.10 Silver $4.725 $0.060 Dow Jones Industrial Dec. 19, 2002 uiose: gj Nov.16 FMTWT Vs i Gannett News Service FRIOAV HFCFMBFR 90 CIH71.SFl I T.l ISSMFn.