Business briefs for Oct. 28, 2003

Tuesday, Oct. 28, 2003 | 11:09 a.m.

Consumer confidence improves

NEW YORK -- Signs of improvement in the job market triggered a rebound in a measure of consumers' confidence in the economy in October, a private research group reported today.

After posting a decline in September, the Conference Board's Consumer Confidence Index jumped to 81.1 in October, up from a revised 77.0 in September.

Vegas firms buying back stock

Sierra Health Services, Inc. of Las Vegas, the largest health insurer in Nevada, today announced that its board of directors has authorized the company to purchase up to an additional 3 million shares of its common stock.

This is on top of authorizations announced in January, February and May to buy back 4.6 million shares -- of which 3.8 million shares have been repurchased.

And Shuffle Master Inc., a casino supplier, today said its board authorized the repurchase of up to $30.0 million of the firm's common stock. Repurchases under all previous authorizations, including the $20 million authorization approved in January, have been substantially completed, the firm said.

"Repurchasing our stock has proven to be an excellent, accretive use of our cash over time. In fact, during fiscal 2002 and thus far in 2003, we have used about $42 million to repurchase almost 2.1 million shares at an average share price of just under $20," Chief Executive Mark Yoseloff said.

TOKYO:

In a bid to turn around the world's second-largest electronics company, Sony Corp. executives announced today a three-year revival plan that includes cutting 20,000 workers, or 13 percent of its payroll.