BUSINESS December 1, 2011 | 5:25 PM
Under a provisional deal between Boeing and its Machinists union, workers agreed to discontinue a complaint concerning Boeing’s move to open a $750 million non-union factory in South Carolina to be able to continue work on the airline’s updated 737 in the Puget Sound region.
Machinist union members in Kansas, Oregon and Washington will cast their ratification votes on December 7 over the possibility of extending the Machinists’ collective deal for four years. If validated, Boeing, plagued by strikes, would benefit from a break in labor contention, while the workers would benefit from job security.Read more »
FINANCE December 1, 2011 | 11:34 AM
American Airlines’ parent company, AMR Corp., has filed for Chapter 11 bankruptcy protection after a unanimous vote by its board members.
Worldwide, the airline industry has lost more than $20 billion in the past 10 years. American Airlines, founded in 1934, was once the world’s largest carrier, but is now the third largest in the US.Read more »
ECONOMY December 1, 2011 | 10:37 AM
China is reducing its banking reserve requirements for the first time since 2008. According to the central bank's website, the reserve ratios will be cut by 50 basis points on December 5, leading to an increase of 350 billion yuan ($55 billion) to their money supply.
Bloomberg News speculates that the shift in China's monetary policy might signal that the government believes that the world's second-largest economy may be entering a deeper slowdown.Read more »
WORLD November 30, 2011 | 5:47 PM
Iran’s simmering tensions with the West are likely to pose new obstacles for the oil-exporting nation, as major importers fall in line with the United States in tightening financial sanctions.
On November 21, Iran’s banking sector was hit by new US restrictions following a report earlier in the month from the International Atomic Energy Agency that it was continuing to pursue a nuclear weapons development program. The United Kingdom and Canada backed the US move, implementing measures that make it increasingly complicated to finance transactions for Iranian crude oil.Read more »
BUSINESS November 30, 2011 | 5:22 PM
Toyota has opened its order books for its plug-in Prius hybrid, aiming for between 35,000 and 40,000 yearly unit sales in Japan and 60,000 worldwide.
Toyota’s Prius PHV is likely to attract eco-friendly consumers in the market for a green driving solution. The car, set for delivery in Japan at the end of January 2012, will be sold at a starting price of just over $40,000, which will be reduced by over $5,000 by green vehicle subsidies. The car will start selling at $32,000 on the US market and at just under $50,000 on the EU market.Read more »
FINANCE November 30, 2011 | 9:31 AM
Facebook is preparing an initial public offering in the second quarter of 2012, according to the latest reports. The public offering is expected to raise $10 billion, with the company setting its sights on a $100 billion total for the deal, sources close to the matter told the Wall Street Journal.
Such a deal would eclipse other recent IPOs in the social media sector, such as those from LinkedIn, Pandora or Groupon, and would be twice the valuation of IT company Hewlett-Packard.Read more »
WORLD November 29, 2011 | 12:18 PM
Louisiana Senator Mary Landrieu has introduced a bill to the US Senate, seeking approval to reduce airline baggage fees in the United States. The new legislation would ensure passengers are permitted to travel with one checked piece of luggage and a carry-on bag for no additional charge.
The bill also states that passengers should be notified of any luggage restrictions and additional fees prior to arriving at airport check-in.Read more »
WORLD November 29, 2011 | 11:10 AM
In total, US retail sales for the Thanksgiving weekend are up over 15% from last year, reaching almost $52.5 billion. Almost 30 million shoppers went online and into stores on Thanksgiving Day.
The day following Thanksgiving, known as Black Friday, more than 86 million customers went shopping, representing an over 6.5% year-on-year rise. Black Friday saw retailers rake in just under $11.5 billion in purchases, a record for the day.Read more »
ECONOMY November 29, 2011 | 9:51 AM
India’s cabinet has voted to allow foreign investment in the nation’s $500 billion retail sector, a move touted by India’s Commerce Minister Anand Sharma, who hopes it will provide farmers fairer compensation and create 10 million jobs.
Potential investors, including retail giants such as Wal-Mart, Carrefour and Tesco, are eager to enter a market that analysts estimate will double to over $780 billion by 2015. Moreover, the Indian government promises foreign investment will curb India’s high inflation rate and low rupee, and reduce the waste caused by the rotting of 40% of fruits and vegetables prior to selling.Read more »
FINANCE November 29, 2011 | 9:35 AM
Microsoft has signed an agreement to acquire VideoSurf, a specialist in internet video search technology. The California-based company provides services that allow users to search through high quantities of movies and television shows and other forms of video content.
No financial details were revealed, though leading tech blog TechCrunch reported the deal was worth almost $100 million. Microsoft first plans to introduce the technology to its Xbox Live service to allow users to filter through the various types of video content on its gaming network.Read more »
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