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Business News Archive - July 25, 2008

By Stephen Foley Seven senior executives at UBS cashed in $21m (10.6m) of their personal holdings in auction-rate securities just before the market for these securities collapsed, leaving thousands of the Swiss financial giant's clients holding securities they could not sell.

By Stephen Foley FORD PINNED its future on an ambitious attempt to persuade Americans to drive smaller, European-style cars, after plunging to its biggest loss ever.

By Ameet Sachdev and Phil Rosenthal, Chicago Tribune Jul. 24--Another bidder is known to have made the cut to the second round of the Tribune Co. auction to sell the Cubs and Wrigley Field: the family of Joe Ricketts, founder of the online brokerage Ameritrade.

By Tom Walsh, Detroit Free Press Jul. 24--So Ford Motor Co. lost $8.67 billion in the second quarter, and has now burned through $10.8 billion in cash so far in 2008, to cover losses and pay for employee buyouts to cut costs. Yuck.

Concerns over the adequacy of fueling practices at US Airways were raised last week on national news by allegations from the US Airline Pilots Association (USAPA) which said that the airline was pressuring pilots to carry less fuel.

By Bob Cuddy, The Tribune, San Luis Obispo, Calif. Jul. 24--US Airways will cease its flights from San Luis Obispo to Las Vegas in early August, leaving local travelers without direct service to the entertainment capital.

By Sean Farrell EASYJET HAS announced cuts to its winter timetable as the high price of fuel eats into the no-frills airline's profits. The company said yesterday that it would reduce its flights to and from London Stansted airport by 12 per cent and cut flights at "less profitable" times.

By Todd Spangler and Jennifer Dixon, Detroit Free Press Jul. 24--The board of the Wayne County Airport Authority compromised Thursday with surrounding communities by agreeing to put off planning for a fifth parallel runway at Metro Airport.

The cost of jet fuel may be soaring, but so are West Virginia's state-run airplanes. The aviation division reports state aircraft burned about 58,000 gallons of fuel for business flights during the 12-month period that ended June 30.

By The Associated Press WASHINGTON (AP) - The National Transportation Safety Board said Wednesday it is investigating a near collision of airborne planes at Chicago's O'Hare International Airport - the third such incident at a major airport this month.The board said in a statement that the latest incident occurred at 1:47 p.m.

Word of the Day
swell-mobsman
  • A member of the swell-mob; a genteelly clad pickpocket. Sometimes mobsman.
Use of the word 'swell-mobsman' dates at least to the early 1800s.