Business News Archive - July 04, 2008

Penn National to Receive $1.475 Billion in Cash, Structured as $225 Million Termination Fee and $1.25 Billion Seven Year, Zero Coupon, Redeemable Preferred Equity Investment - Penn National Gaming Board Authorizes $200 Million Common Stock Repurchase Program - - Penn National Gaming Initiates 2008 Financial Guidance - - Fortress Investment Group Chairman and CEO, Wesley R.

By The Associated Press NEW YORK (AP) - A hedge-fund swindler who set off a national manhunt when he faked his suicide to avoid reporting to prison surrendered Wednesday to small-town police in Massachusetts. U.S. Marshals said his own mother helped broker the surrender.

Two Continental Airline workers, two from Aerospatiale planemakers and a civil aviation employee face trial in France over the 2000 Concorde crash near Paris which killed 113. (c) 2008 Daily Record; Glasgow (UK). Provided by ProQuest Information and Learning. All rights Reserved.

Job cuts, possibly totaling more than 6,000, are likely at American Airlines as the nation's biggest airline hunkers down and tries to survive record high fuel costs. American notified its flight attendants union on Wednesday that it will cut up to 900 jobs starting Aug.

By The Associated Press MILWAUKEE (AP) - Midwest Air Group Inc. is cutting pay for many employees, including its chief executive, who announced Wednesday he would take a 40 percent pay cut.

By Saurabh Sinha NEW DELHI: The relentless rise of crude prices has led Kingfisher Airlines to relook at its proposed non-stop flights to US as the airline prepares to fly abroad on Deccan's licence from August-end.

By Saurabh Sinha NEW DELHI: Air travel is fast getting out of reach for relatively small town Indians.

By Swati Deshpande MUMBAI: "The larger public interest and even the safety of flights and pilots were literally thrown to the winds, on the dictates of the civil aviation minister, to protect the financial and other interests of a few wealthy airline operators." With these strong words, the Bombay high court on Tuesday stayed a recent circular issued by the Director General of Civil Aviation (DGCA) that essentially curbed crucial rest hours between flight duty for pilots and the cockpit crew.

By Saurabh Sinha NEW DELHI: After acquiring a stake in Air Deccan last year, UB Group chairman Vijay Mallya is all set to expand his wings further in the domestic aviation space. According to sources, now Mallya is eyeing a stake in low-cost carrier (LCC) SpiceJet.

Chairman of Leeds Bradford Airport Sir Graham Hall has resigned. Deputy chairman Alan Lewis has replaced him with immediate effect. Mr Lewis is an advisory partner in European private equity firm Bridgepoint, which bought the airport last year.

Word of the Day
  • The horn of a unicorn considered as a medical or pharmacological ingredient.
  • A winged horse with a single horn on its head; a winged unicorn.
The word 'alicorn' comes from Italian alicorno, already associated with unicorns and reinterpreted, popularized by Bearing an Hourglass (1984) and other fantasy novels by Piers Anthony.