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Business News Archive - August 28, 2008

The number of troubled U.S. banks leaped to the highest level in about five years, and bank profits plunged by 86 percent in the second quarter as slumps in the housing and credit markets continued. Federal Deposit Insurance Corp.

By MARCY GORDON WASHINGTON - The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued. Federal Deposit Insurance Corp.

By Danielle Ulman Beginning in January, Southwest Airlines Co. will scratch 14 daily nonstop flights departing from Baltimore, as part of a nationwide purge that eliminates nearly 200 daily flights during slower months. Southwest will scrap the "less popular" flights starting Jan.

Southwest Airlines will cut one of its six, daily nonstop flights from Pittsburgh to Chicago starting on Jan. 11 as part of a round of cutbacks to combat high fuel costs and a slower economy.

The Iowa Public Airports Association Board of Directors has elected Dubuque Regional Airport Manager Robert Grierson to serve as the board's chairman.

Glitch at FAA facility delays flights nationwide ATLANTA - An electronic communication failure Tuesday at a Federal Aviation Administration facility in Georgia that processes flight plans for the eastern half of the U.S. was causing hundreds of flight delays around the country.

By THE ASSOCIATED PRESS TORONTO - An Air France jumbo jet carrying more than 500 passengers and crew overshot the runway as it landed in Montreal, but there were no injuries, an airport official said.

Was that a clarion call I heard last week echoing through the milk-producing counties of the UK? Or was it no more than a cry of despair from dairy farmers on learning of Tesco's plans to sell milk at less than the cost of production? I am referring to the warning from Gwyn Jones, NFU dairy board chairman, that farmers must be ready to challenge the retailers if the stability of the milk industry is threatened.

Massive price hikes in food production are causing major headaches for farmers and threatening to eat into their harvest returns. But if the current trend persists it will be shoppers who ultimately pay the price, say the National Farmers' Union.

Portola Packaging, Inc.: -- Company Files Chapter 11 Petition For Its Previously Announced Pre-Packaged Reorganization After Receiving Overwhelming Support from 100% of the Company's Secured Lenders and Holders of Approximately 90% of its Senior Notes -- Company Secures $79 Million DIP Financing To Secure Ongoing Operations -- Company Will Reduce Long-Term Debt Obligations by $180 Million -- Chapter 11 Reorganization Not Expected To Impact On-Going Business Relationships -- Trade Creditors, Suppliers And Customers To Be Paid In The Ordinary Course Of Business -- Company Appoints New Board to Manage Restructuring Portola Packaging, Inc.

Word of the Day
monteith
  • A large punch-bowl of the eighteenth century, usually of silver and with a movable rim, and decorated with flutings and a scalloped edge. It was also used for cooling and carrying wine-glasses.
  • A kind of cotton handkerchief having white spots on a colored ground, the spots being produced by a chemical which discharges the color.
This word is possibly named after Monteith (Monteigh), 'an eccentric 17th-century Scotsman who wore a cloak scalloped at the hem.'
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