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Business News Archive - June 13, 2009

CAPE CANAVERAL, Fla., June 13 /PRNewswire-USNewswire/ -- NASA postponed space shuttle Endeavour's launch to the International Space Station on Saturday because of a leak associated with the gaseous hydrogen venting system outside the shuttle's external fuel tank.

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Credit default swaps distort risk and fuel dangerous speculation, billionaire investor George Soros told international bankers and financiers in China. It's like buying life insurance on someone else's life and owning a license to kill him, Soros said Friday of the swaps, which pay the buyer face value if a borrower defaults, in exchange for the underlying securities or the cash equivalent. Using Detroit-based General Motors as an example, Soros said some GM bondholders had more to gain from bankruptcy than re-organization of the company as a result of their default positions, The Daily Telegraph reported Saturday. The Hungarian-born U.S.

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US-based Amazon Inc says it has agreed to pay Toys R Us $51 million to settle a longstanding breach-of-contract lawsuit.

The U.S. economy is stabilizing when it comes to credit and consumer spending, eBay Inc.

FORT WORTH, Texas, June 13 /PRNewswire-FirstCall/ -- Members of the Security, Police and Fire Professionals of America (SPFPA) union, including about 80 security officers at the Lockheed Martin (NYSE: LMT) facility in Fort Worth, have approved a new three-year labor agreement with the company. The union members approved their agreement in a vote Friday, June 12.

The U.S. airplane manufacturing company, Cessna Aircraft Co., says it will cut 1,300 employees. Cessna spokesman Bob Stangarone said 800 Cessna employees will receive 60-day layoff notices on June 19, while the remaining 500 employees will be informed in notices prior to Aug.

Word of the Day
omphalos
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.
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