ATLANTA (Reuters) – Lockheed Martin Corp (LMT.N: Quote, Profile, Research, Stock Buzz), the world’s largest defense contractor, said on Thursday it plans to slash 4,000 jobs and shutter plants in several states to reduce costs in the face of declining U.S. defense spending.
The Bethesda, Maryland, weapons maker will close the affected facilities by mid-2015 to achieve job cuts that amount to more than 3 percent of its global workforce.
ATLANTA/WASHINGTON (Reuters) – Consumer advocates worry the decision to green-light another big airline merger will mean higher prices before long, even though upstart airlines will get more access to busy airports near Washington D.C. and New York as part of the deal.
In the short term, the industry is waiting for the sale of takeoff and landing slots by the merging US Airways Group Inc (LCC.N: Quote, Profile, Research, Stock Buzz) and AMR Corp’s (AAMRQ.PK: Quote, Profile, Research, Stock Buzz) American Airlines, a process that will take several months and be overseen by the Department of Justice.
By Karen Jacobs
(Reuters) – U.S. Health and Human Services Secretary Kathleen Sebelius said on Friday that the Obama administration hopes to assist people who received health insurance cancellation notices but has “no specific option right now.”
President Barack Obama apologized on Thursday to Americans losing their policies, saying in a television interview that he regrets he was not clear when he repeatedly pledged that Americans who like their current plans can keep them under his signature health insurance system overhaul.
WASHINGTON (Reuters) – US Airways Group (LCC.N: Quote, Profile, Research, Stock Buzz) and American Airlines are considering giving up takeoff and landing slots at Washington’s Ronald Reagan National Airport to win regulator approval of their $11 billion merger, two people familiar with the matter said.
The airlines are hoping to reach a settlement with the U.S. Justice Department before the trial, due to begin November 25, paving the way for a deal that would create the world’s largest air carrier, the sources said.
WASHINGTON (Reuters) – US Airways (LCC.N: Quote, Profile, Research, Stock Buzz) and American Airlines will offer to give up some takeoff and landing slots at Washington, D.C.’s Ronald Reagan National Airport as part of a attempt to get the U.S. Justice Department to allow their merger to proceed, a Dow Jones report said on Wednesday, citing people familiar with the process.
The companies’ stock prices have been buoyant recently as investor sentiment has increased that a deal can be reached to create the world’s largest air carrier.
(Reuters) – Southwest Airlines and United Continental Holdings made more money in the third quarter as higher airfares bolstered revenue, capping a strong week of earnings for major U.S. airlines that bodes well for the current period.
United missed estimates on Thursday as it grappled with revenue management shortfalls and competitive pressure, while Southwest’s profit was as analysts expected.
By Karen Jacobs
(Reuters) – Delta Air Lines Inc (DAL.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported a higher-than-expected quarterly profit as fare increases and strong demand in the United States and Europe boosted revenue, sending its shares up nearly 4 percent to a new year high.
The U.S. carrier said its revenue outlook looked “solid” through the end of the year and that bookings for the holiday season were strong.
SAN DIEGO/ATLANTA (Reuters) – U.S. monetary policy is being kept easier to help offset the harm caused by political fighting in Washington, according to two senior Federal Reserve officials who warned on Thursday of damaging consequences if the nation defaults on its debt.
Atlanta Federal Reserve Bank President Dennis Lockhart said the disquiet resulting from the budget battle “vindicated” the Fed’s surprise decision not to scale back its asset purchases at its meeting last month.
By Karen Jacobs
(Reuters) – Airlines on Monday urged a U.N. aviation group to back a mandatory global framework to curb airline emissions, saying failure to reach a deal would revive threats of a trade war.
The International Air Transport Association, which represents some 200 airlines, said the United Nations’ aviation agency could agree on a new system when its 191 states begin their assembly in Montreal this week.
By Karen Jacobs
(Reuters) – Aviation electronics systems supplier Rockwell Collins Inc (COL.N: Quote, Profile, Research, Stock Buzz) forecast lower-than-expected earnings for 2014, citing federal government budget cuts and declining business jet revenue, and its shares fell about 5 percent.
The supplier of cockpit systems said on Friday that it expects profit of $4.30 to $4.50 per share on revenue of $4.5 billion to $4.6 billion for the fiscal year that begins October 1.