Financial
Delta 4Q profit rises after traffic, fare gains PDF  | Print |  E-mail
Written by JOSHUA FREED, AP Business Writer   
Tuesday, 21 January 2014 14:50

MINNEAPOLIS (AP) — Higher fares and growing traffic helped Delta Air Lines Inc. post a bigger-than-expected profit on Tuesday.

Delta's yield — a key measure of what each passenger pays to fly one mile — rose 4 percent for the quarter. Airlines tried about a dozen fare increases last year. While most failed after competitors didn't match them, airlines still boosted yields by an average 2 percent last year, according to the Airlines for America trade group.

Delta President Ed Bastian said demand for air travel is "solid," and Delta expects to see "significant margin expansion" in the current quarter.

Bastian also said the airline industry is showing restraint in how much flying it adds. The view on Wall Street has been that reining in growth will give airlines more power to raise fares. Delta expanded flying just 1 percent last year. It said it expects to grow 2 percent to 3 percent in the upcoming quarter.

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Bombardier lays off 550 U.S. employees, contractors PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 21 January 2014 14:28

 

WICHITA, Kan. (AP) — Bombardier says it is laying off about 1,700 employees and contractors at its facilities in the United States and Canada. That number includes 550 people in the company's Learjet facility in Wichita.

Company spokeswoman Annie Cossette said Tuesday that the layoffs in Wichita include 200 contractors who left the company in December after their contracts expired and were not renewed. Cossette would not reveal how many of the remaining layoffs involved full-time Bombardier employees or company contractors.

Cossette blames persistently challenging market conditions for light aircraft, saying the layoffs were a difficult decision the company had to make in order to protect its business.

The company will meeting with affected employees in the coming weeks. Cossette says some may transfer to other positions in the company.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Chrysler becomes subsidiary of Fiat PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 21 January 2014 14:47

MILAN (AP) — The Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat.

Fiat SpA said Tuesday that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Fiat has been running Auburn Hills, Mich.-based Chrysler since 2009, but lacked full control until Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the minority stakeholder. The deal gives Fiat a freer hand to push deeper integration and decide where the joint company will be based and listed, plus its name.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Vegas casinos now accepting cybercurrency Bitcoin PDF  | Print |  E-mail
Written by HANNAH DREIER, Associated Press   
Tuesday, 21 January 2014 14:27

LAS VEGAS (AP) — Las Vegas is getting one more novelty. Starting this week, patrons will be able to use the online currency Bitcoin to pay for rooms, food and drinks at two downtown casinos.

The D casino and the city's oldest casino, the Golden Gate, will accept bitcoins at hotel front desks beginning Wednesday. The cybercurrency will also be accepted at the D's gift shop and two restaurants. U.S. dollars will remain the only currency accepted on the gambling floor.

Derek Stevens, the co-owner of the two casinos, said he's been intrigued by Bitcoin for years and had talked with patrons who wondered if the casinos would use it.

He said it's tough to forecast how many patrons will pay for dinners and souvenirs with Bitcoin, but predicted other casinos will soon adopt the currency.

"For us, it's going to be somewhat exciting to see what kind of impact it'll have," he said.

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