Friday 24 August 2012

AIRLINES Qantas scraps Boeing order

Boeing Co. lost an order for 35 Dreamliners with a list price of $8.5 billion in the biggest 787 cancellation yet as Qantas Airways Ltd. scrapped a contract after delivery delays and losses on international routes.
Qantas's pullback on the 787-9 reduced the backload for Chicago's Boeing for the larger derivative of the composite-plastic plane by about 10 percent. It also underscores a travel slowdown that has caused carriers including Cathay Pacific Airways Ltd. and Singapore Airlines Ltd. to cut growth plans.
"It's going to bother people more because of what it says about growth in air travel than because of anything it says about the 787," said Howard Rubel, an analyst with Jefferies & Co. in New York. "You could have seen for some time that there have been some financial challenges in the market."
Europe's economic weakness has blunted air-travel strength in other regions, and there are signs that demand for premium seats on international flights, which fetch the highest fares, may diminish further in coming months, according to a report last week from the International Air Transport Association.
Qantas will get $433 million from Boeing, including more than $300 million compensation for 787 delays and a refund of deposits for the canceled order, Chief Financial Official Gareth Evans said at a news briefing in Sydney.
The airline's budget arm Jetstar will still receive 15 of the smaller 787-8s starting next year. Boeing spokesman Marc Birtel declined to comment on the finances.
Incomes decline amid expansion
U.S. incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.

Median household income fell 4.8 percent on an inflation-adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firm's Gordon Green and John Coder wrote in a report. Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.
"Almost every group is worse off than it was three years ago, and some groups had very large declines in income," said Green, who previously directed work on the Census Bureau's income and poverty statistics program. "We're in an unprecedented period of economic stagnation."
Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firm's study of income data for the 36-month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.

Fed sells debt from AIG buy
The Federal Reserve Bank of New York's role in the $182.3 billion rescue of American International Group Inc. has ended on a high.
On Thursday, the central bank sold $3.4 billion in toxic mortgage debt that it inherited four years ago when it bailed out AIG, once the world's largest insurer. The assets were the last batch from its Maiden Lane III LLC portfolio created to purchase $62.1 billion of collateralized debt obligations tied to risky residential- and commercial-mortgage securities that helped sink AIG when property markets tumbled.
Demand for subprime mortgage debt and CDOs has jumped this year as the housing recovery strengthened and the Fed extended programs to keep borrowing costs low. AIG has received more than $6 billion in proceeds through July from the auctions and may get an additional $1.9 billion this month, helping Chief Executive Officer Robert Benmosche buy back shares from majority owner the U.S. Treasury Department. The insurer is now entitled to receive one-third of the proceeds from sales since the central bank fully recovered its investment in June and AIG's equity contribution was repaid last month.
The New York Fed's management of Maiden Lane III will result in a cumulative net gain to the public of about $6.6 billion, the district bank said.
Jobless claims at 1-month high
Applications for U.S. unemployment benefits climbed last week to a one-month high, showing scant progress in the labor market that's left Americans more pessimistic about the economy.
Jobless claims rose by 4,000 for a second week to reach 372,000 in the period ended Saturday, Labor Department figures showed.
Companies are keeping payrolls lean as a weaker global economy and lack of clarity on U.S. tax policy next year cloud the demand outlook, one reason the Federal Reserve may be closer to further monetary stimulus.
"Right now, we're in a period where firms are not aggressively hiring," said Stephen Stanley, chief economist at Pierpont Securities LLC.
Joblessness has been above 8 percent since February 2009 - the longest stretch in the post-World War II era.

As per more then 350 search Engines including AltaVista, Bing, Google and Yahoo
Expert Team Of Aerosoft is Best Aviation SEO KPO Team in Asia
Best Aviation Managers in Asia:

Best HR Manager in Asia :
Er Reema Chordiya [ BE (CS) MBA (HR)]

Best HR Manager Manager Operations in Asia :
Er Anubha Barod [ B.E. MBA [ E Comm]

Best Manager Marketing in Asia  :
Ankita Mishra [ B Sc (CS) MBA (Mktg)]

Best Aviation Software Engineer Cum Aviation Blogger in Asia:
Ruchika Mandore [ BCA ]

Qantas Airways scraps major Boeing order
San Francisco Chronicle
U.S. incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC. Median household income fell 4.8...
See all stories on this topic »

San Francisco Chr

US Capital Goods Orders Decline Most Since November
The so-called fiscal cliff represents more than $600 billion in higher taxes and reductions in defense and other government programs next year that will occur automatically without action by U.S. lawmakers, threatening to push the economy into...
See all stories on this topic »

No comments:

Post a Comment