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Jilted by Continental, United woos US Airways (Finance, 19 articles)
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FORT WORTH, Texas - American Airlines said today it will begin charging passengers $25 to check a second bag to help offset rising fuel costs. Tony Davis said that recent airline collapses indicated the slowdown would lead to polarisation in the sector, with budget carriers and premium airlines forging ahead at the expense of less established airlines. ATLANTA - Travelers are just feeling the pinch at the gas pump, but also in the air as carriers continue to hike fares to deal with high jet fuel prices. In noncompetitive markets in the last four months, airlines have increased domestic fares nine times and have raised the fuel surcharge four times. Glenn Tilton has remained a staunch advocate of consolidation among US carriers, but after losing his preferred merger partner last weekend, his options in striking a deal of his own have narrowed. Continental Airlines brought its merger talks with United Airlines to an abrupt end on Sunday amid concerns for the rival US carrier's financial strength in the face of record fuel costs and waning demand for air travel. In their letter, Continental executives did not name any other airlines but said they were re-examining Continental's partnerships.
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Brussels lowers EU growth forecasts (Finance, 10 articles)
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Europe's outlook for economic growth and inflation deteriorated sharply on Monday as official forecasts showed the US downturn and the turmoil in world financial markets damping prospects. In its November forecasts, the Commission predicted EU growth of 2.4 per cent in 2008 and 2009 and in the eurozone 2.2 per cent and 2.1 per cent respectively. The European economy will continue to slow down this year and next as the US downturn and the turmoil in world financial markets conspire to keep the outlook bleak, the European Commission said on Monday.
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Treasurys rise ahead of this week's Fed rate meeting (Finance, 8 articles)
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Vincent Reinhart said Monday that the central bank's rescue of Bear Stearns Cos. was the " worst policy decision in a generation. The "tail risk" of a deep and protracted recession in the US has not diminished much in recent weeks in spite of the rally in the stock market and improvement in some credit markets, top Federal Reserve officials believe. This view will probably lead the Fed to cut interest rates by another quarter point (25 basis points) to 2 per cent tomorrow.
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The Seattle Times: Mars buying gum maker Wrigley with financing from Buffett (Finance, 7 articles)
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On Monday, Mars, the privately held maker of Snickers and M&Ms, said that it would buy Wrigley, the famous chewing-gum company, for $23 billion. Mars is reshaping the confectionery industry with an agreed $23bn takeover of Wrigley, the world's biggest chewing gum maker, financed in part by Warren Buffett's Berkshire Hathaway. In a deal structured in a similar way to a leveraged buy-out, privately owned Mars will provide $11bn in equity, with Mr Buffett providing $4.4bn in subordinated debt.
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Saudis to launch $5.3bn sovereign fund (Finance, 5 articles)
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Andrei Kostin Russia's second largest bank, says Russia must free up cash from its sovereign wealth fund to provide longer-term funding for the banking sector amid a dearth of international financing due to the global credit crisis. The confirmation that Saudi Arabia plans to launch a sovereign wealth fund means the conservative kingdom will finally join the ranks of other oil-rich Gulf states actively seeking to invest across global asset classes to boost the returns of state coffers. The kingdom has by far the largest economy in the Gulf and has seen its declared official foreign assets soar to more than $330bn managed by the central bank, with some estimates putting the total assets under management far higher.
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Microsoft faces dilemma as Yahoo bid deadline looms :: CHICAGO SUN-TIMES :: Business (Finance, 4 articles)
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To respond to its $31-a-share cash-and-stock offer came and went Saturday, and both tech giants remained silent through late yesterday, despite some reports that Yahoo s board of directors was slated to meet. Microsoft faces a critical decision in its three-month pursuit of Yahoo this week after its latest attempt to bring the embattled internet company to the negotiating table looked to have failed over the weekend. The pressure on Microsoft to act mounted after Yahoo called the software company's latest bluff, refusing to be drawn into takeover talks in spite of a three-week ultimatum that expired on Saturday.
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GM to cut 970 jobs in Oshawa (Finance, 4 articles)
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Operations ceased at the White Marsh plant April 7, when workers stopped manufacturing a new hybrid transmission for the Chevrolet Tahoe, Raut said. The recent shutdown of GM's Arlington, Texas, plant, which built hybrid trucks with White Marsh-made transmissions, prompted the Baltimore plant to close. General Motors Corp. announced plans late Monday to cut an entire shift at four of its North American assembly plants - including one in Oshawa, Ont. - as the rising price of gas cuts into sales of trucks and SUVs.
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blaster@cs.columbia.edu
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