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Boeing (BA)

A key House Republican plans to press Navy leaders this week on the Pentagon's apparent reluctance to enter into a multiyear deal with Boeing for F/A-18 aircraft, arguing that the costs saved are worth the risks of a long-term financial commitment.
Armed Services Seapower Subcommittee ranking member Todd Akin, R-Mo., whose district is near Boeing's defense headquarters in St. Louis, last year succeeded in attaching language to the defense authorization bill that would allow the Navy to pursue a multiyear deal for the F/A-18E/F Super Hornet fighters and E/A-18G Growlers, electronic attack aircraft built with the same airframe. But on Feb. 3, Defense Secretary Robert Gates rejected the idea during testimony before the House Armed Services Committee, stating that the multiyear deal would cut only 6.5 percent off the price of each of the Boeing Co. aircraft -- far less than the 10 percent savings threshold that is customary for such long-term commitments.

Feb 24 · 12:04:00 AM · Source: Government Executive
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by Michael Oliveto

GE (GE)

GE signed a Memorandum of Understanding (MOU) with the Government of Pakistan today to help promote the modernization of Pakistan’s infrastructure and economy. The agreement focuses on the development of Pakistan’s energy resources to meet projected demand of 54,000 megawatts by the year 2020.
According to the MOU's terms, GE will assist the Government of Pakistan in achieving its goals by engaging in Pakistan's energy, transportation and water sectors and will work to identify potential sources of funding and explore potential investment opportunities in those sectors.

Feb 24 · 12:02:00 AM · Source: Company Press Release
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by Michael Oliveto

Boeing (BA)

Boeing will lay off 527 employees in the Puget Sound area by April 23, most of them from its Engineering, Operations and Technology unit.
The layoffs, detailed by Boeing in a WARN (Worker Adjustment and Retraining Notification Act) notification, are part of a larger group of 1,020 workers companywide who received layoff notices on Friday. The layoffs are part of a 10,000-person force reduction plan announced last year by Boeing CEO Jim McNerney.

Feb 23 · 11:57:00 PM · Source: MSN Money
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by Michael Oliveto

Boeing (BA)

The former director of marketing at the Boeing Helicopters Credit Union in Ridley, PA, and his brother were sentenced Monday on charges of conspiracy, loan fraud and bank bribery.
Anthony Forte, 43, of Glen Mills, Pa., who was also an executive vice president at the credit union, was sentenced to 28 months in prison and ordered to pay $1.26 million in restitution, according to the U.S. Attorney’s Office in Philadelphia. His brother, David Forte, 39, of Prospect Park, Pa., was sentenced to one day in prison and ordered to pay $178,445 in restitution. His sentence took into account the fact that he has been diagnosed with a malignant brain tumor, the U.S. Attorney’s Office said.

Feb 23 · 8:40:00 PM · Source: Philadelphia Business Journal
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by Michael Oliveto

FedEx (FDX)

With the aim of capturing growing demand for air transport of added-value products and expanding their business in China, FedEx Corp (NYSE:FDX) earlier this year started flying Boeing Co.'s B777 Freighter between Memphis International Airport, Tennessee and Pudong International Airport in Shanghai, China becoming the first to tap this fast and fuel efficient aircraft for a regular route, according to TradingMarkets.com. With capacity of 81 tons, over 6 tons more than the MD11, the firm's main cargo airplane, the B777 can also fly faster, allowing FedEx to delay collection times by two hours.
FedEx has a rich business history in China, with more than 25 years of experience serving customers shipping to and from this fast-growing market. FedEx currently employs more than 7,000 employees in China and serves 400 cities throughout the country. FedEx Express is also approaching the one-year anniversary of its new Asia Pacific hub in Guangzhou, China, opened on February 6, 2009.

Feb 23 · 10:32:00 AM
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by Steve Wieczorek

FedEx (FDX)

Former senator Trent Lott, R-Miss., was among the lobbyists working in FedEx Corp.'s (NYSE:FDX) behalf in the fourth quarter of last year, focusing on Federal Aviation Administration Reauthorization Act provisions of interest to the Memphis-based logistics giant, according to Memphis based The Commercial Appeal. Lott and Democrat John Breaux, a former Louisiana senator, formed a lobbying firm after they left the Senate. It made $90,000 in the last three months of 2009 from FedEx, disclosure statements filed with the U.S. House of Representatives said.
Of Memphis companies, FedEx spent by far the most on lobbying: $4.65 million in the fourth quarter last year, up from $2.09 million for the fourth quarter in 2008, records show. This indicates that Democrats and Republicans can, indeed, work together if they so choose.

Feb 23 · 9:56:00 AM · Source: The Commercial Appeal
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by Steve Wieczorek

Continental Airlines (CAL)

Continental Airlines Inc (NYSE:CAL) is cutting 600 reservation agent jobs, effective April 11, as customers increasingly book flights online, according to Reuters. Continental, which has 2,600 reservation agents, told its employees about the furloughs on Monday. The airline, also, will not renew a third-party contract for handling calls. The airline said it saw a 15 percent drop per year in call volume as customers book tickets on the Internet.
Houston-based Continental said it will offer an 'early-out' program to reservation employees who have worked at the carrier for 10 years. It will offer severance and outplacement services for employees affected by the cuts. Continental is just one of many airlines that are seeing increased internet sales. The trend in online booking is reducing the amount of time that a flyer needs in booking a reservation versus human communication. Analysis indicates that like bank ATMs, on line booking can be very profitable for the airlines in a time of charging for various amenities.

Feb 23 · 9:44:00 AM · Source: Reuters
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by Steve Wieczorek

Republic Airways (RJET)

Republic Airways Holdings Inc. (NSADAQ: RJET) announced it will transition the regional service operated by its Lynx Aviation subsidiaries Bombardier Q400 turboprop aircraft to Embraer jet service operated by Republic Airlines. Operations at Lynx is expected to be phased out by mid-September 2010. Service will continue to all current Lynx destinations with the exception of Fargo, N.D. and Tulsa, Okla., where the Company will cease operations on April 5. The transition to jet service will improve the Republic’s ability to operate in highly contested markets in which the Q400 operates at a competitive disadvantage to jet service offered by competitors.
Republic Executive Vice President and Chief Operating Officer Wayne Heller. “Unfortunately, after extensive analysis and months of efforts to grow the business, we concluded we could not efficiently operate a fleet of 11 Q400 aircraft. Jet service allows us to better utilize our existing aircraft resources and lower our cost of operating and maintaining multiple fleet types.”

Feb 22 · 9:59:00 AM
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by Steve Wieczorek

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