|The Associated Press|
Salt Lake Tribune
|Article Last Updated:06/23/2008 11:23:01 PM MDT|
United Airlines to cut some 950 pilot jobs this summer
United Airlines says it will eliminate about 950 pilot jobs beginning this summer in addition to an already announced plan to cut 1,600 salaried positions and reduce its fleet.
United told its pilots union about the cuts Monday. The carrier says it's still working with the unions on the reductions.
Messages left for the Air Line Pilots Association were not immediately returned.
United spokeswoman Megan McCarthy says the initial furlough notices will go out in mid-July and take effect in September. She says the cuts will continue into next year.
At an investors' conference last week, United executives gave details on plans to shed up to 1,600 salaried jobs.
Republic Services to buy Allied Waste for $6.07B
Disposal company Republic Services said Monday it will buy Allied Waste Industries in a $6.07 billion stock deal that would combine the second- and third-largest players in the industry.
Republic Services Inc. will pay Allied Waste shareholders 45 percent of a Republic share for each share held, valued at $14.04 per share based on Republic's Friday closing stock price of $31.19.
Based on the nearly 432.5 million Allied shares outstanding at April 24, the deal represents a nearly 4 percent premium to Allied's closing stock price Friday.
Shareholders of Phoenix-based Allied Waste will own 52 percent of the combined company, which will be led by Republic Chairman and Chief Executive James E. O'Connor. Allied's Don Slager will become president and chief operating officer.
Drugstore chain says its profits rose in 2% in Q3
Drugstore chain Walgreen Co. said Monday its fiscal third-quarter profit rose 2 percent as it focused on cost control and maintained a rapid expansion pace in a difficult retail environment.
Despite the modest gain, the results fell slightly short of Wall Street's expectations and Walgreen shares slipped back after initially climbing nearly 3 percent.
Overall, however, analysts said the company's cost discipline and continued advances in a weak economy shows it has turned a corner after recent sluggishness.
Shares fell 37 cents to $34.70 Monday.
Earnings for the three months ended May 31 were $572.3 million, or 58 cents per share, up from $561.2 million, or 56 cents per share, a year earlier. That was a penny shy of the consensus estimate of Thomson Financial.
Automaker says it will raise prices on 2009 models
General Motors Corp. told dealers Monday it plans to raise prices on 2009 models by an average of 3.5 percent despite a tough market that is forcing the automaker to cut production and discount its 2008 models.
Company officials said in conference calls to dealers that the increases will allow GM to recover only part of the rising cost of steel and other commodities and the cost of safety and other features on the new models. The increases will amount to about $1,000 per vehicle.
GM already had increased the prices of its 2008 model year vehicles twice because of rising commodity costs, spokesman John McDonald said. The move comes a little more than a week after Chrysler LLC announced a 2 percent increase in the price of its remaining 2008 vehicles.
Despite critics, company says drilling plan pursued
A Canadian company says it intends to pursue an oil-drilling project in the Great Salt Lake, despite opposition from people who fear Spiral Jetty, a rock art, will be at risk.
Spiral Jetty is a 1,500-foot-long sculpture of basalt rock that extends from the north arm of the lake. Built in 1970, it has become a landmark, popular with art lovers around the world.
''This is an area we want to be as sensitive to as we can,'' said Keith Hill, president of Pearl Montana Exploration and Production Ltd. of Alberta. ''The people who contacted me are concerned with the visual pollution aspects of it.''
Pearl Montana filed an application last year, and state officials still are waiting for more information.
If answers aren't in hand by mid-July, the state could drop the matter, said Jim Springer of the Utah Division of Oil, Gas and Mining.