Delta to cut 40 flights a dayat Cincinnati airport next year
Delta Air Lines plans to cut 12 percent of flights, or about 40 a day, out of the Cincinnati/Northern Kentucky International Airport, as the company restructures its hub, the airline said Wednesday. The flight reductions will begin next year. The 263 remaining flights will be bunched more closely together as Delta synchronizes schedules among its other six hubs, a spokesman said, and the new schedule will be coordinated with a Detroit hub of Northwest, which Delta recently acquired, to avoid competition and complement each other's strengths. About 85 percent of Delta's departures from Cincinnati will be flown by the airline's regional carriers, including Comair, an Erlanger-based subsidiary. Comair spokeswoman Kate Marx said Wednesday that the number of pilot layoffs expected early next year will be 120, part of about 500 planned layoffs previously announced in the summer.
Yum to cut several hundred jobs
Louisville-based fast-food company Yum Brands Inc. said Wednesday it will eliminate several hundred jobs at its Louisville headquarters, as well as at the headquarters of its Taco Bell and Pizza Hut operations and field operations. Also, up to a couple hundred more positions will be shifted from Yum's corporate headquarters in Louisville to the company's brands, a spokesman said. The restructuring is part of Yum's strategy to sell more company-owned stores to franchisees, the spokesman said. Yum's goal is to cut by about half the number of company-owned KFC and Pizza Hut stores while maintaining about 20 percent company ownership of Taco Bell restaurants, he said.
Major mall owner warns of bankruptcy
General Growth Properties, which owns Mall St. Matthews and Oxmoor Center in Louisville and Florence Mall in Florence, warned Tuesday that it might be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month. The company also owns Greenwood Mall in Bowling Green and Kenwood Towne Centre in Cincinnati.
Electronic firms to pay price-scheme fines
Three electronics firms have agreed to plead guilty and pay $585 million in fines for conspiring to drive up prices for people buying computers, TVs and other LCD screens. In a plea deal filed Wednesday, LG Display Co. Ltd., Sharp Corp., and Chunghwa Picture Tubes Ltd., agreed to cooperate in an antitrust investigation being run by the Justice Department. LCDs, or liquid crystal display monitors, are the glass display screens on most laptop computers, cell phones and new TVs. Deputy Assistant Attorney General Scott D. Hammond said the scheme cost not only consumers, but also retailers, including Apple, Dell and Motorola. Hammond did not have a cost value for the losses, and said the investigation is continuing.
Morgan Stanley plans major staff cuts
Morgan Stanley on Wednesday outlined plans to cut 10 percent of its staff in its biggest business, which covers everything from investment banking to stock trading. The layoffs inside the institutional securities group follow a 10 percent cut made earlier this year. The securities firm employs 44,000 people worldwide.
Sears stores bringing back layaway
Sears Holdings Corp. is bringing layaway back to its namesake stores next week, nearly two decades after it was scrapped, after seeing a strong response to the pay-as-you-go plan at its Kmart locations. The move comes as shoppers look for ways to save money during what's expected to be the worst holiday shopping season in decades. Layaway will be available beginning Sunday in virtually all Sears departments except home appliances and home electronics.
Shareholders OK sale of Anheuser-Busch
Shareholders of Anheuser-Busch Cos. Inc. approved the $52 billion sale of the business to Belgium-based InBev SA on Wednesday, a deal that is set to create the world's largest brewer. The deal, reached in July, is expected to close by the end of the year. It is subject to regulatory approval in the United States, Britain and China.
Intel cuts revenue forecast by $1 billion
Intel Corp. whacked more than $1 billion from its fourth-quarter revenue forecast and ratcheted down its profit expectations because a clampdown on spending is reducing demand for its chips. Intel now expects sales of $9 billion during the final three months of the year, plus or minus $300 million. It had expected sales between $10.1 billion and $10.9 billion.
Compiled from Staff, wire reports