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Unions object to parts of United proposal
Leaders of unions at United Airlines offered pre-emptive objections yesterday to a recovery plan that airline executives are expected to present to them today.The union officials said the airline had failed to lay out hard financial numbers showing how much in concessions was needed from each union to help move United out of Chapter 11 bankruptcy protection.
United, a unit of the UAL Corp., presented parts of its plan to the unions' financial advisers on Jan. 24. Thursday, United presented a more detailed version of the plan to the UAL board. Yesterday, the Air Line Pilots Association said the plans so far lacked specifics.
Credit Suisse suspends star banker Quattrone
NEW YORK >> Credit Suisse First Boston placed the head of its global technology group on administrative leave yesterday after an internal probe found he may have known regulators were exploring his firm when he told his staff to "clean up" their files two years ago.CSFB revisited the matter with Frank Quattrone last week, when it uncovered an e-mail.
Royal Caribbean ship to lose 3rd cruise
MIAMI >> The Celebrity Cruises line owned by Royal Caribbean Cruises Ltd. today canceled a third late-winter voyage by the vessel Infinity so engine repairs can be carried out in dry dock.Celebrity said refunds and compensation to passengers and travel agents would reduce first-quarter profits at Royal Caribbean, the world's No. 2 cruise group, by 5 cents a share.
Last week Celebrity shortened one voyage and canceled Infinity's Feb. 2 and Feb. 13 sailings to and from Hawaii so that ball bearings in the ship's propulsion system could be replaced. The voyage canceled today was to have taken the ship from San Diego, Calif. to Fort Lauderdale, Fla. The ship will skip that leg of the journey and resume sailing on March 9 with its scheduled Fort Lauderdale to San Diego trip. The ship's four remaining Hawaii cruises for 2003 are expected to take place as scheduled.
"These repairs will take longer than estimated earlier," Celebrity said in a press release.
Miami-based Royal Caribbean operates 24 luxury ships, including the world's largest ones.
ATA loss narrows on sales gain
INDIANAPOLIS >> ATA Holdings Corp., the largest airline company at Chicago's Midway Airport, said its fourth-quarter loss narrowed on a 26 percent jump in sales.
The net loss was $55.1 million, or $4.90 a share, compared with $78.9 million, or $7.05, in the fourth quarter of 2001, the Indianapolis-based parent of discount carrier American Trans Air said in a statement. The per-share results reflect the payment of dividends on preferred stock.
ATA, the 10th-largest U.S. airline, increased sales to $311 million as it raised seat and flight capacity from the year- earlier period. The 10 biggest carriers had combined losses of about $4.8 billion in the quarter.
American Trans Air flies charters to Hawaii.
Microsoft wins stay from order
SEATTLE >> Microsoft Corp. yesterday won a reprieve in its battle with rival Sun Microsystems when an appeals court stayed an order requiring Microsoft to include Sun's Java programming language in its Windows operating system.
The order, from the 4th U.S. Circuit Court of Appeals in Richmond, Va., comes the day before an order from a lower court was to take effect, requiring Microsoft to include Java in its Windows XP software within 120 days.
The appeals court stayed the order while it considers Microsoft's appeal of a lower court order requiring the Redmond-based software company to distribute Java, a technology designed to let software run on different operating systems.
Kmart and Fleming end contract
DETROIT >> Kmart Corp. and food distributor Fleming Cos. Inc. have agreed to dissolve their contract after determining the deal was no longer in either company's interest.
The companies are ending a 10-year contract, signed in 2001, that was to have remained in effect through the retailer's bankruptcy reorganization. Kmart, based in Troy, Mich., and Fleming are continuing discussions regarding transition arrangements and resolution of outstanding claims under the agreement, officials at both companies said.
A Kmart spokesman said the move, which was approved by a bankruptcy judge, does not mean Kmart is leaving the grocery business. Kmart is Fleming's biggest customer, accounting for about 20 percent of its revenue last year.
