Airlines
The Pension Benefit Guarantee Corporation (PBGC), a federal body responsible for guaranteeing the payment of basic pension benefits, has reported a record shortfall in pension provision at the largest US airlines. The underfunding at the 11 US airlines with defined benefit plans has reached $31 billion, a $5 billion increase
Airlines
United Airlines, one of the country's major carriers, is committed to emerging from bankruptcy by the end of the year, even if its application for a $1.6 billion federal loan guarantee is rejected. To achieve this goal, the airline is cutting operational costs by $700 million this
Airlines
As the deadline for the Airline Transportation Stabilisation Board's (ATSB) loan guarantee decision approaches, United Airlines faces a cash crunch of unprecedented proportions. With a cash situation described as "increasingly tense" and a potential deficit of $500m by the end of the third quarter, the airline&
Airlines
Chicagoans' confidence in the job market rose in May, with the Hudson Employment Index increasing to 102.3, up from 101.3 in April. However, this improvement lags behind the national average, with the U.S. Employment Index dropping to 104.8 from 107.1 in April. The statewide
Airlines
Mayor Richard M. Daley and Governor Rod Blagojevich are calling for a summit meeting to tackle wage and price concessions in Chicago's convention and trade show business, which has been losing ground to lower-priced cities. Meantime, a grocery chain, Marsh Supermarkets Inc., is entering the suburban Chicago market,
Airlines
Atlantic Coast Airlines Holdings Inc. is embarking on a high-risk, high-reward venture by launching Independence Air, a low-fare brand that will start service in 35 cities, including Charleston. The 14-year-old airline has severed agreements with United Air Lines Inc. and Delta Air Lines Inc., contracts that powered its growth from
Airlines
The upcoming decision by the Air Transportation Stabilisation Board (ATSB) on whether to provide a $1.6bn loan guarantee to United Airlines will be made under intense political scrutiny, with the presidential election looming. The board, created after the September 11 attacks to compensate the airline industry, is likely to
Airlines
United Airlines has disclosed a significant deterioration in its financial situation, revealing that its fuel costs this year will be $750m higher than initially estimated. The airline has also reduced its earnings forecast for 2004 by $776m, casting doubts on its ability to secure a crucial US government loan guarantee.
Airlines
Orbitz, a online travel service backed by major airlines, is revolutionizing the $76-billion US airline industry by bypassing traditional ticketing intermediaries, known as global distribution systems (GDSes). By partnering directly with five major airlines - American, Northwest, Continental, America West, and US Airways - Orbitz is reducing ticketing costs and
Airlines
ACS, a leading provider of business process and information technology outsourcing solutions, has been awarded a 3-year business process outsourcing (BPO) contract with United Cargo, the number two U.S. cargo combination-carrier. As part of the agreement, ACS will provide air cargo document and airway bill processing services, utilizing its
Airlines
United Airlines CEO Glenn Tilton spoke out in an exclusive interview, defending the airline's bid for a $1.6 billion federal loan guarantee, saying it's "inarguable" that the airline is entitled to the funding. Tilton cited the airline's efforts to restructure, including
Airlines
United Cargo, a division of United Air Lines, Inc., has joined forces with time:matters, a subsidiary of Lufthansa Cargo AG, to launch a same-day international shipping service to key markets in the US. The premium product, dubbed same:day, offers a door-to-door delivery service with a focus on reliability
