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April 2008 Archives
Taxes are not sexy
The price of racy magazines could be going up in South Carolina. That's what a state senator wants to see. A Republican from Greenville wants to impose a 20 percent sin tax on glossies like Playboy and Hustler. He says the move could raise nearly $400,000 to go to the state's program for managing sex offenders.
Mounting airline fees aren't fare
If you fly Delta, watch out for extra fees that start today. The airline is imposing new or higher fees on all kinds of travelers -- frequent fliers, people travelling with pets, those booking tickets by phone, even children flying alone. The charges are the latest attempt to bring in cash to make up for expensive fuel costs.
Delta isn't saying how much revenue it expects from the changes. An airline spokeswoman says raising fares doesn't work because of the need to stay competitive.
04/01/08 02:36 AM PT Posted by Melissa Kaplan on April 1, 2008 2:36 AM PTComing to the really, really small screen
Forget wasting time by text messaging everyone you know -- soon, you'll be able to flip your phone open and relax with the "Karate Kid." The movie, along with other titles like "Bugsy" and "Ghostbusters," will be among the first offered through a new service on certain AT&T phones next month. Sony Pictures Television says it will become the first Hollywood studio to offer full-length flicks by cell phone. The titles available will have already made their theatrical, DVD and TV runs. AT&T says it still doesn't know how much it will charge for the package.
04/01/08 02:58 AM PT Posted by Melissa Kaplan on April 1, 2008 2:58 AM PTCleveland bank looking to sell itself rival
A battered bank in the midwest is thinking about being picked up by its rival. Cleveland-based National City Corp. operates in nine states. The bank's been hit hard by the housing downturn. The Wall Street Journal reports this morning National City is looking at selling itself to Key Corp., also based in Cleveland. Earlier this week National City hired Goldman Sachs as its adviser. If the deal goes through, sources say private equity firm KKR would step in with a capital infusion.
04/02/08 06:38 AM PT Posted by Lori Stassi on April 2, 2008 6:38 AM PTFormer Enron CEO appealing conviction today
Attorneys for the former CEO of Enron are going to court today to press on with an appeal. Jeffrey Skilling's team will argue his 2006 convictions should either be dismissed or he should be retried. They'll argue Skilling's conduct followed the corporate goal of improving stock value for shareholders. Skilling is the highest-ranking executive to be punished for accounting scams and shady business deals that led to the loss of thousands of jobs, more than $60 billion in Enron stock value and more than 2 billion in employee pension plans. Company founder Ken Lay died less than two months after he was convicted.
04/02/08 06:42 AM PT Posted by Lori Stassi on April 2, 2008 6:42 AM PTTour Sex and the City hangs for $24,000
Oh to go where Carrie, Samantha, Charlotte and Miranda go. You can, if you have an extra $24,000 to go with your Manolo Blahniks. A travel company called "Destination On Location" is offering a new tour that will start the day before the premiere of Sex and the City, the movie. Guests on the four-day Manhattan vacation will be chauffeured to upscale stores, spas and nightspots. The first client to book a spot on the tour is a woman from Singapore, where the show is banned. The same company plans future trips based on films including the Lord of The Rings that would take you to New Zealand.
04/02/08 06:47 AM PT Posted by Lori Stassi on April 2, 2008 6:47 AM PTData breach could lead to $24 million settlement
The parent company of T.J. Maxx and Marshalls could pay as much as $24 million dollars to settle a massive data breach.
The settlement with MasterCard is over a breach that exposed tens of millions of credit card numbers to hackers.
The deal is similar to a $40 million dollar payment T.J.X. worked out with Visa at the end of the year.
It waives the rights of the credit card companies to sue the retailer in exchange for money to pay for breach-related costs.
The latest pact comes as new numbers show data breaches in the first three months of this year are more than double the total in last year's first quarter.
04/03/08 02:35 AM PT Posted by Lori Stassi on April 3, 2008 2:35 AM PTCapital One sets fixed rate on new cards
What's in your wallet?
If it's a new Capital One card, make sure you know what you signed up for.
The Wall Street Journal reports Capital One just changed interest rates on several of its cards to a fixed rate from a variable one.
The changes, aimed at new customers, means they won't get lower rates if the Federal Reserve continues to slash short-term rates.
04/03/08 02:44 AM PT Posted by Lori Stassi on April 3, 2008 2:44 AM PTWhy is U.S. military spending so much for fuel in Iraq
We've all winced at recent prices at the pump and here's more reason to wince.
U.S. forces in Iraq are spending almost as much as we are.
The Pentagon says the military is spending about $153 million dollars a month in Iraq on fuel -- that includes gasoline, diesel and jet fuel.
U.S. authorities say Iraq's oil revenue could approach $60 billion dollars this year.
Democratic Sen. Carl Levin and Republican John Warner are asking why taxpayers are footing a large part of Iraq's reconstruction costs at a time the country's earning billions from oil.
04/03/08 02:45 AM PT Posted by Lori Stassi on April 3, 2008 2:45 AM PTDepends on your definition of "craft" beer
Tastes great, less filling. The debate goes on, but Miller Lite is about to complicate things.
The nation's second-biggest brewer is taking its most popular beer and offering it up craft-style. Miller tested light versions of wheat, amber, and blonde ales in four markets earlier this year. Sales went so well in Baltimore, Charlotte, Minneapolis, and San Diego the craft collection is going national. The new tag line: "Craft Beer. Done Lite" (and beer snobs may be saying, "Yeah, right").
Fewer routes to paradise
The abrupt shutdown of two airlines this week means there are fewer ways to get to a good luau. With Aloha Airlines and ATA out of the picture, that luau is going to be out of reach for more people. Experts say the losses could mean fare hikes for an already expensive vacation destination, and Hawaii will be missing out on tourism dollars. One official says she's expecting a loss of more than 500,000 visitors. That's just the number of travelers ATA was expected to bring to the islands during the remainder of the year.
04/04/08 04:03 AM PT Posted by Melissa Kaplan on April 4, 2008 4:03 AM PTThey hung out, but nothing happened
Senior execs at Microsoft and Yahoo got together again this week to talk about their proposed merger but there was no spark. The Wall Street Journal says Yahoo didn't show much passion since Microsoft is unwilling to raise its bid for the web company. Microsoft offered to buy Yahoo at the end of January for about $42 billion but Yahoo turned it down.
04/04/08 04:14 AM PT Posted by Melissa Kaplan on April 4, 2008 4:14 AM PTFlights grounded at Heathrow -- for snow!
Just if things were not bad enough at Heathrow's airport terminal 5 . . .
A little bit of help from the forces of nature arrived this weekend -- Snow! One in 10 flights had to be cancelled today. Yesterday 144 flights were grounded. And now the whole fiasco is threatening with doing away with BA's plans to making pay outs to share holders. The company was planning on retuning to the dividend list if it met its margin target. That was before they started counting the cost of the chaos at terminal 5. More than 30 million dollars so far...
04/07/08 08:06 AM PT Posted by Lori Stassi on April 7, 2008 8:06 AM PTNestle selling Alcon to raise funds for acquisitions
Food giant Nestle has agreed to sell its stake in the US Eyecare firm Alcon for up to $39 billion.
The buyer is the Swiss drug firm Novartis Nestle says it will use the proceeds to make acquisitions in nutrition and health foods sector.
04/07/08 10:51 AM PT Posted by Lori Stassi on April 7, 2008 10:51 AM PTMicrosoft gives Yahoo a deadline
Microsoft drew a line in the sand this weekend.
The company is offering nearly $41 billion to buy out Yahoo. Now, it's issued a warning to Yahoo. A deal must be reached by April 26. If not, Microsoft said it would launch a hostile takeover at a less attractive price. Yahoo has rejected Microsoft's overtures. Yahoo's stock has been falling since the bid was first announced in January. (at that time the deal was worth 44.6 billion.)
Today, Yahoo says it doesn't oppose a deal -- it just wants a better one.
04/07/08 10:53 AM PT Posted by Lori Stassi on April 7, 2008 10:53 AM PTDeal near to help struggling WaMu
The private equity firm TPG and other investors are nearing a deal to invest $5 billion in Washington Mutual, according to a report in the Wall Street Journal.
The Journal says an agreement has not been finalized.
Washington Mutual, the country's biggest savings and loan, has lost billions in the
national mortgage crisis. Investors have lost more than 74 per cent of their investment in the past year.
Filmmakers, Michigan has a deal for you
Michigan is looking to become the Hollywood of the midwest.
Today, the state is expected to announce a nice set of incentives to bring in film deals.
The Los Angeles Times reports Michigan would offer a 40 percent rebate on production costs for filmmakers. The rebate would cover salaries of crew and talent -- up to $2 million per person. The law would also cover 50 percent of on-the-job training expenses for Michigan residents who work in the crew.
The state has been hit by a declining auto industry and a rising foreclosure rate.
Happy hours at Hemingway's hang
Americans tourists hit by the falling dollar now have something to soften the blow. At least if they're in Italy and patrons of Harry's Bar -- The Roman restaurant where Ernest Hemingway once hung out.
The owner is offering Americans a 20 percent discount until the weak dollar recovers. And that's no bad thing. Harry's is one of Rome's most expensive eating places.
04/07/08 10:59 AM PT Posted by Lori Stassi on April 7, 2008 10:59 AM PTSkybus to file for bankruptcy
Another airline bites the dust.
Skybus -- home to the $10 flight -- is expected to file for bankruptcy protection Monday. Just three days ago, the airline suspended flights -- leaving thousands of ticketholders stranded. The carrier said a slow economy and rising fuel costs were behind its demise.
Skybus is the third U.S. carrier grounded by bankruptcy in a week.
04/07/08 11:01 AM PT Posted by Lori Stassi on April 7, 2008 11:01 AM PTHelp the rainforest, buy a condom
Brazil's got a new product line: Amazon condoms.
The government has started producing rubbers from the rubber trees in its vast northern jungle. Brazil is trying to offset some of the cost of importing condoms for its massive AIDS prevention program. Brazil says it is the world's largest single buyer of condoms.
The factory will use locally harvested latex and help bring in revenue for Amazon residents. Officials expect the new factory will produce 100 million rubbers a year. They'll go by the name "Natex."
04/08/08 02:29 AM PT Posted by Lori Stassi on April 8, 2008 2:29 AM PTStarbucks and a free cup of (Pike Place) joe
Get your free coffee!
Starbucks is toasting a new roast today by giving away eight ounce cups of coffee. The brew will be called Pike Place Roast -- named for a destination street in Seattle. The free coffees will last only 30 minutes, starting at 9 a.m. today. If you don't like your sample, find a new coffeehouse.
This will be the coffee company's standard everyday brew nationwide. Starbucks had been rotating its blends, which it says was confusing customers. This is all part of a plan to reinvigorate growth as market share has been chipped away by fast food chains that have been dipping into gourmet coffee.
04/08/08 02:37 AM PT Posted by Lori Stassi on April 8, 2008 2:37 AM PTEurotunnel turns profit after 14 years
The Eurotunnel -- you know, the underwater passageway between Britain and France -- opened in 1994. And now, 14 years later, the tunnel turned a profit (for 2007). Earnings were $1.5 million dollars. Maybe not the best return EVER. But a feat never the less.
The tunnel cost about $25 million (16 million euros, today's exchange.) to build -- more than double initial estimates. Its private owners had been drowning in debt. That debt was restructured in 2006 and is partially behind this new profitability.
04/08/08 09:13 AM PT Posted by Lori Stassi on April 8, 2008 9:13 AM PTAmerican cancels more flights
The skies are just not that friendly anymore. American Airlines has canceled at least 900 more flights today. The carrier has scrapped one in three of its flights over the past three days.
It's been inspecting its jets for faulty wiring. And if that's not bad enough, another budget carrier has fallen out of the sky. This one's based in Hong Kong. Oasis airline has been flying only for about a year and a half. It offered flights from the U.K. to Hong Kong for $130 each way.
Apparently those deals really were just too good to last. Hundreds of passengers were stranded when the airline stopped flying late yesterday.
04/10/08 02:36 AM PT Posted by Lori Stassi on April 10, 2008 2:36 AM PTHarrah's is changing its name
Harrah's is gambling on a new name. Seventy-one years after the casino company was founded by Bill Harrah, the company will now be known as Caesars Entertainment Corp. The company says Caesars is better known overseas. (Harrah's bought Caesars Entertainment in 2005 -- which included Caesars Palace in Las Vegas.)
04/10/08 02:42 AM PT Posted by Lori Stassi on April 10, 2008 2:42 AM PTFirst ride on the Led Zepplin rollercoaster
What would you do with 1,800 bucks?
One South Carolinan woman is paying that much just to have the privilege of the first ride on the Led Zeppelin roller coaster in Myrtle Beach. Cindy Ennis will get four seats for her high bid -- one for her two children and a son-in-law. The roller coaster tribute to the rock band opens later this month. But Ennis will get her ride on her rollercoaster to heaven on Tuesday.
04/10/08 02:53 AM PT Posted by Lori Stassi on April 10, 2008 2:53 AM PTFrontier Airline declares bankruptcy
It's like they're falling from the sky. Frontier Airline declared bankruptcy. The airline says it's been hit by rising fuel charges and a falling economy. They've also got a new excuse -- The carrier is blaming its credit card processor for garnishing ticket sales. The Denver-based carrier says it will keep flying.
04/11/08 02:39 AM PT Posted by Lori Stassi on April 11, 2008 2:39 AM PTMicrosoft wants to yank XP
Windows XP may be six years old, but it has some serious fans. Microsoft released the new operating system Vista last January and is planning to pull XP in June. But not if supporters of the old system have anything to say about it. They've covered the internet with blog posts, cartoons and petitions. One such cyberpetition -- SaveXP.com -- drew 100,0000 signatures and thousands of comments. XP users say Vista just doesn't work as well. But Microsoft remains dogged in its attempts to switch to the new system.
04/11/08 02:46 AM PT Posted by Lori Stassi on April 11, 2008 2:46 AM PTBlockbuster wants Circuit City
Blockbuster made public today a $1 billion offer for electronics retailer Circuit City. The original offer was made privately back in February. But Circuit City has not come back with an answer. Now Blockbuster's chief executive is getting a little more aggressive and has made the offer public, perhaps looking for some shareholder pressure. And that pressure might very well arrive since the offer is between 54 to 105 percent over Circuit City's closing share price of 3.90 last week.
04/14/08 02:41 AM PT Posted by Lori Stassi on April 14, 2008 2:41 AM PTLooking for a Ferris wheel?
Ever wanna buy a Ferris wheel? Now's your chance.
The wheel on the Santa Monica Pier in Southern California is up for auction -- on eBay. The pier will be getting a new ride. But not before it sells off the old one. Bids start at $50,000. One more hitch: You have to haul it away. And at nine stories and 122,000 pounds, that's no small task.
04/16/08 09:05 AM PT Posted by Lori Stassi on April 16, 2008 9:05 AM PTIf you're a hedge fund manager, it's been a good year
While the country seems to be heading into tough economic times, guess who is not touched by them? Hedge fund managers, of course.
Alpha magazine came out with its annual survey of hedge fund managers' yearly gains. One manager, John Paulson, made $3.7 billion last year. George Soros made almost $3 billion. The top 25 on the list earned an average $892 million, up from $532 million in 2006.
And of course, their secrets include getting ahead of the news in the markets. John Paulson, for example, predicted the decline in value of those flaky mortgage-backed securities back in 2005.
What recession?
Miller beer says annual results top expectations
Here's a business that might be benefiting from a slowing economy -- Miller beer.
The SABMiller company says (today) its annual results would be at the upper end of expectations. Lager sales have helped. Lager volumes in North America are up 3 percent and 15 percent in Asia and Africa. The cost of producing beer has increased as grain has become more expensive. But Miller says it has increased prices. It also said currency shifts have helped stave off a loss. Analysts say the beer industry should remain strong in the U.S. during the slowdown.
04/16/08 09:37 AM PT Posted by Lori Stassi on April 16, 2008 9:37 AM PTPapa John's going to China
If you're in Beijing for the Olympics, here's one thing you won't have to give up:
Papa John's pizza. The chain is adding 500 restaurants in China (40 or 50 will open this year). That would make it the biggest market outside the U.S. There are already about 100 Papa John's in China. The company is trying to tap a growing market of affluent consumers in China.
Samsung chef indicted on tax evasion charges
The name Lee Kun-hee might not sound familiar to you. But in South Korea they sure know him. He is the head of Samsung, one of the largest multinationals in the world. And he is now being indicted by South Korean authorities on charges of tax evasion and breach of trust.
Ten other Samsung executives were also charged. But the guy is so powerful that prosecutors said they would not arrest him yet, because of the "negative repercussions" that could have on the countries economy.
DIY Hallmark cards for Mother's Day
I guess since people started using e-cards, Hallmark has been having a hard time selling old-fashioned cards. So, here's the company's new answer to those moving and flashy electronic cards -- recordable real cards.
You can record your own voice or anything else you want -- 10 seconds of it. Then send it to your loved ones along with 15 seconds of music. You don't get to record that though.
Six bucks per card. You'll find them on Monday, just on time for Mother's Day.
China cracks down on fake goods
China's got a piracy problem on its hands. It's the world's biggest source of illegally copied goods. But with the Olympics coming up -- the country doesn't want fakes to flood the market. So, the country announced today that it is taking special care to prevent piracy. In fact, the government says, it already has started.
Last year, China convicted more than 4,000 people of product piracy. It seized six million pirated items, such as movies or software discs, and shut down 13,000 piracy-oriented businesses. It's as if to say: Don't worry. Send us your Nike swooshes and Adidas stripes. They're safe with us. Wink, wink.
'Lost' luggage back at Heathrow, but travelers already went home
And here's the latest news from Heathrow's Terminal 5 fiasco...
You might remember that early this month British Airways sent about 5,000 bags to be sorted out at an alternative location a little far from the U.K. -- Milan, Italy. Now, the airline is admitting that hundreds of those bags are coming back to London. Their owners already finished their trips. So now the bags are going to continue their own vacation at yet another "alternative location" -- possibly Gatwick Airport in London.
04/18/08 02:29 AM PT Posted by Lori Stassi on April 18, 2008 2:29 AM PTColt has exclusive deal with Army, AP says
The U.S. Army's exclusive deal with an American gunmaker is coming under fire from Capitol Hill, according to a report by the Associated Press.
Colt Defense of Hartford, Conn., makes the M-4 automatic rifle. That's the weapon U.S. soldiers are using in Iraq and Afghanistan. A recent survey found soldiers were mostly satisfied with the weapon, but 20 percent said that the guns had jammed during a firefight.
A couple of lawmakers say the military should consider some alternatives when the Colt contract expires next year.
Chinese want their SUVs
Some have said that the U.S. might be becoming a small cart nation. That should help with the price of gas. Except for... on the other side of the world, China is becoming a big car nation.
On Sunday, at the Beijing Auto Show opening, auto executives said that demand for SUVs and full-size luxury cars is growing fast in China. Don't they care about gas prices? So far, they don't have to. The Chinese government keeps price controls on gas and diesel to limit inflation. The government is pushing car companies to make more fuel-efficient cars.
04/21/08 08:33 AM PT Posted by Lori Stassi on April 21, 2008 8:33 AM PTMarch housing market reports out this week
Home lenders and borrowers are watching this week for two reports on the housing market.
The National Association of Realtors will release its March figures on sales of existing homes. That's out tomorrow. On Thursday, the Commerce Department announces the numbers for new home sales last month.
Analysts aren't optimistic. They predict sales will be down in both categories.
Murdoch has eyes on Newsday
Rupert Murdoch might be adding yet another newspaper to his list of media properties in New York.
According to the Wall Street Journal, which he owns by the way, Tribune has agreed to sell Newsday to News Corp. for about $580 million. Newsday would become part of a joint venture with the New York Post. That would help News Corp. balance the $50 million in annual losses that the New York Post brings in now.
The deal might face some regulatory issues. Three major newspapers might be just too many for Rupert Murdoch to own in the same city.
04/22/08 02:39 AM PT Posted by Lori Stassi on April 22, 2008 2:39 AM PTIndicted Samsung Group chief stepping down
The chairman of South Korea's biggest conglomerate says he is resigning. Samsung Group chief Lee Kun-hee is stepping down less than a week after his indictment on tax evasion charges.
A team of special prosecutors say Lee evaded about $113 million in taxes. The charges followed a three-month investigation into the conglomerate's finances.
Samsung Group's biggest company is Samsung Electronics, which makes computer chips, flat screen TVs and mobile phones.
04/22/08 07:05 AM PT Posted by Lori Stassi on April 22, 2008 7:05 AM PTTexas is tops for corporate headquarters
The geographical center of the Fortune 500 has shifted south and west.
Texas is now the No. 1 location for the corporate headquarters of America's biggest companies. Fifty-eight now call the Lone Star state home, according to Fortune magazine. That's compared to 55 for New York, the previous No. 1, and 52 for California.
Experts say Texas offers companies a hard-to-beat package of low taxes, affordable land and lots of workers.
04/22/08 07:11 AM PT Posted by Lori Stassi on April 22, 2008 7:11 AM PTSomebody put something in Richie Ramone's contract
A U.S. District judge just dismissed a lawsuit filed by Richie Ramone, a former Ramones drummer. Richie wrote six songs for the rock band, including "Somebody Put Something In My Drink." And he is not getting any cash from Internet sales these days. But the judge said his contract contained language that made it clear that any future modes of music reproduction were covered.
Richie was asking for $1 million in royalties.
04/23/08 02:24 AM PT Posted by Lori Stassi on April 23, 2008 2:24 AM PTeBay suing Criagslist
Online auction giant eBay is suing the popular Internet ad site Craigslist.
The details are sketchy, but eBay says Craigslist is "unfairly diluting eBay's economic interest" in the Web site. EBay has a 28 percent stake in Craigslist.
EBay's general council says Craigslist has adopted measures that have disadvantaged eBay's investment. He did not specify what actions Craigslist has taken, but he's asking the court to rescind them.
Craigslist says the allegations are unfounded.
04/23/08 06:47 AM PT Posted by Lori Stassi on April 23, 2008 6:47 AM PTRice prices continue to rise
Look for the price of rice to go up -- again.
Thailand, the world's biggest rice exporter, announced the cost per ton surged to $1,000 today. That's almost triple the price per ton at the start of the year. And some Thai traders say it might reach $1,300 hundred before long. This may be good news for Bangkok rice dealers, but not it's so good for poorer nations. Even in the U.S. this week, retailers such as Sam's Club and Costco were starting to see signs of panic buying.
Air China flying high
The U.S. airline industry might be flying on a wing and a financial prayer, but not so in China. AIR China is reporting an almost 150 percent increase in profits for the first quarter. The airline is carrying more passengers thanks to China's economic boom. The rising value of the yuan against the dollar is helping, too. That's because Air China pays for fuel in dollars. Profits might rise further as the company expects to get another boost from visitors flying in for the Beijing Olympics.
04/25/08 02:59 AM PT Posted by Lori Stassi on April 25, 2008 2:59 AM PTViolence in Nigeria threatens oil exports
Oil prices are on the upswing again following reports of another attack on an oil pipeline in the Niger River Delta. Nigerian militants say they sabotaged a pipeline belonging to Royal Dutch Shell. The company has not commented on the report.
The rebels claim to have blown up three other pipelines in the past week. Shell says the violence might decrease the amount of oil it can ship out of the country. And Shell is not alone. There are reports today that American oil giant Exxon Mobil might have to delay oil shipments from Nigeria because of a workers strike.
04/25/08 08:36 AM PT Posted by Lori Stassi on April 25, 2008 8:36 AM PTGet your strange creature fix with 'The Hobbit' movies
If you didn't have enough of strange creatures and fantastic worlds with the Lord of the Rings movie saga, two movies based on the trilogy's prelude book, "The Hobbit," will soon be in production. Peter Jackson, who directed the Lord of the Rings films, is going to be the executive producer and Mexican filmmaker Guillermo del Toro will direct. He is the guy who recently directed "Pan's Labyrinth." The Lord of the Rings trilogy picked up about $3 billion in box office receipts worldwide.
04/25/08 09:01 AM PT Posted by Lori Stassi on April 25, 2008 9:01 AM PTContinental turns down United, flirts with British Airways
Continental Airlines has said no to a merger with United Airlines. Continental's executives seemed to be concerned about United's weak financial condition. Just last week, United posted a $537 million loss for the fist quarter. No one is crying too much, though.
Continental is now going to focus on a possible alliance with British Airways. United is also moving on fast. A merger deal with U.S. Airways seems to be in advance talks.
Candy maker wants a piece of gum
Candy giant Mars, Inc., might be about to gobble up the nation's largest chewing gum maker. Mars, the maker of Snickers, Starburst and M&Ms, is near a deal to buy the William Wrigley Junior Company. Wrigley's makes Altoids mints, and Orbit and Juicy Fruit gum. The price is about $22 billion. According to press reports, billionaire investor Warren Buffett will help foot the bill. In return, he'll likely take a stake in Wrigleys.
04/28/08 03:05 AM PT Posted by Lori Stassi on April 28, 2008 3:05 AM PTUpscale airline joins those filing for bankruptcy
If you have a ticket for a flight on Eos Airlines, you'd better call your travel agent. The upscale carrier is filing for bankruptcy. Eos tried to fill a niche by offering luxury service to business travelers flying from New York to London. A roundtrip ticket included champagne, gourmet food and plenty of leg room. The credit crunch and high fuel costs are to blame for grounding Eos. It's the fourth U.S. airline to close in the past few weeks. The others are Hawaii's Aloha Airgroup, ATA Airlines and Skybus Airlines.