The Treasury Department says the $700 billion financial bailout will cost far less than previously thought. A report on the program Tuesday says it will cost taxpayers about $50 billion. That’s lower than the most recent estimate this summer by the Congressional Budget Office of $66 billion. Tuesday’s report comes after two years of criticism about the programs that rescued banks, automakers and other failing companies. It says the programs achieved many of their goals despite being deeply unpopular. It says they prevented a deeper crisis and stabilized the financial system. The law was passed at the peak of 2008’s global credit crisis. Its official end was Sunday.
Iraq to sell Boeing jets from Hussein era
Iraq wants to sell five decrepit Iraqi Airways planes stranded in Jordan since Saddam Hussein’s 1990 invasion of Kuwait, an official said Tuesday. Hussein had sent the planes to Jordan to hide them when it became clear a U.S.-led coalition would attack Iraq to force it to relinquish Kuwait. He feared the strikes would target Baghdad’s airport. Transportation Ministry spokesman Aqeel Hadi Kawthar said three Boeing 727-200s and two Boeing 707s are parked on the tarmac of the international airport in Amman. He said repairing the five planes would “exceed the price of a new aircraft,” but he declined to disclose figures. A sixth plane, used by Hussein personally and parked in Jordan with the other planes, would not be sold.
Apple to challenge copyright case
Apple Inc. is challenging a federal jury’s order that it pay $625.5 million in damages for violating a small technology company’s patents. If upheld, the verdict would be one of the largest in a patent lawsuit. Last Friday, the jury in Tyler, Texas, found that Apple infringed on three patents held by Mirror Worlds LLC, a company founded by Yale University computer science professor David Gelernter. The patents cover characteristic features on Apple’s Macintosh computers, iPods and iPhones. The technologies include Cover Flow, which lets users flip through album covers and other content as if through a stack of cards; Time Machine, which performs automatic backups; and Spotlight, which is software for searching computer hard drives.
Diaper maker closing Vancouver plant
Associated Hygienic Products says it is closing its Vancouver, Wash., plant that makes disposable baby diapers and training pants. The Vancouver Columbian reports that a federal Worker Adjustment and Retraining Notification says some of the plant’s 101 employees will be relocated to factories in Texas and Ohio. The newspaper says employees received layoff notices last week that the plant will close Nov. 27. AHP said Monday it’s no longer economically feasible to keep operating the plant. The Duluth, Ga.-based company is a subsidiary of Disposable Soft Goods International. Its products are sold as private-label or store brands in many major chains.
Herald wire services