Airline stocks hammered by terrorist plot
Published 9:00 pm Thursday, August 10, 2006
While airlines and travel companies were dealt a sharp blow Thursday by the discovery of a terrorist plot aimed at trans-Atlantic flights, shares of companies that make surveillance and detection technologies were boosted by prospects of increased spending on security. Tourism would feel an immediate impact, experts said, but the longer-term economic effects were likely to be less harsh – particularly as officials had thwarted the planned attack. Airline shares had already recovered slightly by the close of trading in London.
Unions courting more day laborers
Unions are increasingly courting immigrant day laborers in hopes of reversing a longtime decline in membership and clout. But labor experts say organizing a work force that is mobile and largely undocumented presents enormous logistical challenges and risks of alienating rank-and-file members. “Everyday there are day laborers who walk in and say, ‘I want a union,’” said Janice Fine, a labor professor at Rutgers University. “But the road to getting one is almost an impossible journey.” The Laborers’ International Union announced Thursday that early next year it will begin recruiting day laborers in the construction industry.
Reduced wage pact is likely from Delphi
General Motors Corp.’s top executive predicted Thursday that complex negotiations with parts supplier Delphi and its labor unions eventually will lead to a settlement on wage and benefit reductions. Speaking at the Center for Automotive Research Management Briefing Seminars in Traverse City, Mich., GM Chairman and Chief Executive Rick Wagoner said an agreement would not be reached quickly.
Online gamblers may lose winnings
Since BetOnSports PLC started accepting wagers online, gamblers played the odds on plenty of sporting events. But they also gambled on whether U.S. prosecutors would one day target the Costa Rica-based company for possibly violating federal law. Now, gamblers are wondering if they’ll ever get their money back after a judge’s temporary restraining order forced BetOnSports to disable its Web site, blocking access to player accounts. BetOnSports faces a 22-count indictment on fraud and racketeering charges in the U.S. District Court in St. Louis.
GM will resurrect Camaro for 2009
General Motors Corp. will bring back its Chevrolet Camaro muscle car in 2008, the automaker’s chairman and chief executive said Thursday. The car will be similar to a concept vehicle unveiled in January at the North American International Auto Show in Detroit. Initial production will begin at the end of 2008, and retail sales will start in the first quarter of 2009. The announcement was made by GM CEO Rick Wagoner as he spoke at the Center for Automotive Research Management Briefing Seminars in Traverse City, Mich.
From Herald staff and news services
