TAAG Angola Airlines announced Monday that it’s buying a half-dozen jets from the Boeing Co. The airline has ordered two extended-range 777-200ERs and four 737-700s, which will be outfitted with quick-changing seats to allow crews to convert the planes from passenger to cargo use in less than an hour. The planes will be delivered next year. The deal is worth about $650 million at list prices, although airlines usually negotiate discounts.
Whirlpool offers bid for rival Maytag
Whirlpool Corp.’s top executive fired the first salvo in a possible three-way bidding war for rival Maytag Corp., saying Monday his company’s $1.37 billion offer provides the “best opportunity to address Maytag’s needs.” Whirlpool’s $17-per-share offer tops a $14-a-share proposal that the board of Newton, Iowa-based Maytag accepted from an investment group in May. Later, Maytag said it was considering a preliminary $1.28 billion bid from Chinese appliance maker Haier America that valued Maytag at $16 per share.
Safeco CEO resigns, may run for office
Mike McGavick, chairman and CEO of insurer Safeco Corp., announced Monday that he’ll step down as chief executive next month to consider “the possibility of public service.” McGavick has been mentioned as a possible Republican challenger to U.S. Sen. Maria Cantwell, D-Wash., next year.
Construction jobs keep market steady
New construction jobs hit an all-time high in Oregon last month, officials said Monday, even as the statewide unemployment rate remained essentially unchanged in June at 6.5 percent.
T-bill rates rise in Monday auction
The Treasury Department auctioned three-month bills Monday at a discount rate of 3.22 percent, up from 3.135 percent last week. Six-month bills were auctioned at a discount rate of 3.42 percent, up from 3.355 percent last week. The new rates understate the actual return to investors – 3.292 percent for three-month bills with a $10,000 bill selling for $9,918.61 and 3.529 percent for a six-month bill selling for $9,827.10. Separately, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for changing adjustable rate mortgages, rose to 3.59 percent last week from 3.52 percent the previous week.
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