One month after the start of a Machinists union strike, Boeing Co. has reported a nosedive in deliveries of commercial aircraft. Chicago-based Boeing reported that 84 737s, 747s, 767s and 777s were delivered in the third quarter. That’s down from 126 planes in the second quarter and from 109 planes a year ago. An initial news release from Boeing did not break down the deliveries by month, but the strike that began Sept. 6 is cited in a footnote. Boeing deliveries were cut to three planes during a 24-day walkout of the International Association of Machinists and Aerospace Workers in 2005.
Sale of AIG units will pay government
The insurer American International Group Inc. said Friday it plans to sell off a number of business units to pay off its massive government loan. The announcement was expected on Wall Street. But it now leaves investors wondering how much AIG can raise from the sales. On the brink of failure last month, AIG was bailed out when the government offered it an $85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc. file for bankruptcy protection and the sale of Merrill Lynch &Co. to Bank of America Corp.
Export rise boosts business
Educational services, farms, utilities, stores and hospitals all saw their businesses expand slightly in September, thanks to strong exports and deliveries, a private research group’s survey showed Friday. The reading of 50.2 from the Institute for Supply Management was down from 50.6 in August. A number above 50 signals growth.
Dividend cuts are worst ever
Dividend cuts in the third quarter took $22.5 billion out of the pockets of investors during what one Standard &Poor’s analyst called the worst September for dividends in more than 50 years. Of the 7,000 or so publicly traded companies that report dividend information to S&P, 138 decreased their dividend during the third quarter of 2008 compared to 21 during the third quarter of 2007. That marks the worst September for dividends since S&P started keeping such records in 1956.
Toyota dealers offer free financing
Toyota Motor Corp. is offering an unprecedented zero-percent financing on nearly a dozen models. But after the top Japanese automaker posted a 32 percent drop in September sales that only domestic competitors had experienced until now, the question is: Is it enough to get people to buy? Toyota’s U.S. division said Thursday night it will offer the free financing on 11 models with terms ranging from 36 to 60 months. The incentive expires on Nov. 3.
From Herald news services
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