The Boeing Co. predicted Tuesday that world air cargo growth will expand at a 5.8 percent annual rate over the next two decades, with worldwide air freight traffic tripling through 2027. The company estimates the world freighter fleet will increase to 3,890 airplanes from 1,950 during the 20-year period. Large freighters such as the Boeing 747 and 777 ultimately will represent 35 percent of the fleet with airlines requiring 640 new large freighters. More than 75 percent of the world’s cargo fleet will come from passenger-to-freighter modifications. Boeing announced Tuesday that Air China had ordered three 747-400 cargo jets converted from passenger planes.
Port of Everett considers tax
The Port of Everett is considering a continuation of its property tax for next year at a rate of 27.6 cents per $1,000 of assessed valuation. If approved, the rate would mean that people living in the port district with a home valued at $200,000 would pay $55.20 in port taxes next year. The district includes Everett and about half of Mukilteo. If the tax is approved, the port would collect about $4.1 million during 2009, about the same amount it collected this year. The port’s share of the property taxes paid by residents is about 2.9 percent. Some 20 percent goes to state schools, 27.7 percent goes to the city, 7.6 percent goes to the county and 41.9 percent goes to local schools. A public hearing on the tax issue is scheduled for 6:30 p.m. Nov. 18 at the port commission offices, 2911 Bond St. in Everett.
Chase to cut trading group
JPMorgan Chase &Co. is closing down a 75-person group that traded the bank’s own money in stocks, commodities and other investments, a person familiar with the move said on Tuesday. The stand-alone proprietary trading desk had worked separately from traders doing similar work within various business lines. While most of the traders from the group will be laid off, some will be shifted into similar positions within the bank.
Dell announces hiring freeze
Dell Inc. has asked employees to consider taking unpaid vacation days or severance packages to help the PC maker cut its operating costs. In a memo posted to a company blog, Chief Executive Michael Dell also announced a hiring freeze and said the company would use fewer contract workers. Jess Blackburn, a Dell spokesman, said Tuesday that the new moves are intended to help the company reach its goal of cutting $3 billion in annual expenses.
Hartford insurance to cut 500 workers
Hartford Financial Services Group Inc. said it will cut 500 jobs, or about 2 percent, of its total work force this month, citing losses in its investment portfolios and declining revenue. The Hartford, Conn.-based insurer said Tuesday the layoffs were announced internally on Monday. It employs about 31,000 people. After reporting disappointing third-quarter results last week, the company said it would slash jobs and other expenses to save $250 million in annual costs by the end of 2009.
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