Google insiders can sell shares today
Google Inc.’s employees and other insiders will be free to sell an additional 4.67 million shares of the company’s stock Thursday. The release of so much insider stock so soon marks another unusual twist in Google’s unconventional IPO. After completing an initial public offering, most companies forbid employees and other pre-IPO stockholders from selling their shares for the first six to nine months after the deal is priced. Many of Google’s employees hold stock options priced at under $6 a share and have been waiting for years for a chance to cash in.
United Airlines is poised to make more reductions to its work force – already 40 percent smaller than it was before the 2001 terrorist attacks. The second-biggest U.S. airline confirmed Wednesday that job cuts will be part of the plan it is putting together as it renews its push to get out of bankruptcy. A spokeswoman wouldn’t address a published report saying 6,000 job cuts are being considered. United has about 62,000 employees, down from more than 100,000.
Panel again rejects U.S. timber tariff
For the third time, a North American Free Trade Agreement panel has ruled that the United States failed to prove its softwood lumber industry is harmed by Canadian imports. The five-member NAFTA panel directed the U.S. International Trade Commission to rescind its justification for the average 27.2 percent tariffs on Canadian lumber since May 2002. The National Association of Home Builders applauded the ruling, calling it a victory for American home buyers squeezed by near-record lumber prices.
Philippine airline opts for Airbus
Philippine budget airline Cebu Air said Wednesday it will buy 12 new Airbus A319s as part of a drive to replenish its fleet. The airline also will take a five-year lease on two Airbus A320 jets. Cebu Air now operates a fleet of 12 McDonnell Douglas DC9-32s and three Boeing 757s.
Workers at Columbia River Dairy in Boardman, Ore., are in their 20th month of trying to organize a union to negotiate a labor contract. But this week, organizers got a vote of confidence from the Washington State Labor Council, which unanimously passed a resolution in support of the workers. Officials at the dairy, owned by Threemile Canyon Farms, say the majority of its workers don’t want union representation.
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