Boeing says that Panama’s Copa Airlines has ordered two more 737-800s. Monday’s order is valued at $152 million at list prices. Copa also ordered 13 of the planes in July and has a total of 29 to be delivered. Boeing says Copa flies some of the longest 737 routes in the world, making connections between Panama and Buenos Aires, Argentina; Montevideo, Uruguay; Santiago, Chile; Sao Paulo, Brazil; and Los Angeles.
Former GM chief financial officer will stay with company
General Motors Co. said Monday that Ray G. Young will remain with the automaker in a newly created international position after he steps down as chief financial officer. Young, 47, will become vice president of international operations on Feb. 1. He will report to the division’s president, Tim Lee. “Ray’s vast global experience and financial expertise will be essential in managing the challenges and dynamics of growing our international business,” Chairman and CEO Edward E. Whitacre Jr. said in a statement. GM’s board reportedly decided to remove Young as CFO back in September, but the company had not indicated whether he would stay with the company.
Cadbury slams Kraft’s takeover bid
Britain’s Cadbury PLC kicked off a robust defense against Kraft Foods Inc.’s $16.3 billion hostile takeover offer on Monday, urging shareholders not to let the U.S. maker of cheese, cookies and macaroni dinners “steal your company with its derisory offer.” Cadbury also confirmed that it had received rival approaches from The Hershey Co. and Italy’s Ferrero International SA, but said they were too preliminary to begin proper talks and warned that it would not accept a sub-par offer from any suitor. Kraft said Monday that its offer stands and that it was reviewing Cadbury’s response.
U.S. Supreme Court to hear worker privacy case
The U.S. Supreme Court said Monday it will decide how much privacy workers have when they send text messages using their employers’ accounts. The justices intervened in a case from Ontario, Calif., where three police officers and another employee complained that the department improperly snooped on their electronic exchanges, including many that were said to be sexually explicit.
T-bill rates decline in Monday auction
The Treasury Department auctioned three-month bills Monday at a discount rate of 0.04 percent, down from 0.05 percent last week. Six-month bills were auctioned at a discount rate of 0.16 percent, down from 0.165 percent last week. For a $10,000 bill, the three-month price was $9,998.99 while a six-month bill sold for $9,991.19. The Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable-rate mortgages, rose to 0.32 percent last week from 0.29 percent the previous week.
From Herald news services
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