Nike on Tuesday unveiled what it said is the first shoe designed specifically for American Indians, an effort aiming at promoting physical fitness in a population with high obesity rates. The Beaverton, Ore.-based company says the Air Native N7 is designed with a larger fit for the distinct foot shape of American Indians, and has a culturally specific look. It will be distributed solely to American Indians; tribal wellness programs and tribal schools nationwide will be able to purchase the shoe at wholesale price and then pass it along to individuals, often at no cost.
First test flight for Northrup tanker
The Boeing Co.’s competitor for a lucrative U.S. Air Force contract put its aerial refueling tanker in the air Tuesday for the first time. The pair of Northrop Grumman and EADS is challenging Boeing’s KC-767 tanker with its KC-30 tanker for a $40 billion deal. The KC-30 completed its maiden flight Tuesday morning, flying for nearly four hours. The duo’s tanker is derived from Airbus’ A330 commercial jet while Boeing’s tanker is based off its Everett-built 767 jet. The Air Force is expected to announce the contract winner by early January.
Buyer confidence drops this month
Crumbling consumer confidence and slumping home sales outside the Northwest could prove to be a bad combination for retailers, and for the broader economy going into the holiday shopping season, economic data showed Tuesday. But markets took some heart from the warning signs, hoping that they would goad the Federal Reserve to lower interest rates more. Worries about jobs and the economy flared in September, driving a key barometer of consumer sentiment to its lowest level in nearly two years. The New York-based Conference Board said its confidence index fell to 99.8, an almost 6-point drop from 105.6 in August.
Clear Channel approves buyout
Shareholders for Clear Channel Communications Inc. gave the OK on Tuesday to a $19.5 billion buyout from a private equity group. The offer was for $39.20 per share in cash or stock. Current shareholders could end up with 30 percent of the new company.
UAW walkout could end soon
Industry watchers predict that the United Auto Workers’ strike against General Motors Corp. will be a short one. Both sides have something the other desires — the workers want job security, GM wants to make retiree health care a union burden. The two sides were back at the bargaining table Tuesday as workers picketed for a second day.
Barrel of crude oil dips below $80
Oil prices dropped sharply Tuesday, ending below $80 a barrel, and other energy futures followed suit as investors locked in profits from the recent record-setting rally. The third consecutive day of oil price declines after eight straight sessions in which futures hit new records is igniting a debate among analysts over whether the move is a correction in a bull market or the beginning of a long-term decline in crude prices.
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