The trade group for U.S. airlines sued Wednesday over loan guarantees for a jet order by Air India, saying the U.S.-backed loans are hurting more American workers than they help. The Air Transport Association sued the Export-Import Bank of the United States. The bank’s job is to guarantee loans that help American companies doing business overseas, including the Boeing Co. The lawsuit seeks to force the Ex-Im bank to reverse plans to guarantee up to $3.4 billion in loans for Air India to buy 30 Boeing planes, including 27 of its new 787s. The lawsuit claims that the bank guarantees allow foreign airlines to save money on new planes, resulting in unfair competition.
Auto sales surging during November
Car dealers are getting a surprise end-of-the-year bonus: More Americans are replacing old cars and trucks, enlivening a normally sleepy time for auto sales and putting November on track to be the industry’s strongest month of the year. Dealers and analysts say people are finally getting rid of cars and trucks they’ve held onto for more than a decade. That demand, plus attractive lease deals, an ample supply of Japanese models and promotions on remaining 2011 models have drawn buyers to showrooms in large numbers the last two weeks. The spike in activity comes after months of sputtering sales.
LinkedIn plans secondary share sale
LinkedIn has priced a secondary offering of 8.8 million shares at $71 apiece. The online professional networking service said Wednesday that most of the shares will be sold by employees and early backers.
Shoppers buying more small luxuries
Limited Brands Inc. said Wednesday that its third-quarter net income rose 22 percent with higher sales at its Victoria’s Secret and Bath and Body Works chains, and it raised its full year forecast. The Columbus, Ohio-based company has seen strong sales as consumers continue to buy themselves little luxuries like candles and lingerie. Limited’s net income rose 22 percent to $94.3 million, or 31 cents per share, from $61.3 million, or 18 cents per share, last year. Excluding a one-time tax benefit, it earned 25 cents per share, while analysts expected 24 cents per share.
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