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American Airlines files for bankruptcy protection
Stock Market News |
2011/11/29 09:49
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The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
The company also replaced its CEO, and the incoming leader said American would probably cut its flight schedule "modestly" while it reorganizes. He did not give specifics. American said its frequent-flier program would be unaffected.
AMR Corp., which owns American, was the only major U.S. airline company that did not file for bankruptcy protection after the Sept. 11 attacks, which caused a deep slump in the industry.
Bankruptcy filings allowed American's competitors to shed costly labor contracts, unburden themselves of debt and start making money again. American was stuck with higher costs, and had to match its competitors' lower fares or lose money.
Other airlines also grew by pursuing acquisitions and expanding overseas. American was the biggest airline in the world in 2008, but has been surpassed by United, which combined with Continental, and Delta, which combined with Northwest. |
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Stocks plunge as debt talks near collapse
Stock Market News |
2011/11/21 09:29
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Stocks are plunging at midday after Congress' latest bid to resolve the federal budget gridlock appeared to fail.
The Dow Jones industrial average is down 327 points, or 2.8 percent, at 11,469 shortly before noon Eastern. The Standard & Poor's 500 index is down 31, or 2.5 percent, at 1,185. The Nasdaq composite index is down 67, or 2.6 percent, at 2,506.
A 12-member bipartisan panel was assigned to cut $1.2 trillion from the federal deficit by Wednesday. The panel appeared ready to admit failure on Monday. That could lead to broad, automatic cuts from military and social spending.
Uncertainty about government spending drags on the economy because the private sector is growing so slowly. Traders also fear that Europe's debt crisis might spill over, disrupting the fragile U.S. recovery.
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Chinese companies plan to invest $933 mln in Saab
Stock Market News |
2011/10/31 02:41
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A Swedish court ruled Monday that Saab can continue its reconstruction after reviewing two Chinese companies' plans to invest €660 million ($933 million) in the struggling brand and cut 500 jobs.
Vanersborg District Court made its ruling after reviewing the plans by Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. and hearing comments by creditors, said court spokesman Peter Rosen.
The two Chinese companies said they can provide €50 million ($71 million) in immediate bridge-financing to the car maker while it is being reorganized. They also plan to inject €610 million ($863 million) to restart production, settle the company's debts and fund operations between 2012 and 2013.
The companies reached a tentative deal on Friday to buy Saab from Swedish Automobile, the Dutch company previously known as Spyker Cars, for €100 million ($141 million) — the latest rescue attempt for the company, which has been fighting for survival since it was sold by General Motors Co. in 2010.
If the deal is completed and approved by regulators it would mean that both of Sweden's car makers end up in Chinese hands. Last year, China's Geely Holding Group bought Volvo Cars from Ford Motor Co. for $1.5 billion.
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Stocks rise on hopes for European bank plan
Stock Market News |
2011/10/12 09:05
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Hopes that Europe will finally take the bold steps needed to curb its financial crisis are sending stocks higher. European Commission President Jose-Manuel Barroso presented a plan to strengthen European banks and lower Greece's debt. It's being seen as the strongest effort yet to address the region's debt crisis. Separately, a Slovakian opposition party leader said that country's political parties have agreed to approve a deal to strengthen Europe's financial rescue program. Slovakia blocked the deal on Tuesday, setting back efforts to free up more funds for indebted European countries. The Dow Jones industrial average is up 117 points, or 1 percent, at 11,533 at midday. The Standard & Poor's 500 is up 16, or 1.4 percent, at 1,211. The Nasdaq composite is up 33, or 1.3 percent, at 2,616. |
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Congress poised to OK stalled free trade deals
Stock Market News |
2011/10/12 04:00
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Rushing toward the finishing line, Congress was poised to approve three free trade agreements Wednesday that advocates say will boost exports, give the economy a needed lift and help put Americans back to work.
The deals with South Korea, Colombia and Panama are hailed as economic victories by President Barack Obama and most Republicans in Congress. For a brief moment, it appeared that the bickering sides would put aside their political differences in the interest of action that could help the struggling jobs market.
Still, many Democrats, traditionally wary of free trade, opposed the Colombia deal because of that country's poor labor record. Republicans also criticized Obama for waiting several years to send the pacts to Capitol Hill. They were signed during George W. Bush's presidency.
The House planned to vote on three bills putting the deals in place and send the measures to the Senate for three additional votes Wednesday evening.
The House also scheduled a vote on a Senate-passed bill to extend benefits under a Kennedy-era program that helps workers whose jobs are adversely affected by foreign trade.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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