Events Calendar
In This Section
Pro golfer disappears in middle of scandal
Federal budget deficit for November hits $120.3 billion
Editor & Publisher closing after 108 years
Americans' net worth up for second straight quarter
NASA explores medical advances in Akron
Summit foreclosure filings down 9.6 percent in November
October trade deficit drops to $32.9 billion
Most Read Stories
Woman sues over drink-fueled leg amputations
Guard fired after teen injured at detention center
Tiger tales to surface in Akron?
Akron shooting suspect arrested
One student suspended in Hudson drug sweep
'Family Ties' actor due in court for alleged assault
Zips select new football coach
Two Akron brothers convicted of assault after birthday party
Blogs:
Pets:
Cat Massage Master Gives Dave Letterman Puss-Petting Tips
The Heldenfiles:
Thursday Notebook
Patrick McManamon:
Peer calls Tiger a "phony and a fake"
Akron Zips:
Ianello named head coach
Tribe Matters:
Indians pick Nagy to be Columbus pitching coach
Cleveland Browns:
Steelers' Harrison on Polamalu: 'He's greatly missed'
Kent State Sports:
Kent State completes search committee for new AD
Cleveland Cavaliers:
Gameblog: Cavs at Memphis Grizzlies – Abbreviated Version
Buckeye Blogging:
Buckeye Football – Present and Future
Varsity Letters:
Orrville confirms Miller’s commitment
All Da King's Men:
Obama's TARP Magic
Blog of Mass Destruction:
Medicare Buy-In
Akron Law Café:
Utopian Economics
See Jane Style:
Do IT this week: Layering
Car Chase:
What Automotive Thing Are You Thankful For?
Let's Talk Real Estate:
Loan Modification – You Qualify!
Ohio Travels with Betty:
Miranda asks about a place sacred to the Indians where magnetic fields converge.
Sound Check:
Keys side project Blackroc performs on 'Late Night'
HRLite House:
Genetic Discrimination
Akron Gamer:
Obsessive compulsive gaming
Published on Wednesday, Jul 23, 2008
United Airlines
to cut 7,000 jobs
UAL Corp.'s United Airlines, the world's second-largest carrier, said it will cut more than 7,000 jobs by the end of 2009 to stem losses from record fuel bills.
The reductions consist of 5,500 aircraft and airport workers and 1,500 previously announced salaried positions, UAL said as it reported a second-quarter net loss of $2.73 billion to write down the value of assets.
Michelin shares
fall after re-ranking
Shares of Michelin & Cie., the world's second-largest tire maker, fell 2.2 percent in Paris trading after Morgan Stanley downgraded the stock, citing sluggish consumer demand and rising raw-material costs.
Morgan Stanley downgraded the stock to ''underweight'' from ''overweight.''
Cost-cutting is ''undermined by soaring raw-material input costs'' and a sagging global tire market, Morgan Stanley analysts led by Adam Jonas said in a note to investors.
''Our change of view is driven more by the likelihood of further disappointments'' than by a widely expected cut to Michelin's earnings forecasts when the company reports first-half earnings on July 30, the London analysts said.
Lockheed Martin
earnings rise 13%
Lockheed Martin Corp., which has Akron operations, said second-quarter earnings rose 13 percent as a drop in its fighter jet business was offset by higher sales in its space, electronic systems and information technology units. The nation's largest defense contractor also raised its outlook for the year.
Lockheed said it earned $882 million, or $2.15 per share, in the second quarter, up from $778 million, or $1.82 per share in the same quarter last year. Revenue grew 4 percent to $11 billion from $10.65 billion a year ago.
Analysts polled by Thomson Financial expected profit of $1.88 per share on $10.86 billion in revenue.
Lockheed now expects to earn between $7.45 per share and $7.60 per share and revenue of between $41.9 billion and $42.9 billion in 2008.
Fifth Third posts
$202 million loss
Fifth Third Bancorp, Ohio's second-largest bank, posted its first loss in at least nine years as the lender set aside more money to cover bad debts in distressed housing markets including Florida and Michigan.
The net loss was $202 million, or 37 cents a share, compared with a profit of $376 million, or 69 cents, in the same period a year earlier, the Cincinnati company said.
GM, utilities join
on electric-car use
General Motors Corp. has joined with more than 30 utility companies across the U.S. to help work out electricity issues that will crop up when it rolls out new electric vehicles in a little more than two years.
The Detroit automaker said the partnership includes the Electric Vehicle Research Institute and large utilities, such as Southern California Edison and Duke Energy Corp.
Separately, GM's Chevrolet division has unveiled its 2010 Camaro, which it retired in 2002. The new Camaro will get 26 miles per gallon on the highway, GM said, and come out in the first quarter of 2009.
Norwalk Furniture
suspends work
Norwalk Furniture Corp., the Ohio city's largest manufacturer and its second-biggest employer, suspended operations at its local facility, idling more than 500 workers. The privately held company blamed the suspension of operations at its plant in Norwalk and another in Cookeville, Tenn., on a slowing economy and changes in the furniture industry. It said sales dropped $8 million from 2006 to 2007.
US Airways has
huge quarter loss
US Airways Group Inc. says it swung to a huge second quarter loss as it struggled to deal with a spike in fuel costs.
For the three months that ended June 30, US Airways said it lost $567 million, or $6.16 per share, compared with a profit of $263 million, or $2.77 per share, for the same period last year. Revenue rose 3 percent to $3.26 billion.
United Airlines
to cut 7,000 jobs
Get the full article here.
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