Sun, Jan 03, 2016 - Page 14 News List

World Business Quick Take



Delta pilots want 40% rise

The union representing Delta Air Lines Inc’s pilots wants raises of almost 40 percent compounded over three years, attempting to reverse some of the pay and benefit cuts adopted in the early 2000s. The union cites the carrier’s surging profits in saying it had requested a 22 percent raise for this year, followed by 7 percent raises in the following two years, a memo from the Air Line Pilots Association said. The union and Delta declined to comment on the memo. Delta spokesman Morgan Durrant said the company looks forward to negotiating with the union to reach an agreement that is mutually beneficial.


China Express orders jets

China Express Airlines Co (華夏航空) has placed an order for 10 Bombardier CRJ900 jets worth US$462 million, the Canadian aircraft builder said on Thursday. The order would increase the China Express’ all-Bombardier fleet to 38, a statement said. Based in the southwest city of Chongqing, the nine-year-old carrier serves 62 cities in China. The CRJ900 is a regional jet that seats up to 90 passengers and with the China Express deal, Bombardier has racked up 409 firm orders for the aircraft.


GE to build Saudi plant

General Electric Co (GE) on Thursday said that it had won a contract worth nearly US$1 billion from Saudi Electricity Co to build and supply a power plant in northern Saudi Arabia. Under the contract, the US industrial giant is to build the Waad al-Shamal combined-cycle power plant and provide four advanced gas turbines, a steam turbine and turbine maintenance services. The 1,390-megawatt plant, which is to include solar technology, is expected to be able to provide the equivalent power needed to supply more than 500,000 Saudi homes.


V and D declares bankruptcy

The largest Dutch chain of department stores, US-owned Vroom and Dreesman (V and D), on Thursday declared itself bankrupt after years of losses, but said it expected a buyer to come to its rescue. Founded in 1887 in Amsterdam, the chain employs 10,000 people in 64 outlets. V and D failed to reverse a loss-making trend despite reducing the payroll and cutting wages in recent years. It reported losses of 49 million euros (US$53 million) in 2014, 42 million euros in 2013 and 19 million euros in 2012. A warm winter added to the chain’s problems at the end of this year, causing its winter collection to flop.


Canadian funds set record

Canadian pension funds, money managers and corporations acquired a record-setting US$205 billion in foreign assets last year, driving the nation’s deal total to an eight-year high. In all, there were US$281 billion worth of mergers and acquisitions involving Canadian firms through Wednesday last week, up 34 percent from a year earlier, data compiled by Bloomberg showed. It was the second-highest total on record behind 2007, when Canadians were involved in US$315 billion worth of transactions. The size of the deals involving Canadian firms were also uncharacteristically large last year with the four biggest deals worth in excess of US$10 billion for the first time since 2006, the data showed.

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