Delta to cut more jet purchases
Delta Air Lines announced it would cut another $500 million in jet aircraft purchases, and Chairman Ronald W. Allen said he sees little hope of improvement soon in his beleaguered industry. Two months ago, Delta said it was reducing planned aircraft purchases by $1.3 billion.
GM says Lopez not leaving
Contrary to rumors in the German press that he's bolting to Volkswagen, General Motors' purchasing czar Ignacio Lopez de Arriortua is staying put. "He's not leaving General Motors. He's happy here and he's staying," said a GM spokeswoman.
In the past week, Der Spiegel, a German newsmagazine, and the Frankfurter Allegemeine newspaper have reported that Volkswagen is about to hire the Spanish-born Mr. Lopez to head its purchasing operations.
Harley profits hit a record
Harley-Davidson Inc. said yesterday its sales roared past $1 billion for the first time ever last year as the only remaining U.S. motorcycle maker's earnings hit a record level. Strong demand for motorcycles and a return to profitability at its Holiday Rambler recreational vehicle division helped fourth-quarter profits to more than double to $14.5 million, or 40 cents a share.
3 airlines to match fare cuts
The nation's three biggest airlines, United, American and Delta, said yesterday that they would match fare cuts of up to 30 percent on leisure travel introduced Thursday by America West Airlines Inc.
The three carriers said they will match the fare reductions in markets where they compete with America West.
RTC overpaid for copying
The Resolution Trust Corp. paid over $6 million too much to get documents copied, the agency's inspector general told a Senate hearing yesterday. Inspector General John Adair said the RTC paid Price Waterhouse 67 cents a page to copy 10 million documents from a failed bank. He said Xerox charged only 11.5 cents a page for similar work.
Martin's debt is downgraded
Duff & Phelps Credit Rating Co. lowered its rating on Martin Marietta's senior debt to A from A+ yesterday. The downgrade affected about $445 million of debt securities. The company affirmed Martin's commercial paper rating at Duff 1.