GM to make cars in Philippines
General Motors Corp. plans to return to the Philippines with a $1 billion car assembly and parts manufacturing plant, a top government official said yesterday.
Board of Investments Director Rosario Estacio told reporters the automaker has submitted a proposal to assemble 150,000 cars a year and to produce major parts, including engines and transmissions, for export throughout Asia.
GM pulled out of the Philippines in 1984 because of the financial and political turmoil.
Continental pilots hint at slowdown
Pilots picketing Continental Airlines' annual shareholders meeting yesterday hinted at a work slowdown that could give it some leverage in contract negotiations.
The Independent Association of Continental Pilots insists that they are merely "going by the book" and gearing up for a Federal Aviation Administration inspection that starts next month.
Continental spokesman Ned Walker said the carrier has been assured by the union that it is not involved in any job action and "we are taking them at their word." However, a slight dip in on-time performance over the weekend was been noted.
Ruble rises against the dollar
The dollar fell yesterday to its lowest level against the ruble since March as the Russian currency continued to gain strength.
The dollar fell to 4,900 rubles on the Moscow Interbank Currency Exchange, down from 4,943 rubles Friday and the lowest since March 31, when it traded at 4,899 rubles. Earlier this year, the dollar rose consistently against the ruble and reached 5,130 rubles on April 29.
Decline in the dollar's value in Russia appeared to be a result of the government keeping its promises of a tight money and monetary fiscal policy.
Saudis to get satellite imaging
Orbital Sciences Corp. said yesterday that it has received U.S. government approval to sell high-resolution satellite imaging systems to Saudi Arabia, marking the first time a U.S. company will sell such precision imagery abroad.
The Dulles, Va.-based company's Orbital Imaging unit will provide the service contract, valued at $50 million to $100 million.
Boeing, McDonnell land contracts
Boeing Co. won most of the long-awaited $6 billion aircraft order from Saudi Arabia, with rival McDonnell Douglas Corp. picking up the rest, U.S. Commerce Secretary Ronald Brown said yesterday.
News of the order helped boost Boeing's stock $2.625, to a record close of $61.625. The Saudi Arabian airline Saudia firmed up an order for about $4 billion of aircraft from Boeing.