Wal-Mart, American Express team up
Wal-Mart Stores Inc. and American Express are rolling out a prepaid card that they say offers unique services designed to help shoppers manage and control their everyday finances.
The two companies said Monday that Bluebird, begun during a pilot program late last year, acts like a checking account but without the fees that have increasingly frustrated shoppers. It will have no minimum balance and no monthly, annual or overdraft fees. They say the only fees that will be associated with the card will be transparent and within the user’s control, such as out of network ATM withdrawals by consumers who don’t use direct deposit.
American Airlines CEO: It’s been rough
American Airlines’ CEO acknowledges that passengers have had a rough few weeks on the airline but says the carrier is working through its issues.
“The operational performance is improving,” CEO Tom Horton said in an interview with The Associated Press on Monday. “We’ll get past this just like other airlines before us have.”
The airline, which has been in bankruptcy protection since November, saw its on-time performance drop to 59 percent in September, according to Flightstats.com. It that same period Delta, Southwest and U.S. Airways were all above 85 percent. The drop is attributed to pilots having written up extra maintenance requests as part of an unsanctioned job action.
BP sells refinery to Marathon Petroleum
BP has finally found a buyer for its Texas City refinery, one of the largest and most complex in the U.S.
The total value of the deal could reach $2.5 billion. The refinery was the scene in 2005 of a fatal fire and explosion.
Marathon Petroleum Corp. will pay $598 million for the refinery itself and other nearby pipelines and fuel terminals. It will pay $1.2 billion for the plant’s inventory of oil and petroleum products. Marathon may have to pay an additional $700 million over six years if certain unspecified conditions are met, the company said Monday.
Dish, Gannett reach agreement on TV fees
Dish Network Corp. and Gannett Co. say they have reached an agreement in a fee dispute that had threatened to leave more than 2 million Dish subscribers in 19 cities without access to television stations owned by Gannett. The companies said Monday that they reached a long-term agreement but gave no details.
Dish Network Corp. had claimed that Gannett Co. was asking for a 300 percent increase in fees for the right to carry 22 Gannett stations affiliated with NBC, CBS, ABC and Fox. The two sides also are fighting over Dish’s new digital video recorder, which lets customers automatically skip commercials from the previous night’s prime-time broadcasts.
Gannett’s TV markets include Denver, Atlanta and Washington.
Vindicator wire reports
Selected local stocks
Aqua America, .66, 24.96 .00
Clear Channel, .73 70.77 —.56
Cortland Bancorp, 9.75.00
Farmers Nat., .126.66 .00
First Energy, 2.20, 44.72—.10
FirstMerit Corp., .64,14.72 —.07
First Niles Financial, .32,6.75.00
First Place Fin., .74—.00
FNB Corp., .48,11.30—.11
General Electric, .68,22.92—.20
Motors Liquidation, .0422.00
Huntington Bank, .16, 7.15—.04
JP Morgan Chase, 1.20,41.66—.05
Key Corp, .20,8.75—.13
LaFarge, 13.90 —.23
Macy’s, .80, 39.31—.30
Parker Hannifin, 1.64, 83.25—1.16
RTI Intl. Metals,23.33—.01
Simon Prop. Grp.,4.20,152.87.16
Stoneridge 5.09 .05
United Community Fin. 3.56.14
Selected prices at 4 p.m. Monday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.