American Airlines, US Airways to merge, sources tell AP
American Airlines and US Airways will merge and create the world’s biggest airline. The boards of both companies approved the merger late Wednesday, according to three people close to the situation.
The carrier keeps the American Airlines name but will be run by US Airways CEO Doug Parker. American’s CEO, Tom Horton, will become chairman of the new company, these people said. They requested anonymity because the merger negotiations were private.
A formal announcement is expected today.
The deal has been in the works since August, when creditors forced American to consider a merger rather than remain independent. American has been restructuring under bankruptcy protection since late 2011.
Lexus, Porsche top vehicle dependability
If there’s one thing you can count on, it’s your car.
Vehicles are more dependable than ever, says J.D. Power and Associates. The consulting company’s latest study, which measures problems experienced in the last year by owners of 3-year-old vehicles, found that reported problems fell 5 percent to the lowest level since J.D. Power began collecting this data in 1989.
Lexus, Porsche, Lincoln and Toyota owners reported the fewest problems, while Jeep, Mitsubishi, Dodge and Land Rover owners had the most.
Problems can be anything from engine failure to dashboard electronic glitches to excessive wind noise.
EU officials call for meat testing
European Union nations on Wednesday called for more intensive testing of beef for a month to try to contain the food scandal in which horsemeat was sold as beef.
The emergency meeting at EU headquarters included nations most affected by the horsemeat scandal that has swept through Europe. Ireland’s Agriculture Minister Simon Coveney suggested the scandal could still spread beyond Britain, Ireland, France, Romania, Poland and Sweden.
Japan’s economy shrinks in 4Q
Japan’s economy remained mired in recession late last year, shrinking 0.4 percent in annualized terms for the third-straight quarter of contraction on feeble demand both at home and overseas.
The government reported today that growth for all of 2012 was 1.9 percent.
The figures were worse than expected, as many analysts had forecast the economy may have emerged from recession late last year as the Japanese yen weakened against other major currencies, giving a boost to Japanese export manufacturers.
Prime Minister Shinzo Abe, who took office in late December, is championing aggressive spending and monetary stimulus to help get growth back on track.
Vindicator wire reports
Selected local stocks
Aqua America, .70, 28.71 .15
Clear Channel, .33 31.84 .39
Cortland Bancorp, 10.00—.25
Farmers Nat., .126.50 —.19
First Energy, 2.20, 40.71.21
FirstMerit Corp., .64,15.61 .19
First Niles Financial, .32,7.10.00
First Place Fin., .0052—.00
FNB Corp., .48,12.04.03
General Electric, .76,23.41.83
Motors Liquidation, .0422.00
Huntington Bank, .16, 7.12—.10
JP Morgan Chase, 1.20,48.68—.46
Key Corp, .20,9.45—.08
LaFarge, 15.42 .48
Macy’s, .80, 39.94—.17
Parker Hannifin, 1.64, 96.321.14
RTI Intl. Metals,30.16—.35
Simon Prop. Grp.,4.40,161.99—.98
Stoneridge 6.44 —.08
United Community Fin. 3.34.05
Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.