Two days after a fire at an air-traffic control center crippled Chicago's air service, hundreds of flights were cancelled Sunday, reports USA Today.» Read More
CHICAGO— Airlines were scrambling to accommodate travelers whose flights were canceled after a contract employee allegedly set a fire at a suburban Chicago air traffic control center where he worked, halting flights at two of the nation's busiest airports. By Friday night, more than 2,000 flights in and out of Chicago had been canceled.
NEW YORK, Sept 26- Bill Gross' abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm's executive committee that got progressively worse, according to sources familiar with the situation.
BOSTON/ NEW YORK, Sept 26- Janus Capital Group shares surged 38 percent on Friday as investors bet that famed bond manager Bill Gross will bring his old star power to the small mutual fund company, even though his last months at Pimco were tainted by infighting and heavy investor outflows.
WARSAW, Sept 26- Polish airline LOT said the emergency landing made by one of its planes in Scotland on Friday had been down to a faulty fire alert system and not by a fire. "The emergency landing of the plane was caused by a glitch in the fire protection system," LOT's spokeswoman, Barbara Pijanowska-Kuras, said.
CHICAGO— Grain futures were lower Friday in early trading on the Chicago Board of Trade. Wheat for Dec delivery was unchanged at $4.74 a bushel; Dec corn was 1.75 cents lower at $3.2425 a bushel; Dec oats were unchanged at $3.3125 a bushel; while Nov soybeans declined 8 cents to $9.1475 a bushel.
LONDON— A Boeing 787 Dreamliner operated by the Polish airline LOT made an emergency landing Friday at Scotland's Glasgow Airport. Airport spokesman Brian McClean said that the flight from Chicago en route to Warsaw with 248 people on board landed safely at 11:35 a.m. He said the landing was made at the request of the captain.
The fix doesn't affect the plane's battery system, Boeing said. Boeing's 787 was grounded for three months last year after lithium batteries overheated, prompting Boeing to redesign the battery, charger and containment system. Boeing said it had already advised operators to update the plugs "to ensure they are secured in the desired design configuration.
LONDON- Bank of England holds quarterly Financial Policy Committee meeting. Federal Reserve chair Ben Bernanke speaks before the National Association for Business Economics annual meeting in Chicago- 1615 GMT.
DETROIT, Sept 25- The Detroit City Council on Thursday unanimously approved a resolution that will keep a state-appointed emergency manager in control of the city's bankruptcy case, while returning his power over the city government to elected officials.
Prices at the pump head below $3 in much of US. The average in Springfield, Missouri, is already below $3, according to Tom Kloza, chief oil analyst at the Oil Price Information Service and GasBuddy.com. The gap is 20 cents or more in seven states, including California, Kansas, South Dakota and Connecticut, according to AAA.
The usual autumn decline of the price of gasoline is getting an assist from lower global oil prices. Up to 30 states could see an average price below $3 a gallon by the end of the year. Source: AAA, OPIS and Wright Express.
CHICAGO, Sept 25- With a record U.S. harvest just coming in, the river transportation system that is at the heart of the nation's farm economy is overstrained by rising demand for shipping capacity, a low barge inventory, and a dilapidated lock system.
*Gold earlier hit lowest since Jan. 2 at $1,206.85/ oz. NEW YORK/ LONDON, Sept 25- Gold rose on Thursday, rebounding sharply from a nine-month low touched earlier in the session, as a sharp sell-off in U.S. equities prompted investors to buy bullion as a safe haven.
*Fed officials wary of derailing recovery with rate hikes. Sept 24- A number of top Federal Reserve officials want more convincing evidence that U.S. inflation is on a healthy upswing before embarking on what they expect will be a very gradual course of interest rate increases.
*Corn, soy fall on advancing harvest, lower wheat. Corn and soybeans dropped about 1 percent on spillover pressure from sinking wheat and on rising supplies from the rapidly advancing harvest of record-large crops.
NEW YORK— AbbVie said Thursday that U.S. regulators approved its drug Humira as a treatment for Crohn's disease in children. The Food and Drug Administration cleared Humira as a treatment for moderate to severe Crohn's disease in children ages 6 and older when those children haven't been helped by other treatments, AbbVie said.
CHICAGO— Grain futures were lower Thursday in early trading on the Chicago Board of Trade. Wheat for Dec delivery was unchanged at $4.8025 a bushel; Dec corn was 3.25 cents lower at $3.2625 a bushel; Dec oats were unchanged at $3.4050 a bushel; while Nov soybeans declined 8.75 cents to $9.28 a bushel.
ST. LOUIS— The Illinois Supreme Court has agreed to review a lower court's reinstatement of a decade-old $10.1 billion class-action verdict against Phillip Morris USA over the nation's biggest cigarette maker's marketing of "light" and "low tar" designations.
*Corn, soy rise ahead of USDA stocks report next week. PARIS/ SINGAPORE, Sept 25- Chicago wheat on Thursday pared overnight gains as operators feared that a rise in the dollar could hamper demand for U.S. supplies, after more than four months of mostly falling prices had reached levels that attracted buyers.
Companies like Whirlpool and Caterpillar are making costly additions to their otherwise sinewy supply chains to compensate for aging U.S. roads that are too potholed and congested for "just in time" delivery. Whirlpool, for instance, has set up a network of secure drop lots outside Chicago, Milwaukee and Minneapolis.