September 30, 2013

Briefcase

FORT WORTH, Texas

American Airlines to hire 1,500 pilots over five years

American Airlines says it will hire 1,500 new pilots over the next five years and offer jobs to the remaining pilots who are still furloughed.

American said Monday that it would begin posting the new jobs this week and hire 45 to 50 pilots per month through next summer. It has already started hiring 1,500 flight attendants.

Parent AMR Corp. is trying to merge with US Airways Group Inc. and exit from bankruptcy protection. The merger is being held up by an antitrust lawsuit filed by the U.S. Department of Justice. A trial is set to begin Nov. 25.

Airlines have resumed hiring pilots in part because a large number are hitting a new mandatory retirement age of 65; it was raised from age 60 a little over five years ago. Also, new federal rules on crew rest could create the need for more pilots.

Also Monday, AMR said in a bankruptcy court filing that it earned $71 million in August, a reversal from a loss of $82 million a year earlier. Revenue rose 7 percent to $2.34 billion.

NEW YORK

Price of crude oil slides over threat of federal shutdown

The price of oil fell Monday as a partial shutdown of the U.S. government Tuesday loomed over the markets.

Benchmark oil for November delivery dropped 54 cents to $102.33 a barrel on the New York Mercantile Exchange. Oil fell as low as $101.05 before recovering. Stocks declined, as did gold and other metals.

After climbing to more than $110 in late August, the price of oil has fallen as diplomatic efforts surrounding Syria and Iran eased concerns about Mideast supplies.

Meanwhile, U.S. drivers are catching a break at the gas pump. The average price for a gallon of gasoline fell 19 cents in September, the biggest monthly drop since last October, when it fell 26 cents, according to AAA. At $3.40, the nationwide average is the lowest it has been since Jan. 30. AAA said Monday that gas prices could drop another 25 cents to 30 cents through December, possibly falling below $3 a gallon in five to 10 states.

Philip Morris buys stake in foreign cigarette distributor

Cigarette seller Philip Morris International is buying a 49 percent stake in Arab Investors-TA for $625 million.

Philip Morris International Inc., which sells brands such as Marlboro overseas, said Monday that the transaction gives it a nearly 25 percent interest in the Société des Tabacs Algéro-Emiratie, a joint venture between Arab Investors-TA and Algerian state-owned Société Nationale des Tabacs et Allumettes SpA.

The Société des Tabacs Algéro-Emiratie makes and distributes Philip Morris’ Marlboro and L&M brands under a license..

– From news service reports

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