Here’s What’s Going On In The World Of Business and Finance:
On Thursday, some lucky fliers scored some really cheap flights on Delta Air Lines (DAL) due to a computer glitch. From approximately 10:00 am to noon EST, certain flights and their prices on the company’s website and other air booking sites were showing up incorrectly. Customers were able to pick up deals like a roundtrip ticket from Cincinnati to Minneapolis for February, for $25.05 or a roundtrip between Cincinnati and Salt Lake City for $48.41. Both of the tickets normally cost over $400.00. A spokesman for the airline said that the glitch has been fixed and that Delta will honor any fees purchased at the incorrect price.
1.3 million Americans are set to lose their unemployment benefits Saturday as federal emergency benefits will end when funds run out for a program created during the recession to supplement the benefits that states provide. Initially the cutoff will affect 1.3 million people, but 1.9 million more will lose benefits by mid-2014 when their 26 weeks of state paychecks run out, according to the National Employment Law Project. The benefits average about $300 a week.
Textron Inc. (TXT), the manufacturer of Cessna aircraft, will expand its lineup of propeller-driven aircraft after reaching a deal to purchase Beechcraft Corp. for $1.4 billion, as the company seeks to counter a slump in business-jet sales.The Providence, Rhode Island-based company will purchase all outstanding equity interests in Beech Holdings LLC, the parent of Beechcraft. The deal, which includes the repayment of Beechcraft’s working capital debt, will be financed by a combo of available cash and around $1.1 billion in new debt.
Adding Beechcraft models, such as the twin-engine King Air, will complement Cessna lineup which ranges from two-seaters to the Caravan turboprop used to fly people and cargo to small airports. The market segment is less competitive than private jets, where Cessna has struggled since they don’t build large, long-range planes now favored by corporate buyers.
In The Markets:
Asia markets finished out the last trading week of 2013 on a positive note. A lowering of the rate Chinese banks charge each other provided relief for investors looking for liquidity (cash) in the market as companies and banks look to shore up their balance sheet before year-end.
Europe continued its five session winning streak. A decrease in US jobless claims by 42K sent another sign to the world the US economy is moving in the right direction.
US markets rallied on Thursday extending the Dow Jones record run to 50 record highs and continued its 6 session winning streak. A larger than expected decline in weekly jobless claims kept investors in the buying spirit. DJIA: +122.33 16479.88 NASDAQ: +11.76 4167.18 S&P 500: +8.70 1842.02
In Dinner or Drink:
1.5 oz. Malibu® coconut rum
1/2 oz. Midori® melon liqueur
1/2 oz. triple sec
Pour rum, melon and triple sec and pineapple. Can be Blended or shaken and served over ice. Add just a small trickle of the grenadine over the top.
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We hope you have a wonderful last weekend of 2013.
“All our dreams can come true if we have the courage to pursue them.” Walt Disney