TBO.com - TBO is Tampa Bay Online

BIZ BITS

ADVERTISEMENT

The Tampa Tribune

Published: November 10, 2009

Airlines improve on-time arrival rate
The nation's largest airlines posted a higher on-time arrivals rate in September than in August or in September 2008, according to a U.S. Department of Transportation report issued Monday.

The 19 airlines reporting on-time performance recorded an average on-time arrival rate of 86.2 percent in September, higher than both September 2008's 84.9 percent and August's 79.7 percent.

Arrivals at Tampa International Airport were on time 87.7 percent of the time in September - 14th best in the nation - compared with 86.5 percent a year ago.

Planes departed Tampa International on time 88.6 percent of the time in September - 17th best nationwide.

The Department of Transportation regards as on time any flight within 15 minutes of the scheduled time.

GMAC to receive additional bailout cash

The Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that will need more capital to withstand losses.

GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed after stress test results were announced in May. The Fed says the finance company is expected to close the gap with more money from the $700 billion financial bailout.

GMAC, already the recipient of $12.5 billion in taxpayer infusions, is negotiating with regulators over how much more it will receive.

GMAC provides wholesale financing to many General Motors and Chrysler dealerships to pay for the vehicles on their lots. The company also operates a mortgage lending unit - Residential Capital - which has been pummeled by the housing market downturn. It runs an insurance unit and an online banking unit called Ally Bank.
Sprint Nextel Corp. cutting up to 2,000 jobs
Sprint Nextel Corp. is planning to cut 2,000 to 2,500 jobs, mostly this year, as it keeps losing subscribers.

The Overland Park, Kansas-based wireless carrier said Monday it aims to cut labor costs by at least $350 million a year.

Berkshire to sell stakes in UP, Norfolk Southern

Warren Buffett's company will sell its stakes in Union Pacific and Norfolk Southern railroads before it completes its $26.3 billion acquisition of Burlington Northern Santa Fe Corp. railroad.

Berkshire Hathaway Inc.'s plan to sell those stocks was revealed in documents filed with the Securities and Exchange Commission on Monday.

A staff and wire report

Share this:

Loading Comments...

Email Print

ADVERTISEMENT