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Airbus gets green light for A350 jet

By TIMES STAFF and TIMES WIRES
Published December 2, 2006

The board of Airbus parent EADS approved the launch of the Airbus A350 XWB, the mid-sized jet designed to rival Boeing's 787, the company said Friday. In a statement, European Aeronautic Defence and Space Co. said funding would come "predominantly from the company cash flows."

Manufacturing falls in November

The Institute for Supply Management, a trade group in Tempe, Ariz., said its widely watched manufacturing index came in at 49.5 in November, behind October's reading of 51.2, the first time in almost four years that the sector has shrunk. A reading below 50 indicates contraction.

No SEC charges for Mack, Pequot

The Securities and Exchange Commission completed its insider-trading investigation of John Mack, chief executive of Morgan Stanley Inc., and hedge fund Pequot Capital Management Inc. and is taking no action against them. The probe prompted an allegation of political interference within the SEC.

Bank of America losing its CFO

Bank of America Corp. said Friday that chief financial officer Al G. de Molina will resign at year's end after just 15 months on the job. He will be replaced by Joe Price, 45, a risk management executive. De Molina, 49, said he'll pursue other business opportunities.

Home Depot rebuts buyout report

The Home Depot Inc. said in a regulatory filing that it hasn't had any discussions about a buyout of the nation's largest home improvement store chain. The New York Post said buyout firms, including Kohlberg Kravis Roberts & Co. and Texas Pacific Group, are exploring the possibility of a $100-billion leveraged buyout of Home Depot.

Claire's exploring possible sale

Jewelry retailer Claire's Stores retained Goldman, Sachs & Co. as its financial adviser to assist in the search for buyers and to review other options , it said Friday, as part of an effort to boost shareholder value. Claire's operates more than 3,000 stores in the United States and the world.

AutoNation punts John Elway's name

AutoNation Inc., the nation's largest automobile retailer, is benching former Denver Broncos quarterback John Elway. AutoNation, which operates locally as AutoWay, ended its nine-year licensing deal with Elway, the Hall of Famer with two Super Bowl champion rings. The 16 Denver-area Elway dealerships will be renamed "Go" this month.

Creditors look to liquidate airline

Three creditors of defunct Southeast Airlines filed in federal bankruptcy court in Tampa this week to liquidate the airline to pay off remaining debts. Southeast, based in Largo, shut down abruptly in November 2004. More than 350 employees lost jobs and hundreds of passengers had to find other flights. A fuel supplier, a maintenance company and an aircraft financing partnership claim they are still owed nearly $6.7-million.

[Last modified December 2, 2006, 00:12:29]