ยท A June 26 Business item incorrectly identified as a woman the White House nominee to lead the Small Business Administration. Sandy Baruah is a man.
AIRLINES
(By Lisa Poole -- Associated Press)
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AIRLINES
Continental, Pilots Agree on Cuts
Continental Airlines has agreed to offer voluntary leaves to pilots who depart from the company's workforce.
Union officials, who hope the agreement will reduce the need for layoffs, said pilots who take voluntary leave for a minimum of 18 months would keep their benefits. They said the incentives are aimed at pilots eligible for retirement.
Houston-based Continental announced that it will cut 3,000 jobs, ground 67 jets and reduce flights to counter high fuel costs.
Continental has offered unionized workers with at least 10 years of experience a year's worth of health insurance and travel perks until 2023 if they leave on their own. The pilots wanted a separate deal.
FOOD
General Mills Raises Cereal Prices
General Mills, maker of Wheaties cereal, Yoplait yogurt and Pillsbury Toaster Strudel, said it has raised cereal prices and might consider other price increases.
The company said that its fourth-quarter profit fell 17 percent, to $185.2 million from $224.1 million a year earlier, after gains from commodities hedging declined.
It expects commodity and energy expenses to rise an additional 9 percent in the fiscal year that will run through May 2009.
CONSUMER SAFETY
Product Safety Reform Delayed
House and Senate negotiators failed to reach agreement on final legislation aimed at reforming the nation's consumer product safety system. Lawmakers have agreed on 21 provisions, including a ban on industry-paid travel by safety regulators.
They remain divided, however, over several other issues, including how much authority to grant states in enforcing federal safety rules, what information should be available in a public database of product complaints, and whether states should be allowed to set their own standards for children's products.
