Thursday, June 26, 2008

AIRLINES

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.

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.

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.

The conference committee members plan to meet again after the July 4 recess.

The salmonella outbreak traced to certain kinds of raw tomatoes has now sickened 707 people in 34 states and the District of Columbia, up from 613 on Monday. The last person fell ill on June 13. At least 76 people have been hospitalized. No deaths have been officially linked to the outbreak.

The Food and Drug Administration is investigating the cause of outbreak and advises consumers to avoid Roma, red plum and red round tomatoes not on the vine that were grown outside certain areas.

The Senate Banking Committee confirmed three nominees to seats on the Securities and Exchange Commission, unanimously approving Democrats Elisse Walter and Luis Aguilar, and Republican Troy Paredes. Their nominations must now be confirmed by the full Senate.

Walter is a senior executive vice president at the Financial Industry Regulatory Authority, which polices more than 5,000 U.S. brokerages. Aguilar is a partner at an Atlanta law firm. Paredes is a law professor at Washington University in St. Louis.

President Bush selected Sandy Baruah, an assistant secretary of commerce, to lead the Small Business Administration. Baruah has served in the Bush administration since 2001, most recently as assistant secretary of commerce for economic development. Her nomination must be approved by the Senate.

People who buy Chrysler vehicles next year will have the option of turning their cars and trucks into wireless Internet hot spots.

The company plans to announce today that the feature will be available as part of a system that will debut in most 2009 Chrysler, Dodge and Jeep models. The wireless Internet will come as a dealer-installed option and will work over cellular telephone links. It will carry a monthly fee that has not been determined, spokesman Todd Goyer said.

Google named telecommunications executive Patrick Pichette as its chief financial officer as the company expands to the mobile-phone business.

Pichette previously worked as president of operations at BCE, Canada's largest phone company, Google said. He will report to work Aug. 1. He succeeds George Reyes, who led Google's 2004 initial public stock offering.

Oracle reported a 27 percent increase in profit for its fourth quarter. Profit for the period ended May 31 was $2.04 billion, up from $1.6 billion last year. Revenue increased 24 percent to $7.24 billion. The business software maker benefited from a general growth in its sector.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.