NATIONAL BRIEFING
The Pentagon plans to fast-track a competition to build thousands of new mine-resistant vehicles.
(By Chris Hondros -- Getty Images)
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ECONOMY
Airlines Need Stimulus, CEO Says
The chief executive of American Airlines says any federal plan to boost the economy should include help for the aviation industry, including more spending on runways and a better air traffic control system, but not necessarily direct aid to the carriers themselves.
"The airline industry should be certainly at the top of the list of industries that are deserving of economic stimulus as it relates to infrastructure because we have let the infrastructure in aviation deteriorate," Gerard Arpey said.
Arpey also said that American, which saw traffic plunge 14.5 percent in November compared with a year earlier, is studying advance booking trends and could quickly react if the global recession appears to worsen.
American cut capacity 8 percent this year and plans another 6 percent reduction for 2009.
MEDIA
N.Y. Times in Talks With Lenders
New York Times Co. said it is in talks with lenders about debt payments coming due in the next two years, as the newspaper publisher struggles to weather continued declines in advertising sales.
The company says it will borrow up to $225 million against the value of its Manhattan headquarters to help repay debt due in May, and is evaluating assets for potential sale as it looks to boost liquidity.
"There is no doubt that 2009 will be among the most challenging years we have faced and more steps will be needed," chief executive Janet L. Robinson said.
PHARMACEUTICAL
Merck Lays Out Restructuring
The drugmaker Merck tried to reassure investors that its latest restructuring strategy will put it back on a growth track as it moves into new markets and opens units aimed at taking advantage of biotechnology.
During its annual business briefing, Merck said it is on track to reach its goal of $2 billion in sales from emerging markets, including China and India. Meanwhile, it is creating Merck BioVentures, a unit aimed at developing biotechnology-based treatments and products. That unit would also focus on generic biotechnology drugs, which could become a key issue during the next session of Congress.
