Several major airlines cut fall fares by 15 percent to 30 percent as peak summer travel tapers off. The sale, introduced by United Airlines, the nation's largest airline, offers discounts on most routes in the United States and Canada and applies to flights between Sept. 7 and Dec. 17. Continental Airlines, American Airlines and US Airways were among the major carriers that matched the sale. The airlines said all sale tickets require a 14-day advance purchase and a Saturday night stay and must be bought by Sept. 3.
The United States and China will formally resume talks early next month on China's entry into the World Trade Organization, a Hong Kong newspaper reported. The talks are expected to be concluded with an agreement by the end of October, the Hong Kong Economic Times quoted unidentified sources as saying.
Walt Disney Co. said it is selling its Fairchild Publications unit, whose magazines include W, Jane and Women's Wear Daily, to Advance Publications, parent of Conde Nast. The price was not disclosed, but previous reports put the value of the deal at about $650 million. Meanwhile, Disney's Buena Vista Internet Group will announce today that it has bought a majority interest in online educational-toy retailer Toysmart.com for $45 million.
Ascent Entertainment chairman and chief executive Charles Lyons, on leave since June, when his agreement with a potential buyer of the company's Denver sports teams and arena was disclosed, resigned effective last Saturday. His severance pay will be $3.6 million--more than three times his 1998 compensation.
AT&T said it will buy Netstream, which provides telecommunications services to businesses in Brazil's largest cities, for about $300 million. The acquisition is AT&T's first big move into Brazil.
Toyota and Volkswagen have agreed to supply each other with fuel-efficient engines beginning next year in a bid to remain competitive in world markets, according to a Japanese newspaper report.
Canadian department store chain Eaton's, just one day after getting bankruptcy protection from creditors, said it had fired all its employees and added that its chief executive, Brent Ballatyne, was resigning but would remain as chairman.
Bank One said its 1999 operating earnings per share are likely to be between $3.60 and $3.65, or as much as 8 percent below analysts' forecasts because of slower than expected growth in its credit card unit.
Canadian jetmaker Bombardier said net income rose 38 percent, to $113.4 million, in its fiscal second quarter on strong sales of planes and trains.
Toll Brothers, the biggest U.S. maker of luxury homes, said fiscal third-quarter earnings rose 17 percent, to $30.1 million, on a more diverse line of homes and construction in new areas.