CONTRACTING Air Force Fixing F-22 Glitches The Air Force said it is fixing technological glitches in about 90 F-22 Raptor fighter jets after several aircraft computer systems were disabled mid-flight. Six stealth fighter jets, built by Bethesda-based Lockheed Martin and partner Boeing, were participating in an inaugural 12-hour flight from Hawaii to Japan on Feb. 10 when several aircraft computer systems experienced problems, an Air Force colonel said. Engineers found the problem within hours and fixed it within days, the Air Force said. Lockheed Martin declined to comment further on additional costs of the upgrades.
AUTOMOTIVEChrysler to Offer BuyoutsChrysler Group will offer some of its 49,600 hourly U.S. workers at select plants up to $100,000 to leave it as part of a recovery plan announced this month. The DaimlerChrysler unit said on Feb. 14 that it would cut 13,000 jobs, including 11,000 hourly positions and 2,000 salaried, as it tries to further shrink itself to match reduced demand for its products. A company document obtained by the Associated Press outlines an early retirement program for those near retirement age and a buyout program for those with at least one year of seniority.
LEGALNo Action on Plavix SettlementBristol-Myers Squibb said the U.S. attorney of New Jersey will not take any action against it over its botched patent settlement for its blood thinner, Plavix. Bristol-Myers noted that it is still under investigation by the Justice Department over a deal with a Canadian generic-drug maker, Apotex, that fell apart last year. Guilty Pleas in Immigration Case Five managers at IFCO Systems North America, the largest U.S. pallet services company, pleaded guilty to hiring illegal immigrants. They were among seven managers of the Houston company arrested in April as part of a 26-state enforcement action.
At IFCO, about half the 5,800 employees on the payroll before last April's raid had Social Security numbers that were invalid or belonged to others, the government said. Two of the five managers who pleaded guilty admitted to committing felonies and face as much as 10 years in prison.
STOCK OPTIONSExecutives' Holdings SoaredLast year's equities boom could pay off handsomely for chief executives at 100 large companies whose unexercised stock options gained $2 billion in value, according to a study. The median "in-the-money" value of unexercised stock options for a chief executive in the analysis increased 47 percent in 2006, to $28 million, according to the study by consulting firm Watson Wyatt Worldwide.
EXECUTIVESNew Owners Name Univision CEOUnivision Communications' private-equity buyers named advertising executive Joe Uva to run the Spanish-language broadcaster after their purchase of the company is complete. Uva, 51, head of Omnicom Group's OMD advertising agency, will replace chief executive Jerrold Perenchio around April 1, the investor group said. Bush Names Treasury OfficialPresident Bush nominated T. Timothy Ryan Jr., a vice chairman at J.P. Morgan Chase, to replace Timothy D. Adams as the Treasury's top international official. The nomination is subject to Senate confirmation.
Ryan, 61, has worked at J.P. Morgan since 1993, including a period in Asia. From 1990 to 1992, Ryan ran the U.S. Office of Thrift Supervision.
MERGERS & ACQUISITIONSLending Company in TalksACC Capital Holdings is in advanced talks with "a potential partner" about its subprime mortgage-banking operations, a company spokesman said. ACC units include Ameriquest, which lends directly to consumers; Argent, a wholesale lender that works through outside mortgage bankers and brokers; and AMC Mortgage Services, which collects mortgage payments and manages borrowers' accounts. AIRLINESJetBlue, American to Be ProbedThe government will look into why passengers were stranded so long on JetBlue Airways and American Airlines planes in recent months.
Transportation Secretary Mary Peters asked her department's inspector general, Calvin L. Scovel III, to look into the incidents. She also wants him to examine airlines' customer-service commitments and policies for dealing with extended ground delays.
TXU, the Texas power producer set to be acquired in the largest-ever leveraged buyout, said fourth-quarter profit rose 33 percent, to $475 million, from the comparable period a year earlier, on sales of low-cost electricity from coal- and nuclear-fueled plants. Revenue fell 14 percent, to $2.4 billion.
For the year, TXU said its profit rose 48 percent, to $2.55 billion. Revenue rose slightly, to $10.86 billion.
Separately, a bill advanced out of a Texas Senate committee that would require the buyout to get approval from the state Public Utility Commission.
RadioShack said fourth-quarter profit rose 65 percent, to $84.5 million, after it closed stores and cut its workforce. Revenue fell 13 percent, to $1.46 billion.
For the full year, profit fell 72 percent, to $73.4 million, and revenue fell 7 percent, to $4.78 billion.
Targetsaid its fourth-quarter profit rose 19 percent, to $1.12 billion from $939 million. Revenue rose 16 percent, to $19.71 billion. For the year ended Feb. 3, Target said its earnings jumped 16 percent, to $2.79 billion. Revenue gained 13 percent, to $15.49 billion. The fourth quarter and the fiscal year that covered most of 2006 benefited from an extra week.
Delphisaid its fourth-quarter loss widened to $853 million, compared with a loss of $828 million. Revenue fell 6 percent, to $6.4 billion, in the quarter ended Dec. 31. For the full year, Delphi lost $5.5 billion and revenue fell 2 percent, to $26.4 billion.