Tenet Healthcare to close Irvine Regional Hospital

Tenet to close Irvine hospital

Tenet Healthcare Corp. said a subsidiary planned to close its hospital in Irvine on Jan. 15.

Tenet previously announced a plan to allow its lease for Irvine Regional Hospital and Medical Center to lapse in February, the Dallas-based company said. The building owner, HCP, a real estate investment trust based in Long Beach, asked Tenet to return the Irvine property as a closed hospital when the lease expired.

Tenet and its subsidiaries own or operate 55 general acute care and specialty hospitals in a dozen states, including 15 in California, according to the company's website. Tenet said the announcement provided state and local authorities with 90 days' notice of the closing of the Irvine hospital, which includes an emergency room.

AEROSPACE

Airbus' orders fall in September

Airbus, the world's largest maker of commercial aircraft, received 79% fewer orders in September compared with a year earlier amid a slowdown in demand from airlines.

Customers signed contracts last month for 29 planes, compared with 141 orders a year earlier. Orders from Jan. 1 to Sept. 30 fell 13% to 737 aircraft, Toulouse, France-based Airbus said.

Airbus has a full-year order target of 850 aircraft. Chief Executive Tom Enders said July 12 that as much as 27% of Airbus' backlog might be lost if airlines cancel contracts.

EARNINGS

Yum profit increases 4%

Yum Brands Inc., the owner of the Pizza Hut, Taco Bell and KFC chains, said third-quarter profit rose 4% on higher sales at its international divisions including China.

Net income increased to $282 million, or 58 cents a share, from $270 million, or 50 cents, a year earlier, Louisville, Ky.-based Yum said. Sales climbed 11% to $2.84 billion.

AUTOS

Credit crunch threatens dealers

The chairwoman of the National Automobile Dealers Assn. says the credit crunch and economic problems are likely to cause 700 auto dealers to go under this year.

Speaking to the Automotive Press Assn. in Detroit, Annette Sykora urged fast government action on putting a $700-billion financial industry rescue plan in place.

Porsche increases Volkswagen stake

Porsche said it had again slightly increased its share in fellow German automaker Volkswagen, in which it plans to take a majority before the end of the year.

Porsche Automobil Holding already is Volkswagen's biggest shareholder and said last month that it had increased its stake to just over 35%.

Spokesman Albrecht Bamler said Porsche had now bought a small parcel of Volkswagen shares off-market, "significantly under the current market price."

GLOBAL TRADE

Brazil bans Chinese food

Brazil has banned all Chinese food imports because of the contaminated milk crisis that has killed four children and sickened an additional 54,000 in the Asian nation.

The milk crisis has sparked global concerns about food products made with Chinese milk or milk powder. Brazil's food imports from China are minimal; in 2007 the country bought just $120 million in such products.

From Times Wire Services