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Business Briefing

November 18, 2009

Boeing gets tanker jet deal restored

A federal appeals court has reversed a ruling that overturned Boeing Co.'s $1.1-billion contract for maintenance of an Air Force refueling tanker jet.

The decision by the U.S. Court of Appeals for the Federal Circuit reinstates Chicago-based Boeing's 10-year contract for work on the KC-135 Stratotanker, the Air Force's primary mid-flight refueling aircraft.

Rival bidder Alabama Aircraft Industries Inc. had argued the contract was not properly awarded to Boeing, citing pricing and past performance. The U.S. Court of Federal Claims ruled for Alabama in 2008 and ordered the Air Force to re-solicit bids for the maintenance deal.

BANKING

Citigroup CEO's salary is set at $1

Citigroup Inc. Chief Executive Vikram Pandit will be paid a salary of $1 this year and will get no stock awards as the troubled banking giant shrinks under part-government ownership, a regulatory filing said.

The bank's compensation directors did approve an increase in the 2009 annual base salary for Chief Financial Officer John Gerspach to $500,000 from $400,000, and for James Forese, co-head of global markets, to $475,000 from $225,000.

The decisions were approved by Kenneth Feinberg, the government's "pay czar."

GAMBLING

Trump reaches deal over casinos

Bondholders battling Donald Trump for control of Trump Entertainment Resorts' three Atlantic City casinos have reached a deal allowing the casinos to retain Trump's trademark name.

Under the deal to buy the company out of bankruptcy, the real estate mogul and reality TV star gets to keep a 10% stake while the company retains the right to use his name.

Trump and his daughter, Ivanka, had offered nearly $114 million in cash to bondholders, and bondholders were offering $225 million to buy the company out of bankruptcy.

PUBLISHING

Police raid offices at N.Y. papers

Investigators in New York raided circulation offices at some of the nation's largest newspapers as part of a union corruption probe, a law enforcement official said.

Police officers working with the Manhattan district attorney's office searched circulation offices of the New York Times in Queens, the New York Post and the Daily News in Manhattan, and El Diario in Brooklyn, the official said.

Investigators were seeking paperwork related to the Newspaper and Mail Deliverers Union.

HEALTHCARE

Anthem silent on extent of layoffs

Anthem Blue Cross Dental and Vision in Camarillo is laying off employees, but the company is not saying how many.

A spokeswoman for Anthem parent WellPoint Inc. acknowledged the layoffs but said she couldn't substantiate the numbers.

Anthem has 1,178 employees in Camarillo, including 250 in the dental and vision department, a spokeswoman said.

RETAIL

Wal-Mart speaks on sales-day deals

Wal-Mart Stores Inc. is confirming some of the deals it will be pushing to draw crowds for the day after Thanksgiving. They include 50-inch Sanyo plasma HDTVs for $598 and $3 children's sleepwear.

A spokeswoman said deals that would be heavily advertised include Magnavox Blu-ray disc players for $78, TomTom GPS systems for $59 and $7 reversible fleece jackets.

-- times wire reports

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