American Airlines begins labor talks
DALLAS -- American Airlines began formal negotiations Monday with the last of its major unions over proposed pay and benefit cuts of $1.8 billion a year that are aimed at keeping the world's largest carrier out of bankruptcy court. Negotiators for the airline held their first formal sessions with representatives of 26,000 flight attendants and 34,500 mechanics and other ground workers.
Tough times ahead for U.S. auto industry
DETROIT -- Gloomy earnings predictions for automakers are trickling down to their suppliers, who analysts say will be hurt by curtailed output amid sagging sales. Already this month, General Motors Corp. has said it will cut second-quarter production by 10.5 percent and Ford Motor Co. plans a 17 percent cut.
DaimlerChrysler AG's Chrysler Group and Toyota Motor Corp. also are expected to build fewer vehicles in North America in the April-June period compared with a year ago.
Spiegel files Chapter 11
CHICAGO -- Spiegel Inc. on Monday became the latest retailer to file for Chapter 11 bankruptcy protection, a victim of falling sales at its nearly century-old catalog business and its Eddie Bauer stores along with mounting credit-card woes. Spiegel lined up $400 million in bankruptcy financing and said its stores and catalog operations will remain open as usual as it begins a bankruptcy process it expects to last up to a year.<
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