Nation / World ...
Nation / World
Kawasaki Heavy Industries said sales of aircraft parts may grow about 20 percent next business year, as it sells more components to Boeing and Empresa Brasileira de Aeronautica.
The Kobe, Japan-based manufacturer, which makes the fuselage of Boeing’s 777 aircraft, is benefiting from rising demand for the model as airlines opt for more fuel-efficient planes for long distances. Expansion by low-cost carriers and point-to-point service also raised demand for smaller planes.
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Company tries to keep cash, clients
Weighed down by an accounting scandal, a former chief executive under indictment and the possibility of serious trouble with the Securities and Exchange Commission, commodities broker Refco appears to be struggling to hold on to as many customers — and as much cash — as possible.
There was more evidence yesterday that the $545 million accounting scandal in a Refco subsidiary that led to the arrest of ex-CEO Phillip Bennett was spilling into the company’s other businesses. Credit rating agency Standard & Poor’s said the situation was getting so bad, the company was likely to default on its debt payments due to a lack of cash.
Refco said yesterday it would begin “winding down” its stock, bond and credit portfolios within its Refco Securities subsidiary, selling all its holdings to pay its customers and, it hopes, preserve some of its capital to potentially use to help keep the company going.
Combined with the company’s previous move to freeze customer accounts in its Refco Capital Markets subsidiary, analysts said Refco is busy trying to keep customers from fleeing the company and taking their money with them.
Hollywood unions seek iPod revenue
In a show of unity, five unions representing actors, writers and directors issued a joint call for talks to make sure their members get a cut of revenue generated by the sale of TV shows on Apple Computer’s iTunes software.
The unions sent a clear message to TV producers.
“We have not yet heard from the responsible employers of our members,” their joint statement said. “But we look forward to a dialogue that ensures that our members are properly compensated for this exploitation of their work.”
The presidents of unions representing Hollywood writers and actors were meeting Wednesday when they saw a TV report about a deal to allow episodes of ABC shows such as “Lost” to be downloaded for portable viewing on the new video iPod from Apple.
Compiled from Bloomberg News and The Associated Press