BRIEFLY 21ST CENTURY CFO TO LEAVE COMPANY.Byline: - Staff and Wire Services WOODLAND HILLS - The resignation of 21st Century Insurance Group's chief financial officer, Carmelo Spinella, was announced Friday. Spinella is leaving the automobile insurance provider to join Capital Research and Management Company. Spinella will be based in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and act as senior vice president of the fund business management group for Capital Research, part of the privately held Capital Group Companies. Spinella will remain with 21st Century until the company's third-quarter financial statements are issued. 21st Century has hired Highland Partners to conduct a search for a new CFO See Chief Financial Officer. . Air Force contract goes to Northrop EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and - Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. Corp. was awarded a $388 million U.S. Air Force contract for the next phase of a program to modernize the B-2 radar system. The program continues the efforts of the Air Force and Northrop Grumman to enhance the stealth bomber's ability to operate as part of the military's increasingly integrated force structure. Northrop Grumman's Integrated Systems sector, the B-2 prime contractor, is leading the radar modernization effort, which will replace the current radar antenna with an active electronically scanned array An Active Electronically Scanned Array (AESA), also known as active phased array radar is a type of radar whose transmitter and receiver functions are composed of numerous small transmit/receive (T/R) modules. antenna. Raytheon Co.'s Space and Airborne Systems in El Segundo, which provided the original B-2 radar, is the principal subcontractor. Northrop Grumman's work on the radar modernization program began in October 2002 with the component advanced development phase. The entire program is estimated to be worth more than $900 million to the company through 2011. Airline asks pilots to fly more hours ARLINGTON, Va. - US Airways Group US Airways Group Inc. NYSE: LCC is the Tempe, Arizona-based airline holding company that operates US Airways, US Airways Express and America West Airlines. It also operates additional companies that provide associated services. Inc. asked its pilots to fly more hours without a pay raise in a last-minute effort to settle a key labor dispute and head off a second bankruptcy filing. The company's offer came as the pilots met Friday afternoon in Pittsburgh at a previously scheduled meeting called by union representatives from Pittsburgh and Philadelphia who earlier this week refused to send a previous company proposal to the union's 3,000 members for a vote. The pilots union discussed the company's new proposal at Friday's meeting, but it was not immediately clear what, if any action, would be taken, said pilots union spokesman Jack Stephan. Wholesale prices down, report says WASHINGTON - The economy got a double dose of encouraging news Friday as wholesale prices went down and moderating energy costs helped improve the country's trade deficit. The latest batch of economic reports suggested that inflation, for the most part, is under control, and that the economy has emerged from a late spring lull, and, in the words of Federal Reserve Chairman Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. , ``regained some traction.'' The Labor Department's Producer Price Index, which measures costs of goods before they reach store shelves, dipped 0.1 percent in August after edging up by 0.1 percent in July. Cheaper gasoline, cars and food helped restrain wholesale prices last month. Buyer confidence lower in August WASHINGTON - Consumer confidence dipped slightly in August, though Americans' mood about job security remained near its highest levels of the year. The AP-Ipsos consumer confidence index Consumer Confidence Index A measure of consumer views regarding the current economic situation and consumer expectations for the future. Information for the index is compiled and released on the last Tuesday of each month by the Conference Board, an slipped to 103.4 in September compared with 104.8 in August. Still, public confidence in the economy is near its highest levels of the year. Job seekers have faced a slow and uneven recovery in the job market, which saw the addition of 144,000 jobs in August and a dip in the unemployment rate from 5.5 percent in July to 5.4 percent in August. Higher oil prices have threatened the economy's comeback, and analysts have estimated that those high prices have taken more than $50 billion out of consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. . Oracle takeover appears imminent SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden - After defiantly warding off rival Oracle Corp.'s $7.7 billion hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. for 15 months, business software maker PeopleSoft Inc. finds itself backed into a corner, with its best chances for escape tied to forces beyond its control. Industry analysts still believe Oracle might sweeten sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. the pot - which it could afford to do - to soften PeopleSoft's staunch resistance. The Redwood Shores-based software giant should have about $10 billion in cash by the end of this year, estimated analyst Tad Piper of Piper Jaffray, and also can draw upon a $5 billion credit line to finance the deal. |
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