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Lufthansa
may buy stake in Swiss Francs
Frankfurt: Deutsche Lufthansa AG has offered between
200 and 300 million Swiss Francs ($147.8 million) for
a third of beleaguered Swiss International Air Lines Ltd,
SonntagsZeitung reported citing insiders. But the management
of Swiss has reservations about such a plan, the paper
said.While Lufthansa brushed it off as speculation, a
Swiss spokesman said, "We're having lots of talks
with lots of airlines, that's all we can say." But
the airlines shares rose on Monday as investors felt the
possible tie-up could secure the struggling carrier's
survival. Its shares were up 8.25 per cent at 8 Swiss
francs at 0910 GMT in a flat Swiss market. Citing insider
sources, the paper said Lufthansa had offered to buy a
third of Swiss's share capital, with an option for a majority
stake. Remarks from Swiss chief executive Andre Dose,
in an interview with Mittelland Zeitung, added fuel to
the merger speculation. "I am convinced that consolidation
(in the airline sector) will come and we will have to
link up with a partner," he said. Dose added: "Lufthansa
is a possible partner, yes."
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Hooters
Air rekindles sex appeal in the skies
New York: Hooters restaurants have become something
of an American icon. The 20-year-old chain, which prides
itself on burgers, beer, and spicy chicken bits served
by busty lasses in form-fitting tops and short shorts,
is now offering its unique style of service in the sky.Hooters
Air started flying in March between Atlanta and Myrtle
Beach, South Carolina, a middle-class resort featuring
sun, surf, and several of the chain’s outlets. It
has since added routes to Washington and New York. Recent
pain in the airline industry has helped the fledgling
carrier to take off. When Vanguard, a small American airline,
went bust last year, it left Myrtle Beach, home to Hooters’
founder, with one fewer airline. Although a bid for Vanguard
failed, he picked up a charter airline, Pace, on the cheap,
fitting out two Boeing 737s with extra leg room and Hooters’
distinctive bulging-eyed owl logo slapped on its tail.
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MGM
to sell cable stakes to Cablevision
New York: Metro-Goldwyn-Mayer Inc. said on Monday
it agreed to sell its minority stakes in a group of cable
networks for $500 million to improve its financial position
as it competes to buy the US entertainment assets of Vivendi
Universal. MGM said it would sell its 20 per cent stake
in networks American Movie Classics, The Independent Film
Channel and WE: Women's Entertainment to Cablevision Systems
Corp.'s Rainbow Media unit, which owns the remaining 80
percent of the networks. The transaction could ultimately
strengthen the position of both MGM and Cablevision as
they compete for the Vivendi assets. MGM would get cash
for its war chest to buy Vivendi. Cablevision, for its
part, would own a 100 per cent stake in three cable channels,
which it would contribute to the bid by Vivendi Vice Chairman
Edgar Bronfman Jr.
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US
waste hauler cuts 800 jobs
Chicago: Waste Management Inc., the largest US
waste hauler, said on Monday it will cut 600 full-time
jobs and 200 contract workers to reduce costs. The move
is expected to decrease pre-tax costs by about $20 million
in 2003 and by $50 million annually, the company said.
Waste Management will take a $20 million pretax charge
in the second quarter for severance and related costs.
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