DALLAS – American Airlines is sending layoff warning notices to more than 11,000 employees, although a spokesman says the company expects job losses to be closer to 4,400.
The notices went out to mechanics and ground workers whose jobs will be affected as American goes through a bankruptcy restructuring.
American Airlines spokesman Bruce Hicks said Tuesday that fewer than 40 percent of those getting notices will lose their jobs. Hicks said federal law requires the company to notify anyone whose position could change, including those who could get “bumped” by more-senior employees whose jobs are eliminated or outsourced.
Over the summer American accepted slightly smaller cost-cutting measures as it negotiated new labor contracts, and it agreed to give bonuses to flight attendants and ground workers who quit. So far 1,800 flight attendants and 800 ground workers have applied to take the money and leave.
Platinum miners sign deal to end strike
MOOINOOI, South Africa – Striking platinum miners in South Africa have signed a wage deal ending a bloody 5-week strike at the Lonmin PLC mine that had spread to the gold and chrome sectors of the industry which anchors the economy of Africa’s richest economy.
The agreement for the company’s 28,000 miners ends a strike with political and economic repercussions but does not resolve rage engendered by the country’s huge inequality and the government’s failure to address massive unemployment and poverty.
Lonmin agreed to pay a gross of $1,385 to rock drill operators who had been demanding a take-home wage of $1,560.
Stock closes above $700 in Apple first
NEW YORK – Apple’s stock closed above $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.
Shares closed at $701.91 Tuesday, up $2.13 from Monday’s close. They rose as high as $702.33 in afternoon trading Tuesday.
The rally in Apple’s stock price puts the company’s market value at $658 billion.
The $700 mark is somewhat of an arbitrary milestone for Apple’s stock, representing little more than a nice round number and a record high trading level.