NEW YORK – AIG is selling its aircraft leasing business International Lease Finance Corp. to AerCap in a cash-and-stock deal valued at about $5.4 billion.
International Lease Finance has almost 1,000 owned and managed aircraft and has commitments to buy about 330 high-demand, fuel-efficient aircraft. It will become a subsidiary of AerCap.
American International Group Inc. said Monday this is the last major sale of one of its noncore assets. AIG received the biggest bailout of the financial crisis five years ago. The insurer has repaid the bailout money and has undergone a massive restructuring that cut its size in half as it focused on its core insurance business.
Alaska Airlines, union reach tentative deal
Alaska Airlines has reached a preliminary deal with the union representing its 3,300 flight attendants for a new, five-year labor contract.
That tentative agreement must be approved by the union’s leadership and ratified by its membership before it can go into effect. That ratification vote is expected to be accomplished by mid-February.
No details of the proposed contract were immediately available Monday.
Alaska Airlines is a subsidiary of Seattle-based Alaska Air Group.
Americans predict stock surge won’t last
NEW YORK – Americans aren’t expecting another bang-up year for the stock market, according to a new Associated Press-GfK poll.
Of the people polled, 40 percent think the market will stabilize where it is now by the end of 2014, with 39 percent predicting that it will drop, but not crash. Only 14 percent believe the market will rise and 5 percent think it will crash.
Possible China deal may help iPhone sales
BEIJING – Apple Inc. might have a chance to pep up cooling iPhone sales in China if it finally can reach a deal with the world’s biggest phone carrier.
Once China’s must-have gadget, the iPhone has seen its explosive popularity squeezed as the market filled with lower-priced rivals from Samsung to ambitious local brands. Some analysts say anybody who wants an iPhone and can afford it already has one.
That might change if Apple can gain access to China Mobile Ltd.’s network and a new pool of potential customers.
After a yearslong courtship, there are signs the two corporate giants might finally be edging toward a deal. The Wall Street Journal said it could be announced as early as this week, though China Mobile spokespeople have said the companies were still talking.
Foreign holdings of U.S. Treasury debt up
WASHINGTON – Foreign buyers of U.S. Treasury securities increased their holdings for a third month in October, despite budget battles in Washington that shut down the government for 16 days that month.
The Treasury Department says total foreign holdings edged up 0.01 percent in October to $5.65 trillion after a 1 percent gain in September. Holdings had fallen from April through July, likely reflecting concerns about rising interest rates. In October, holdings were 1.2 percent below the record high of $5.72 trillion reached in March.
China, the largest foreign buyer of Treasury debt, boosted its holdings 0.8 percent in October to $1.3 trillion. Japan, the second-largest buyer, trimmed its holdings 0.3 percent to $1.17 trillion.