First Data cuts 215 jobs, mostly in Omaha
First Data Corp. on Wednesday eliminated about 215 jobs in a division that issues credit cards and debit cards. About 200 of those jobs were in Omaha, the company said.
People losing their jobs will get severance benefits and help finding other work. The job cuts were needed to sustain strong financial performance in a competitive business environment, the Greenwood Village-based company said.
Frontier ends pursuit of Utah-Mexico route
Frontier Airlines has decided not to start flights between Salt Lake City and Puerto Vallarta, Mexico, after larger competitor Delta Air Lines signaled its intent to go head-to-head against Frontier on the route.
Frontier had applied for, and received, approval from the U.S. Department of Transportation to fly the route starting in November but withdrew its application this week.
The carrier cited Delta’s application four days after its application, saying that would make it harder for Frontier to be competitive and profitable in that market.
Separately, Frontier announced plans to start Kansas City-Puerto Vallarta flights Dec. 17.
Rising oil imports push down prices
Crude oil fell to a two-week low after an Energy Department report showed that U.S. imports surged as refineries increased production of gasoline and other fuels.
U.S. supplies of crude oil, gasoline and distillate fuels, such as diesel and heating oil, rose last week, the report showed. Imports jumped 7.8 percent to 11 million barrels a day, their second-highest weekly average.
Crude oil for August delivery fell 76 cents, or 1.3 percent, to close at $56.50 a barrel on the New York Mercantile Exchange.
United union says it has right to strike
The Association of Flight Attendants at United Airlines said its right to strike has been triggered by the start of the termination of its pension plan Thursday.
A union spokeswoman said Thursday that a strike has not been called.
United spokeswoman Jean Medina said that the company believes any disruption of its operations would be illegal and that customers should “continue to book with confidence.”
She also said the company has replacement pension plans with all of its labor groups except for the Association of Flight Attendants.
Consumer spending was level in May
U.S. consumer spending paused in May and incomes increased less than forecast, a government report showed, aiding the Federal Reserve’s effort to keep inflation under control, a government report showed.
Purchases were unchanged in May after rising 0.6 percent in April, the Commerce Department reported Thursday.
Spending was forecast to rise 0.1 percent in May, according to the median estimate in a Bloomberg News survey of economists. Incomes rose 0.2 percent after a 0.6 percent increase the previous month.
Morgan Stanley calls on its former leader
John Mack returned to Morgan Stanley as its chairman and chief executive Thursday, bringing the stability of a Wall Street veteran to an embattled firm and promising to seek the return of top employees who left the company under former chairman and CEO Phil Purcell.
The company’s board of directors voted unanimously to name Mack chairman and CEO, a long-rumored appointment thought to appeal to the company’s investment bankers and to promote internal unity.
Lunch with Buffett? Save up for the check
Bidding on a lunch with billionaire investor Warren Buffett was poised to set a record Thursday, as the charity auction on eBay Inc.’s site ends.
The top bid, from investment manager Mohnish Pabrai, has been $250,100 since Saturday night. That matches the record price paid by Greenlight Capital LLC founder David Einhorn in 2003. The auction, which has attracted 89 bids since beginning June 23, benefits work by San Francisco-based Glide Memorial Church to help the homeless. The auction concluded at 8 p.m. Mountain time Thursday.
SEC member picked as acting chairwoman
President Bush named Securities and Exchange Commission member Cynthia Glassman acting chairwoman of the agency, the White House said Thursday.
PEOPLE: Creekpath, Hispanic chamber, kid museum
Boulder-based CreekPath, an electronic-storage consultant, on Wednesday named Mark Davis as president and chief executive.
The U.S. Hispanic Chamber of Commerce added Michael Barrera as president and chief executive.
The Children’s Museum of Denver appointed Tom Downey as executive director.
