BUSINESS BRIEFS
Machinist strike begins at Boeing
Advertiser Staff and News Services
LOS ANGELES — About 1,500 Boeing machinists went out on strike at 12:01 a.m. today after last-minute talks broke down between their union and the company unit that operates the Delta rocket program.
A federal mediator was unable to broker an agreement after meeting with both sides yesterday, said Gary Quick, the chairman of the union's negotiating committee.
"We're out picketing now" at the company's Huntington Beach plant, he said.
FOR CAR DEALERS, A GRIM OCTOBER
DETROIT — U.S. auto sales fell sharply in October, dampened by hurricanes, fidgety consumers and high gas prices. Demand was down after a summer of heavily hyped discounts, and automakers warned that they don't expect an upswing in November.
General Motors, Ford and Nissan reported big declines yesterday, while Toyota and Honda edged up and DaimlerChrysler's sales were flat. Sport utility vehicles took the biggest hit across all makers. Sales of the Ford Explorer, Lincoln Navigator, GMC Yukon, Hummer H2 and Toyota Land Cruiser were all down 50 percent or more.
WAL-MART SUIT SUFFERS SETBACK
BENTONVILLE, Ark. — An Arkansas judge yesterday dismissed a large part of Wal-Mart's multimillion-dollar lawsuit against former vice chairman Tom Coughlin, saying the parties had agreed not to sue one another over any events that happened during Coughlin's tenure.
Wal-Mart Stores Inc. said it would amend its lawsuit and try again to void Coughlin's retirement package. The world's largest retailer said Coughlin negotiated a lavish deal last year knowing he had misused $500,000 in Wal-Mart cash and property.
COURT UPHOLDS PENSION TRANSFER
CHICAGO — A federal court yesterday rejected an appeal from United Airlines' flight attendants challenging a ruling that allowed the company to terminate its pension plan.
A three-judge panel of the 7th U.S. Circuit Court of Appeals said it found "no reason" to reverse a bankruptcy judge's approval for United to transfer its plans to the Pension Benefit Guaranty Corp., the government's pension insurer.
