The family of Gulfstream corporate jets, like the one that crashed last week killing sports- franchise mogul Lewis Katz, had an accident rate of less than half its peer group as investigators now try to determine how the plane skidded off a runway at a Massachusetts airport.
Since the last commercial supersonic flight 11 years ago, the world has accelerated in every respect but one: Instead of increasing speed, airlines have focused on driving down costs by commissioning ever-bigger planes crammed with ever more people. In 2003, for example, a Boeing 747-400 configured for three classes could carry 416 passengers; today’s Airbus A380 can accommodate 525.
Textron Inc. plans to cut 700 jobs at its Cessna plane division, representing about 8.3 percent of the unit’s workforce, as the aircraft maker reduces production further because demand hasn’t yet picked up after the recession.
Valeant fell 3.5 percent yesterday, the biggest drop in two months and for its eighth consecutive day of declines, during which it has lost 10 percent. The stock now trades below its price on the day Valeant announced its bid for Allergan, which won’t help its cause.
Hong Kong's Business Aviation Centre is opening a much-needed third hangar for private business jets, as the booming China economy drives more movements of planes in the region. The Chinese government has identified aviation as a potential economic driver and is promising to reform the lagging infrastructure in that sector. Rosalind Chin reports. (Source: Bloomberg)