News from the Tennessee Valley State, Local and National news

Business Briefs

Huntsville adds Vegas flights

Huntsville International Airport just got luckier.

It now offers a non-stop flight to Las Vegas through its new low-fare airline, Allegiant Air.

“This is an exciting day for Huntsville International Airport and the Tennessee Valley Region,” said Jeff Sikes, chairman of the board of directors for Huntsville International Airport.

“The addition of Allegiant Air and the nonstop service to Las Vegas fills a void in our community for low-fare service and expands our total non-stop destinations to 14.”

The flights begin Sept. 21 at the introductory fare of $89 for a one-way ticket.

The Las Vegas flights leave Huntsville on Mondays and Fridays at 3 p.m. and arrive in “Sin City” at 3:50 p.m.

Flights depart from Las Vegas at 7:50 a.m. and arrive in Huntsville at 2:20 p.m on the same days.

Allegiant Air will fly passengers on a full-size, 150-seat MD-80 jet aircraft.

Tickets must be purchased by Aug. 18 and will be valid through Feb. 10, 2008 on Allegiant Air’s Web site or through travel agents.

After the introductory fare period, tickets for one-way flights to Las Vegas will be $99.

Huntsville International Airport announced the new airline service Wednesday, and Sikes said he looked forward to adding more destinations.

Tiffeny Hurtado

Colonial BancGroup dividends

MONTGOMERY — Colonial BancGroup, Inc. Chairman and President Robert E. Lowder announced Wednesday that the board of directors declared a regular quarterly dividend of $0.1875 per share of Colonial BancGroup common stock. The dividend will be paid Aug. 10 to shareholders of record as of the close of business on July 27.

Colonial BancGroup operates 321 branches in Florida, Alabama, Georgia, Nevada and Texas with more than $23 billion in assets.

Wall Street retreats, recovers

NEW YORK — Wall Street retreated Wednesday but managed a late-day partial recovery as investors reacted uneasily to Federal Reserve Chairman Ben Bernanke’s comments on the economy and news that two Bear Stearns Cos. hedge funds were essentially worthless.

Even without any bad news, a downturn in stocks was expected after the rally that began last week. On Tuesday, the Dow nudged past the 14,000 mark for the first time. With no major catalyst behind the advance, the record run has perhaps been puzzling to market watchers trying to determine if it has room to build or has run its course.

Investors sold off shares as Bernanke, speaking before the House Financial Services panel as part of the central bank’s midyear forecast, said the economy should strengthen into 2008 and inflation risks remain the Fed’s “predominant” concern. He also said the housing sector might get worse before it gets better — and remains a risk to consumer spending and overall economic growth.

Economy sees minor growth

WASHINGTON — Federal Reserve Chairman Ben Bernanke said Wednesday the economy has emerged from its anemic spell, but overall growth for the year will be lower than expected. Inflation remains the chief concern, he said.

Delivering a midyear economic report to Capitol Hill, Bernanke struck a somewhat cautious tone. He suggested that the economy appears likely to expand “at a moderate pace” over the second half of the year.

Still, the Fed chief told the House Financial Services Committee that growth this year will be slower than the Fed projected in February mostly due to the housing slump. Growth, however, should strengthen a bit next year, he said. The inflation forecast wasn’t changed. It calls for prices other than food and energy to edge lower.

IBM earnings beat forecasts

BOSTON — Second-quarter earnings at International Business Machines Corp. rose 12 percent and beat Wall Street forecasts Wednesday, largely on the strength of IBM’s software division and improvement in its services unit.

From April through June, the Armonk, N.Y.-based technology bellwether earned $2.26 billion, $1.55 per share, on revenue of $23.8 billion.

In the comparable period last year, IBM earned $2.02 billion, $1.30 per share, on revenue of $21.9 billion.

This year’s quarterly numbers were boosted $81 million, or 5 cents per share, from the sale of IBM’s printing division to Ricoh Co. Without that gain, IBM would have seen net profit rise 8 percent, and it would have earned $1.50 per share. That beat the estimate of $1.47 expected by analysts surveyed by Thomson Financial.

compiled from wire reports

Copyright 2005 THE DECATUR DAILY. All rights reserved.
AP contributed to this report.

Save $84.50 a year off our newsstand price:
Subscribe today for only 38 cents a day!

Leave feedback
on this or

Email This Page