Circuit City to cut home-installation jobs Struggling electronics retailer Circuit City Stores Inc. said Monday it is shrinking its home installation business in response to the nationwide slowdown in home construction. Over four months, Circuit City will cut 67 jobs of workers who prewire new single-family homes, spokesman Jim Babb said.
Delta again drops $10 fuel surcharge Delta Air Lines Inc., the third-largest U.S. carrier, dropped a $10 round-trip fuel surcharge for the second week after other airlines didn't follow. Delta is raising fares and charging more for services such as a second checked bag to offset near-record fuel costs, which have supplanted labor as the biggest expense at many airlines.
Privately insured mortgage defaults rise 38% Defaults on privately insured U.S. mortgages rose 38 percent in February, the 14th consecutive monthly increase, as record U.S. foreclosures forced the industry to reimburse lenders for more bad loans. Insured borrowers more than 60 days late on payments rose to 60,911 last month from 44,111 a year earlier, according to Washington-based Mortgage Insurance Companies of America.
Citigroup reorganizes consumer division Citigroup Inc., reeling from a record fourth-quarter loss, reorganized its consumer division as Chief Executive Officer Vikram Pandit tries to reverse a profit slide at the bank's biggest revenue generator. Steven Freiberg, cohead of the unit, now will run U.S. and international credit cards, which accounted for 62 percent of consumer revenue last year, the New York-based company said Monday. The rest of the group, mainly bank branches and nonbank lending, will be led in the United States by Terri Dial, hired from Lloyds TSB Group PLC, and four regional chiefs outside the United States.
Judge upholds kickback conspiracy charge A federal judge has refused to dismiss a money laundering conspiracy charge against a law firm accused in a lucrative kickback scheme. Following a hearing in Los Angeles Monday, U.S. District Judge John Walter ruled that the law firm formerly known as Milberg Weiss was correctly charged. Prosecutors claim payments were made to people to act as plaintiffs in class-action lawsuits targeting some of the nation's largest corporations. A trial is scheduled for Aug. 12. Four current or former partners of the firm previously admitted criminal conduct.
United's mechanics vote to join Teamsters United Airlines' mechanics are switching their union representation to the Teamsters Union from the Aircraft Mechanics Fraternal Association. The Teamsters on Monday announced that more than 60 percent of the more than 6,700 votes cast went to the Teamsters. The National Mediation Board still must certify the vote for the switch to become official.
