US Airways Group said it will eliminate free snacks in coach class on all its domestic flights starting Sunday. US Airways also said it has matched last week's fare increases by United Airlines, American Airlines and Delta Air Lines. The increases are $10 to $60 per round trip and vary with the length of the flight.UPS might carry some DHL air shipments
UPS Inc., the world's largest shipping carrier, said Wednesday it is working toward an agreement with DHL's U.S. Express unit to carry air shipments for some DHL units within the United States. United Parcel Service predicts that the deal, when completed, would add up to $1 billion in annual revenue. The agreement covers express, deferred and international packages, but not freight. UPS also will transport DHL air packages between the United States, Canada and Mexico. UPS and DHL will retain their own brands under the deal.Weak sales may decrease Coca-Cola earnings
Soft drink bottler Coca-Cola Enterprises Inc. said Wednesday weak sales trends in the United States, especially on some 20-ounce beverages, likely will lead to a decline in second-quarter earnings and may make it difficult to meet its 2008 profit guidance. The bottler's shares fell more than 5 percent and briefly touched a 52-week low. Meanwhile, soft drink maker Coca-Cola Co., which owns a stake in the bottler, said that soft U.S. volume will be offset by strong international sales. Coca-Cola offered no specific earnings guidance.As oil settles at $131.03, gasoline hits $3.94
Oil futures rose back above $131 Wednesday, recovering from early losses as threats against Nigerian oil facilities led investors to at least temporarily set aside concerns about falling U.S. gasoline demand. At the pump, meanwhile, gas prices rose to a new record above $3.94 a gallon. Light, sweet crude for July delivery rose $2.18 to settle at $131.03 on the New York Mercantile Exchange, after spending the morning swinging between gains and losses. At its lows, oil was down nearly $3 a barrel, compounding a $3.34 drop in crude on Tuesday.Indonesia to quit OPEC as reserves decrease
Declining oil reserves and investment have forced Indonesia to quit the Organization of Petroleum Exporting Countries even as other members cash in on soaring global prices, the energy minister said Wednesday. Purnomo Yusgiantoro said Southeast Asia's only OPEC member no longer belonged among exporting heavyweights like Saudi Arabia, Venezuela and Kuwait. "Indonesia is pulling out of OPEC," he told reporters, days after his government slashed fuel subsidies that have long protected the poor, forcing prices at the pump to jump by nearly 30 percent. "We are not happy with the high oil price."