5 US Airways execs named to new American top team
The new American Airlines will have more top executives from smaller, Tempe-based US Airways than from the current American.
Five US Airways executives will join the eight-member executive team, including President Scott Kirby. Three executives from American parent AMR Corp. were named to the team. AMR and US Airways Group Inc. hope to complete their proposed merger this summer.
The new team joins US Airways CEO Doug Parker, who will hold the same title after the merger. AMR CEO Tom Horton will serve briefly as chairman before exiting next year.
Parker is keeping the core of his inner circle intact.
Although AMR creditors and shareholders will own 72 percent of the new company, and it will still be based in Fort Worth, Texas, the makeup of the executive team underscores that it was Parker who drove the merger and convinced AMR's unions and bankruptcy creditors to support him.
S&P upgrades outlook for long-term US debt
WASHINGTON - Standard & Poor's Ratings Services upgraded its outlook Monday for the U.S. government's long-term debt. S&P cited the government's strengthened finances, a recovering U.S. economy and some easing of Washington's political gridlock.
The credit rating service raised its outlook to "Stable" from "Negative," which means it's less likely to downgrade U.S. debt in the near future.
S&P also reaffirmed the government's "AA+" long-term and "A-1+" short-term unsolicited sovereign credit ratings. The long-term rating remains a notch below S&P's top grade.
Furman tapped for Council of Economic Advisers
WASHINGTON - President Obama nominated Jason Furman, a veteran White House economic official, Monday as chairman of the president's Council of Economic Advisers.
Obama called Furman, 42, one of the most brilliant economic minds of his generation. He said Furman never forgets he's fighting for the middle class and those who aspire to join it.
If confirmed by the Senate, Furman would replace Alan Krueger, who is returning to his former post as a professor at Princeton University. Obama praised Krueger, saying he's driven by the principle that no full-time worker in America should be impoverished.
McDonald's sales rise
NEW YORK - Cheap eats and new menu items helped McDonald's boost a key sales figure in May, bouncing back from a decline the previous month.
The world's biggest hamburger chain said Monday that global sales rose 2.6 percent at restaurants open at least a year, helped by an extra Friday in the month. In the U.S., the figure rose 2.4 percent, as the Dollar Menu and its new chicken wraps and egg-white breakfast sandwiches lifted results.
Travelers Cos. to buy Canadian insurer
NEW YORK - Property and casualty insurer The Travelers Cos. will spend about $1.1 billion in cash to buy The Dominion of Canada General Insurance Co. and strengthen its reach north of the U.S. border.
The Associated Press