Economy Briefs: Backlog, delays after short EgyptAir strike
CAIRO — Officials at Egypt’s main international airport were reducing a backlog of delayed flights and trying to placate angry passengers on Sunday, after two days of strikes left planes grounded and some travelers stranded.
More than 90 percent of flights with national carrier EgyptAir were back on track, officials said, after concessions by management on most non-pay-related demands, including a hiring boost and the lifting of a ban on the wearing of Muslim veils by flight attendants, ended the action.
U.S. government to sell $18 billion in AIG stock
NEW YORK — The U.S. government is selling more of its shares in insurer American International Group Inc., in a move that should decrease its holdings below a majority stake for the first time since the $182 billion bailout in 2008.
The sale is the latest step to recoup taxpayer money spent on the largest bailout of the financial crisis.
AIG said Sunday that the Treasury Department is selling $18 billion worth of its common shares to institutional investors.
Prime minister vows new spending cuts will work
THESSALONIKI — Greek Prime Minister Antonis Samaras insisted Saturday that the latest package of deep spending cuts, which will once again affect wages and pensions, will be the last, but he also defended the measures as necessary to restoring his country’s financial credibility.
The government has endorsed the austerity measures to keep receiving funds from the so-called “troika” of creditors — the European Commission, the European Central Bank and the International Monetary Fund. Adoption of the package is necessary for the release of a long-delayed $39.39 billion rescue loan installment, without which Greece will be forced to default on its loans and may have to quit using the euro.
Creditors expect decision on AMR by year’s end
DALLAS — AMR Corp.’s bankruptcy creditors expect the parent company of American Airlines to decide by year’s end whether to merge with another airline or remain an independent company.
The committee representing AMR’s unsecured creditors made the comment in a footnote to a bankruptcy court filing Friday.