Crude oil prices at $63 per barrel
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NEW YORK — Crude-oil prices dropped to $63 a barrel yesterday after OPEC reaffirmed traders' belief that the high retail price of gas is driving away consumers.
Light, sweet crude oil for October delivery fell $1.75 to settle at $63 a barrel on the New York Mercantile Exchange.
RIVAL TO BUY SPACE IMAGING
DENVER — Space Imaging LLC said yesterday it is being acquired by rival Orbimage Holdings Inc. in a $58.5 million cash deal expected to create the largest satellite imagery company in the United States.
The combined company will have a key government contract, two high-resolution satellites and 14 affiliates and ground stations around the world.
The deal is expected to close at the end of the year pending regulatory approval.
US AIRWAYS ENDS BANKRUPTCY
ALEXANDRIA, Va. — US Airways received final approval yesterday to exit bankruptcy protection for the second time in three years and merge with America West Holdings Corp.
The ruling allows the airline to be purchased by America West, the nation's eighth-largest airline, as soon as Sept. 27.
DELTA GETS OK ON FINANCING DEAL
CINCINNATI — The judge overseeing Delta Air Lines' bankruptcy case in New York yesterday tentatively approved the airline's $2 billion financing deal crafted to help the carrier survive the Chapter 11 process.
U.S. Bankruptcy Judge Prudence C. Beatty allowed the company to access $1.4 billion of the $1.7 billion debtor-in-possession financing provided by General Electric, Morgan Stanley and American Express — a move that will allow the nation's third-largest carrier to continue operations as normal, at least over the short term.
BOEING MAY LOSE SPY PROGRAM
WASHINGTON — Defense Department and intelligence officials concerned about problems with a classified spy satellite program are preparing to shift part of the program's contract from Boeing Co. to Lockheed Martin Corp., a government official familiar with the discussions said yesterday.
No decision has been made yet, but one is expected in the next two weeks, said the official, who did not want to be identified because of the classified nature of the program.
100,000 SUVS TO BE RECALLED
WASHINGTON — DaimlerChrysler AG's Chrysler Group said it would recall more than 100,000 Jeep Grand Cherokee sport utility vehicles because water contamination of the transmission fluid could lead to fires under the hood.
The recall involves 2005 model year vehicles with 3.7 liter engines and automatic transmissions, accounting for about 45 percent of all Jeep Grand Cherokees sold from that year.
The automaker said it received four reports of fires in the vehicles from Dollar Rent a Car. Two of the fires happened in Hawai'i.
