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The Honolulu Advertiser
Posted on: Monday, June 8, 2009

BUSINESS BRIEFS
Funds seek to block Chrysler sale


Advertiser News Services

Hawaii news photo - The Honolulu Advertiser

Palm Inc.'s Pre smart phone, which went on sale Saturday, features a touch-screen and slide-out keyboard. The $200 phone is carried exclusively by Sprint.

Associated Press

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WASHINGTON — Three Indiana state pension and construction funds want the Supreme Court to block Chrysler's sale to Fiat so they can pursue an appeal in hopes of getting a better deal. Lawyers for consumer groups and individuals with product-related lawsuits also filed emergency papers at the high court yesterday.

An appeals court in New York approved the sale Friday, but gave objectors until today to try to get the Supreme Court to intervene. Chrysler LLC wants to sell the bulk of its assets to a group led by Italy's Fiat Group SpA as part of its plan to emerge from bankruptcy protection.

WORLD'S AIRLINES FORECAST TO LOSE $9B

KUALA LUMPUR, Malaysia — The world's airlines will collectively lose $9 billion in 2009 with revenues to shrink by $80 billion from a year ago, as the economic crisis saps air travel and cargo demand, a key industry body warned today.

The International Air Transport Association said the revised loss estimate was nearly double the $4.7 billion it forecast in March. IATA said the industry was severely hit in the first quarter with 50 major airlines reporting losses of more than $3 billion.

CREDIT CARD DELINQUENCY RATE RISES

NEW YORK — The delinquency rate for bank-issued credit cards rose 11 percent in the first three months of the year, according to credit reporting agency TransUnion.

The delinquency rate jumped to 1.32 percent this year, from 1.19 percent in the first three months of 2008, Trans- Union said. The statistic measures the percentage of card holders who are three months or more past due on their payments. The average total debt on bank cards also rose, jumping to $5,776 from $5,548 last year.