Northwest Airlines' departing CEO and President John Dasburg says he's leaving the airline after more than a decade because a number of important personal and professional factors came together. In an interview with Minnesota Public Radio, Dasburg also outlined his conviction that Northwest does not have to merge with another carrier to thrive in a consolidating industry.
Airline industry analysts say they don't expect major changes in the direction of Northwest Airlines. The Twin Cities-based carrier announced Monday that Chief Operating Officer Richard Anderson will replace CEO John Dasburg, who is leaving to head Burger King. Northwest said Chief Corporate Officer Doug Steenland will take the title of president previously held by Dasburg. Anderson and Steenland have been deeply involved in Northwest's response to labor conflict and airline industry consolidation.
Despite the abrupt national economic slowdown, Minnesotans remain fairly upbeat about their personal circumstances. A Minnesota Public Radio and St. Paul Pioneer Press poll indicates more than 80 percent of state residents feel their household financial situation will be the same or better a year from now.
The National Mediation Board has broken off talks between Northwest Airlines and its mechanics union. Contract negotiations that have spanned more than four years are again in limbo, suggesting an agreement between the airline and a powerful labor group remains far off.
How big is your holiday gift budget? A retail industry group expects consumers to spend about six-percent more than last year. But the U.S. economy and retail sales are slowing.
Minneapolis has gained the headquarters of a top-10 national bank. U.S. Bancorp, the largest remaining locally-based financial-services institution, has agreed to be acquired by Milwaukee-based Firstar. The deal also unites Jack and Jerry Grundhofer, the brothers, who have run the two banks separately.
A U of M summit on the economy occurs in the midst of a vigorous debate about whether Minnesota is thriving or falling behind.
The University of Minnesota is launching an effort to commercialize promising University technologies by bridging the gap between entrepreneurs and academia. Amid worries that Minnesota has fallen behind in the high-tech, information-based economy, many observers say the University must play a central role in keeping Minnesota competitive.
Merger talks between Northwest Airlines and American airlines have apparently stalled. The two sides are far apart on the issue of price. Talks occurred after United Airlines announced its plan to buy US Airways. If they're unable to agree on a deal, some analysts think Northwest and American may consider a marketing alliance instead.
Witnesses told a panel of powerful state lawmakers the state should take an active stance in dealing with a possible takeover of Northwest Airlines. The Legislative Commission on Planning and Fiscal Policy held a hearing this morning to gauge the economic impact on the state if Northwest is acquired. American Airlines has reportedly made an offer for Northwest in response to United Airlines' plans to buy US Airways.
While many analysts say the two companies will eventually agree on terms, as one wall street source put it, Northwest has all the leverage.
For weeks, there's been speculation that Northwest and American Airlines are talking merger. Now comes the suggestion that both sides have put numbers on the table, and it's only a matter of time before a deal is struck.
Many have speculated that the rumored merger of American and Northwest airlines would doom the Twin Cities as a hub for a major airline. Not, more and more analysts say there's room for the Twin Cities among the airline elite.
United Airlines plan to buy US Airways came in for more flack in Washington. The merger proposal has taken a drubbing in several recent congressional hearings, in part because of concerns it would cause a chain reaction of airline mergers. The drumbeat in Congress may affect the proposed merger.
United Airlines' plan to buy US Airways has triggered speculation the deal will fuel a new round of mergers and consolidation in the airline industry. Some analysts are singling out Twin Cities based Northwest as a likely target.