This Afternoon's Top News Stories
Here's a glance at some of the items making news this afternoon.
Not so fast, UPS
The European Commission needs more time to review UPS' (NYS: UPS) planned acquisition of Dutch delivery company TNT Express, reports The Washington Post. The deal, announced in March, is now expected to close early next year. The companies agreed to an EC request to extend the review period for another 10 working days, according to a press release.
Meanwhile, competitor FedEx blamed weakness in the global economy as it said its earnings for the quarter ended Aug. 31 are likely to be lower than it originally predicted.
Plane makers rejoice
Boeing (NYS: BA) increased its estimate of how many commercial aircraft Chinese airlines will need to buy over the next two decades by 5.2%, according to a Bloomberg News report. Boeing estimates Chinese carriers will need 5,260 new planes worth $670 billion through 2031, according to the Bloomberg report, up from a 5,000-plane estimate last year. In addition, Boeing estimates that carriers in India will need 1,450 new aircraft worth $175 billion through 2031.
Check out the Bloomberg article for more information.
Revlon taps the brakes
Revlon (NYS: REV) will take $25 million in restructuring and related charges in the third quarter to account for changes including closing some manufacturing facilities and eliminating 250 jobs, almost 5% of its workforce. The company expects annualized cost reductions of about $10 million, $9 million of which is expected to benefit 2013, according to a press release.
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