Originally created 09/23/99

Additional business news



Flying to Europe becomes affordable

Air fares to Europe and some domestic destinations were put on sale Wednesday, with flights to London as low as $188 round-trip.

The London sale launched by British Airways is good for tickets purchased only through Friday. The fares of $188 are for round-trip travel from 22 East Coast cities on a Wednesday from from Oct. 1 through Dec. 8.

US Airways is offering discounts up to 35 percent off two-week advance purchase fares for travel within the United States between Oct. 5 and Dec. 15. The sale fares must be purchased by Oct. 1.

Hotels look at space station rates

LOS ANGELES -- As NASA assembles the international space station, private lodging and travel companies are taking a serious look at orbiting hotels and other projects that could make space the final frontier of tourism.

Hilton Hotels Inc. disclosed this week that it is looking into the feasibility of a space hotel. And Robert Bigelow, owner of the Las Vegas-based Budget Suites of America lodging chain, has committed $500 million to the goal of building a "cruise ship" that would fly from Earth orbit to the moon and back.

A 1997 NASA study concluded that space tourism represents a potential market worth billions of dollars if economic and technical barriers can be overcome.

UTC to slash 9,000 more jobs

HARTFORD, Conn. -- United Technologies Corp. plans to reduce its worldwide work force by an additional 9,000 jobs as the company looks to reduce costs amid a downturn in the aerospace industry.

The Hartford-based company also announced Wednesday that it plans close 8.5 million square feet in manufacturing and other space. Most closures are expected overseas.

Combined with Wednesday's announcement, UTC plans to slash more than 14,000 jobs, or 10 percent of its work force, during the next three years. UTC spokesman Peter Dalpe said the company would not give specifics on exactly where the jobs will be eliminated.

Phelps Dodge ups ante for rivals

PHOENIX -- Phelps Dodge Corp. is adding almost $1 billion in cash to its previous all-stock bids for copper rivals Asarco Inc. and Cyprus Amax Minerals Co.

Douglas C. Yearley, chairman and chief executive officer, said Phelps Dodge is willing to acquire one company without the other but is still hopeful for a three-way deal.

Under the new offer, Phelps Dodge would pay $9 cash plus 0.288 of a Phelps Dodge share for each Asarco share and $6.89 in cash plus 0.2203 of a Phelps Dodge share for each Cyprus Amax share.