Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Airlines Cut Fall Fares 40%; Prices Still Flying Higher

Airlines announced selected price cuts Monday, but industry analysts said the trend in ticket pricing was still up, with fares generally higher than a year ago.

Delta Air Lines started a chain reaction of airline fare announcements by saying it would reduce advance purchase excursion fares by 40 percent between Aug. 13 and Dec. 15, traditionally a relatively slow period.

But the savings were hedged with conditions. Tickets must be bought before Aug. 9, used before Dec. 15 and are only valid for round-trip travel.

Other airlines, including American, USAir, United, Continental and TWA, immediately responded, saying they would match the cuts in markets where they competed with Delta.

United and TWA later said they would expand the cuts to their entire networks. Reuters

***** S&P Lowers Its Sights On Brown Group's Future

Standard & Poor's lowered its credit outlook for Brown Group on Monday to "negative" from "stable" because of lower profits, slow sales and a slump in the shoe industry.

The credit rating service reaffirmed its triple-B rating for Brown Group's $54 million in unsecured debt, and A-2 rating for its commercial paper.

The Clayton-based retailer has tried to rein in expenses and cut costs by closing five plants, selling its Cloth World fabric chain and shrinking corporate staff.

Brown Group executives weren't available to comment. Bloomberg

***** McDonald's, Chevron To Share Retail Outlets

McDonald's Corp. and Chevron Corp. on Monday announced plans to open food and gasoline outlets throughout the Western and Southwestern United States. The companies already share 12 locations in Texas, Louisiana and Oregon.

The stores will combine McDonald's restaurants, Chevron service stations and convenience stores at sites in the companies' mutual marketing areas. …

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