Biden: China’s US assets are ‘safe’

Biden: China’s US assets are ‘safe’

chengdu, china

Vice President Joe Biden wrapped up a visit to China on Sunday that offered him extensive face-time with the country’s expected future leader, Xi Jinping, and delivered a strong message of U.S. mutual interdependence with the world’s second-largest economy.

Biden also made the case for continued U.S. economic vitality despite current budget woes and sought to reassure China’s leaders and ordinary citizens about the safety of their assets in the United States after the downgrading of America’s credit rating.

“You’re safe,” Biden told students in a question-and-answer session after a speech at Sichuan University in Chengdu.

United to spend $500M on seats

chicago

United Airlines plans to invest more than $500 million to improve seating on its planes and to create the same look and feel across its fleet.

United and Continental merged last year, and this is just one part of the two companies’ integration.

The airline will be adding flat-bed seats to first- and business-class cabins on long-haul aircraft, increasing overhead bin space on some jets and adding Wi-Fi to other planes.

Former Continental planes will get Economy Plus seating — a coach section with more legroom.

Warner chairman, CEO to switch jobs

new york

Warner Music Group Corp.’s current chief executive and its chairman will switch jobs.

Edgar Bronfman Jr., who had been serving as chief executive, was named chairman and will focus on the company’s strategy and growth opportunities.

Stephen Cooper, the current chairman, was elected as chief executive and will be responsible for Warner Music’s day-to-day operations, the company said.

Warner Music, home to artists such as Eric Clapton, Jason Mraz and Cee Lo Green, announced the changes Friday.

Cooper will continue to serve on the company’s board, Warner Music said.

Grocery workers reject contract deal

los angeles

Thousands of Southern California grocery workers have voted overwhelmingly to reject a health-care proposal from major supermarket chains and authorize their union leaders to call a strike, a spokesman said Sunday.

More than 90 percent of voters from the United Food and Commercial Workers Local 770, which has about 62,000 members, rejected the proposal from Vons, Ralphs and Albertsons stores.

The rejection automatically authorizes union officials to call a strike after 72 hours.

Shimpock said the union would not release precise numbers on how many voted, but said the turnout was “huge.”

The union will report the results to the dispute’s federal mediator today.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 20.90 —.36

Avalon Holdings,2.65—.01

Clear Channel, .63 51.81 —1.11

Cortland Bancorp, 7.10—.08

Farmers Nat., .12, 4.25 .00

First Energy, 2.20, 41.75—.39

FirstMerit Corp., .64,11.36 —.36

First Niles Financial, .32,7.25.00

First Place Fin., .62—.13

FNB Corp., .48,8.20—.33

General Motors,22.16—1.44

General Electric, .60,15.09—.25

Motors Liquidation, .0422.00

Huntington Bank, .04, 4.56—.18

JP Morgan Chase, 1.00,34.35—.84

Key Corp, .12,6.01—.24

LaFarge, 9.78 .14

Macy’s, .40, 23.18.11

Parker Hannifin, 1.48, 64.03—1.61

PNC, 1.40,43.12—1.88

RTI Intl. Metals,23.03—1.18

Simon Prop. Grp.,3.20,110.26—2.45

Stoneridge 7.31 —.36

United Community Fin. .97.01

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.