Japan Airlines is buying its first-ever jets from Airbus in a deal with a list value of $9.5 billion. The purchase of 31 A350 planes deals a blow to U.S. rival Boeing, which had been JAL's supplier for decades. The deal was signed Monday in Tokyo and includes an option for JAL to buy 25 more Airbus planes. Japan Airlines President Yoshiharu Ueki said the decision to turn to the European manufacturer, based in Toulouse, France, was unrelated to the problems that have plagued Boeing's rival offering, the 787 Dreamliner planes, which were grounded for four months earlier this year to confirm their safety after their lithium-ion batteries overheated.
Billionaire Philip Falcone has been banned by New York state's top financial watchdog from being an officer or director of Fidelity & Guaranty Life for seven years for using his hedge funds' money for his personal taxes. Falcone, 51, is also barred from “direct or indirect control over the management, policies, operations” and investment funds of Fidelity's New York unit, the state's Department of Financial Services said Monday.
Marriott International Inc., the U.S.'s largest publicly traded hotel chain, is moving to the Nasdaq Stock Market from the New York Stock Exchange. The shares will be listed on Nasdaq on Oct. 21 and keep the MAR ticker symbol, the company said Monday. “This will provide us with cost-effective visibility, as well as efficient access to a portfolio of tools and opportunities to reach investors,” Carl Berquist, Marriott's executive vice president and chief financial officer, said.
Benjamin Moore, the paint maker owned by Warren Buffett's Berkshire Hathaway Inc., on Monday named Michael Searles as its third chief executive officer in two years. Searles is an “adept leader who understands the importance of the independent retailer,” Buffett said in an emailed statement. Searles, 64, was previously a chief operating officer of Stage Stores Inc., a seller of apparel, cosmetics and footwear.