Business Briefs

Europe's woes pull Dow below 10,000

NEW YORK -- The Dow Jones industrial average closed below 10,000 for the first time in three months Monday on nagging concerns about debt loads in Europe.

Shares of big banks pulled the market lower, extending a slump that has led to four straight weekly losses. Other indexes also fell.

Mounting deficits in weaker European economies including Greece, Portugal and Spain have raised questions about the health of the global financial system. Greece's finance minister said Monday the government is preparing to boost some taxes to shore up its finances. But civil servants opposed to cuts have pledged to strike on Wednesday.

Brett Hryb, a portfolio manager with MFC Global Investment Management in Toronto, said the latest concern is that the financial troubles in a country like Greece, whose economy is small compared with the rest of Europe, will spill into other countries.

SPA cruise master plan to be unveiled today

The State Ports Authority will hold a community meeting to discuss a master plan for the Union Pier Cruise Terminal and surrounding waterfront acreage today at 12:30 p.m. at the terminal near Market and Concord streets.

The urban design firm Cooper Robertson & Partners will present the concept before a series of breakout sessions during which community members can discuss the plan with members of the team. The meeting should conclude at 2 p.m.

Lancaster lands big new employer

INDIAN LAND -- A military and security parts supplier will move its headquarters to northern Lancaster County, bringing $50 million in investment and 220 new jobs, state and local officials announced Monday.

The Herald of Rock Hill reported that Defense Venture Group owns subsidiaries that make armored vehicles, run-flat tires and specialized transparent ceramic products for the aerospace, defense and commercial industries.

Lender CIT recruits former Merrill chief

NEW YORK -- CIT Group Inc., the lender that is trying to regain its former stature after almost collapsing during the financial industry crisis, said it has hired former Merrill Lynch & Co. CEO John Thain as its chairman and chief executive.

Thain, 54, is also trying to repair his own image. He brokered Merrill's sale to Bank of America as the credit crisis peaked in the fall of 2008, but was forced to resign after the deal closed because of controversy over employee bonus payments and mounting losses.

CIT, which lends to more than 3,000 businesses, went through bankruptcy reorganization late last year after it failed to restructure billions of dollars in debt. It was also hurt by rising loan losses as more customers fell behind on loans.

American Airlines sets pillow, blanket fees

DALLAS -- If you want a pillow and blanket in coach on American Airlines, it's going to cost you. The airline will charge $8 for a pillow and blanket in coach class for domestic trips and some international flights longer than two hours, beginning May 1. Spokeswoman Andrea Huguely said Monday it was an economic decision.