DALLAS -- Airline trade groups are fighting President Barack Obama's plan to raise fees on airlines and passengers to pay for aviation security and air-traffic control.
One change in Obama's plan would boost passenger security fees from at least $5 now to $15 per round trip by 2017 -- and potentially higher after that. Another would add a surcharge of $100 per flight on corporate jets and commercial airliners.
Early stock rally fades as Greece talks disappoint
NEW YORK -- Investor optimism faded in a hurry Tuesday after two days of conferences ended with no resolution to Greece's debt crisis.
Stocks erased nearly all their gains in the last hour of trading after rallying for much of the day on hopes that the Federal Reserve would stimulate the economy. Many analysts believe the Fed will announce a new stimulus plan at the end of a two-day meeting today.
But another two-day meeting, a teleconference between Greece and lenders, spurred late selling. The European Commission said inspectors would review Greece's progress into next week, suggesting that a resolution wouldn't come sooner.
Oracle's net up 36% on rise in software demand
SAN FRANCISCO -- Stronger spending on business software helped Oracle's quarterly profit jump 36 percent, but the company's server business continued to deteriorate, which Oracle said is happening because it is shedding lower-margin deals.
The company said after the market closed Tuesday that net income rose to $1.84 billion. Sales rose 12 percent to $8.37 billion.
Ex-SEC lawyer's ties to Madoff to be reviewed
WASHINGTON -- The inspector general of the Securities and Exchange Commission has asked the Justice Department to investigate whether a former top SEC official who benefited financially from Bernard Madoff's Ponzi scheme violated conflict-of-interest laws in helping establish SEC policy.
The SEC's former general counsel, David Becker, played a key role in crafting agency policy on how Madoff's victims should be compensated -- after he inherited a Madoff account from his mother.
Critics of N.C. utility deal ask for many conditions
RALEIGH -- Critics of a proposed merger between Duke Energy and Progress Energy asked state regulators Tuesday to impose a broad list of unprecedented business conditions to be applied if the proposed deal to create the nation's largest electric company succeeds.
Observers noted the conditions that are being sought would force revolutionary changes in the way the two utilities conduct business should they merge for a customer base of 7 million consumers in the Carolinas, Florida, Kentucky, Indiana and Ohio.
Denmark manufacturer bringing jobs to Easley
COLUMBIA -- A Denmark-based machining supplier said it will open a facility in Easley that will create at least 50 jobs.
KP Components plans to spend at least $10 million to begin operations making hydraulic components in an existing building. The firm's parts are used in farm and heavy equipment as well as in wind turbines.
The company plans to begin hiring this fall for what will become the supplier's first North American facility.
South Carolina's incentives for the company included training funds and job development tax credits tied to hiring targets.