Alcoa, Inc. (NYSE:AA) has reached new multi-year supply arrangements with a lifetime worth of about $1.4 billion, with Airbus (EADSY), for Alcoa’s leading aerospace aluminum sheet, plate and hard alloy extruded products that utilize Alcoa’s current, advanced-generation and aluminum lithium alloys. The contracts were signed this week during the Farnborough Air Show; other financials were not divulged.
Boeing Co. (NYSE:BA) and the Europe-based TUI Travel PLC have inked a five-year contract for the provision of 787 Dreamliner flight, maintenance and cabin safety training. Additionally, Boeing reported at the Farnborough International Airshow that it will install a second 787 full-flight simulator at its European training headquarters at London Gatwick, through which to support the training requirements of the TUI Group and European 787 customers. Finally, Boeing will supply training for other airplane types operated by Thomson Airways.
Bank of America Corporation (NYSE:BAC): Senate Banking Committee Chairman Tim Johnson (D-SD) announced his staff has started to set “bipartisan briefings with relevant parties” through which to learn more about the Libor allegations, according to the Wall Street Journal. In a statement, the Senator commented that, “It is important that we understand how any manipulation may impact American consumers and the U.S. financial system.” This move broadens the spotlight beyond the Bank of England so as to include regulators in the U.S. who are said to have known of the problem as early as 2007.
EI DuPont de Nemours & Co. (NYSE:DD): The USDA reports that its estimates of corn production prospects have been cut by1.8 billion bushels from June, which takes into account the rapid decline in crop conditions since early June as well as the latest weather data. The agency’s World Agricultural Supply and Demand Estimates report forecast 2012/13 U.S. corn production of 12.97 billion bushels. Lower supply amounts and higher prices are expected to sharply reduce the 2012/13 corn usage, with the biggest reduction expected to be feed and residual disappearance, and is projected to be down 650 million bushels.
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