Bank of America is selling some of its corporate aircraft fleet as the bank looks to scale back costs.



Many financial firms are giving up private jet travel as scrutiny mounts over lavish spending after the companies received billions of dollars in rescue funds. "As part of an ongoing cost reduction effort we have been scaling back on our use of corporate aircraft including selling three aircraft we own and the Merrill Lynch helicopter," Bank of America spokesman Scott Silvestri said Wednesday.

Bank of America is the owner of nine planes, including four Gulfstreams, FAA records show. The Charlotte-based company acquired brokerage Merrill Lynch & Co. in January.

Boeing warns of engine problems

The Boeing has alerted airlines that Rolls Royce Trent engines in more than 200 777s could experience icing problems.

The Seattle Post-Intelligencer reports that the notice was sent last week. The notice suggests in-flight precautions to avoid ice buildups in fuel lines that can cut power in unusually cold weather.

The notice covers about 30 percent of the more than 700 777s in use.

Two episodes were cited.

In January 2008, seven passengers were injured when a British Airways 777 made a hard landing at Heathrow Airport outside London. Both engines failed to respond to a command for thrust.

In November, a Delta Airlines 777 on a flight from Shanghai to Atlanta lost power in one engine. Power was regained after the pilot descended.

Stronger dollar hurt cigarette makerPhilip Morris International's chief executive said yesterday the stronger dollar shrank the company's profit from selling cigarettes in other currencies and it will drag down profit this year again.

When the dollar's value rises in relation to other currencies, profits from sales in those currencies is diminished as they are translated back into dollars.

The company sells Marlboro, L&M and Parliament cigarettes outside the United States.

Philip Morris International's profit in the quarter that ended Dec. 31 fell nearly 8 percent. It earned $1.45 billion, or 71 cents per share. That's down from $1.57 billion, or 74 cents per share, a year earlier but well above Wall Street estimates.

The maker said its fourth-quarter revenue rose 2 percent to $15.22 billion.

Philip Morris International, with offices in New York and Lausanne, Switzerland, is the world's largest non-governmental cigarette seller, smaller only than state-controlled China National Tobacco Corp.

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