IN BRIEF

Allegiant Air sees more passengers in October

Las Vegas-based Allegiant Air flew 31.3 percent more passengers in October than it did a year ago.

The company, which flies from small markets into Las Vegas, Phoenix, Los Angeles, Orlando, Fla., and other markets said Tuesday it flew 319,980 passengers in October, up from 243,715 passengers in October 2008.

Allegiant's revenue per passenger miles climbed 36.4 percent in the month.

Allegiant Air is a unit of Allegiant Travel Co.

'Freakonomics' author, MGM chief to speak at Preview LV

An economics professor and author of the best-seller "Freakonomics," and MGM Mirage Chairman Jim Murren will keynote Preview Las Vegas 2010 in January.

Sponsored by the Las Vegas Chamber of Commerce, Preview is an annual economic forecasting and networking event. Preview 2010 will take place on Jan. 28 at the Thomas & Mack Center and Cox Pavilion.

Economist Steven Levitt, co-author of the best-selling "Freakonomics" and the just-released "SuperFreakonomics," is Preview's keynote speaker.

The program also will include Rossi Ralenkotter, CEO of the Las Vegas Convention and Visitors Authority; Jeremy Aguero, a principal with Las Vegas-based business advisory firm Applied Analysis; and Punam Mathur, vice president of human resources for NV Energy, who will be the event's mistress of ceremonies.

NEW YORK

Action movies boost Viacom profits in quarter

G.I. Joe and the Transformers came to Viacom Inc.'s rescue in the third quarter, helping boost the company's earnings 15 percent with strong box office returns.

Viacom, controlled by billionaire Sumner Redstone, owns a wide range of media properties including the MTV and BET cable networks and the "Rock Band" video game franchise.

Overall, Viacom said it earned $463 million, or 76 cents per share, in the three months ended Sept. 30, up from $401 million, or 65 cents per share, a year ago.

Excluding a one-time gain from a favorable tax adjustment and a charge for paying down debt, earnings came to 69 cents a share.

Analysts polled by Thomson Reuters had estimated profits of 57 cents per share.

Vestin Realty Mortgage II posts smaller quarterly loss

Vestin Realty Mortgage II, the largest of two publicly traded real estate investment trusts, on Tuesday reported a smaller third-quarter loss than a year ago.

The trust lost $17.4 million, or $1.27 per share, down from $40.1 million, or $2.72 a share, a year earlier.

However, the company recognized a $17.6 million third-quarter gain because of its repurchase of debt securities at a discount.

Also during the latest quarter, the REIT paid $5.9 million in legal and other professional fees from litigation filed against the company because of its conversion into an REIT.

DETROIT

Sales data suggest car industry stabilizing

After months of roller coaster-like sales, the auto industry offered signs of recovery from its yearlong slump on Tuesday, as most automakers reported higher levels of U.S. sales in October.

GM, the largest U.S. automaker, reported its first monthly sales gain in almost two years, while Hyundai and Subaru were huge winners thanks to their popular models and fuel-efficient sedans. Other top automakers -- Toyota, Ford, Nissan -- also posted higher sales.

As Federal Reserve talks interest rates, oil prices rise

Oil prices rose Tuesday as the Federal Reserve began a two-day policy meeting on interest rates.

The U.S. government stepped in to bail out faltering banks and other giant businesses over the past year, which has helped send the dollar tumbling and the price of oil sharply higher.

Since oil is largely bought and sold in dollars, investors holding stronger currencies can buy more crude for less and have done so in recent months, sending the price of benchmark crude above $80 near the end of October.

The central bank isn't expected to take any action on interest rates, yet statements issued after such meetings can hint at the Fed's take on the state of the economy.

Benchmark crude for December delivery gained $1.47 to settle at $79.60 a barrel Tuesday on the New York Mercantile Exchange.

NEW YORK

Johnson & Johnson to cut 8,000 jobs in restructuring

Johnson & Johnson said Tuesday it will cut up to about 8,000 jobs and streamline its operations in an effort to cut costs as it braces for changes in the health care industry.

The New Brunswick, N.J., company said the cuts will affect 6 percent to 7 percent of its global work force of roughly 118,700 workers. The restructuring is one of Johnson & Johnson's biggest ever and will prompt a restructuring charge of up to $1.3 billion pretax in the fourth quarter.

Johnson & Johnson plans to simplify its business structure and projects that it will save between $800 million and $900 million next year and $1.4 billion and $1.7 billion annually after the restructuring is complete in 2011.

DETROIT

General Motors to keep, restructure Opel unit

General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank.

GM's board of directors made the decision at a daylong meeting after determining that a 3 billion euros ($4.43 billion) restructuring plan was significantly lower than what GM would have had to contribute to other bidders for the division. GM CEO Fritz Henderson added that Europe's business environment and GM's overall health have both improved since it put the division up for sale.

The decision ends a year of uncertainty for the troubled Opel brand and its English sister, Vauxhall. Henderson said in a statement that GM will present its restructuring plan to the German government soon.