Northwest, Delta Try for Deeper Cost Savings

From Reuters

Northwest Airlines Corp. and Delta Air Lines Inc. proposed cost-savings plans aimed at offsetting soaring fuel costs and low-fare competition.

Northwest said it raised its annual labor cost savings goal to $1.1 billion from $950 million. Delta said it expected to cut costs by about $240 million over five years, by outsourcing aircraft maintenance work.

Shares of Northwest edged down 13 cents to $6.61 on Nasdaq. Delta shares gained 12 cents to $4.10 on the NYSE.