FAA requires more frequent 767 inspections

U.S. airlines must inspect more than 100 Boeing 767 airliners more often than previously required to look for cracks that could cause the engines to fall off, the Federal Aviation Administration ordered Wednesday. The cracks can occur in the pylons that attach engines to wings. The problem came to light last month when American Airlines found cracks in at least two 767s during normal maintenance. The FAA safety order affects 138 planes registered in the United States out of a global fleet of 314 planes. Aviation officials in other countries usually follow the FAA’s lead on safety of U.S.-manufactured planes. The order only applies to 767s that have the original pylon design. Boeing changed the design after the problem first became known. FAA issued a safety order for these planes in 2005 requiring inspections for cracks every 1,500 flights. The new order accelerates that schedule to every 400 flights or every 90 days, whichever is later.

Coca-Cola stops four-year decline

Coca-Cola Co. sold more soft drinks and juices in North America for the first time in four years during the second quarter as soft drink sales stopped years of decline. Shoppers snapped up smaller packages and new bottles, wooed by discounts, but analysts said the market will likely remain stagnant and the company will keep pushing sales overseas. The soft drink industry’s sales have been declining for years as people focus on health and choose juices and teas instead. That has weighed on North American performance of Atlanta-based Coca-Cola. But in the three-month period ended July 2, soft drinks in the U.S. were flat and the Coca-Cola brand grew 1 percent on the success of new 90-calorie cans and contour-shaped 2-liter bottles. That was the first increase for the brand since 2005.

US Airways forecasts profitable year

US Airways said returning business travelers who paid more for their tickets helped it earn $279 million in the second quarter. The airline said on Wednesday that it expects to turn a profit for the third quarter and the full year, as well. Revenue in the second quarter rose more than 19 percent to $3.17 billion. The profit worked out to $1.41 per share.

Low mortgage rates boost refinancing

Applications for home loans rose last week as rates on 30-year and 15-year fixed-rate loans sank to the lowest levels on the survey’s record. The Mortgage Bankers Association said Wednesday overall applications increased nearly 7.6 percent from a week earlier. That incorporates an adjustment for the Independence Day holiday. Applications to refinance home loans climbed 8.6 percent. Applications taken out to purchase homes rose 3.4 percent, fueled by an 8-percent rise in government purchase applications. Refinance applications made up nearly 79.4 percent of total applications, the highest since April of last year.

From Herald news services