The Boeing Co. has awarded another major 7E7 contract to Connecticut-based Hamilton Sundstrand, this time for the system that will distribute electricity around the new jet. The companies announced Thursday that Hamilton Sundstrand will provide six power panels that will control, protect and distribute the electricity. In February, Boeing awarded the company contracts for four other on-board power systems, which will mean an estimated $5 billion in business to Hamilton Sundstrand over the life of the 7E7 program. Hamilton Sundstrand is a division of United Technologies.
The Boeing Co. will offer airline passengers two rate plans for using its Connexion by Boeing aerial Internet service. The company announced its rate schedule for the service on Thursday. Users will have the option of a flat-rate charge for unlimited access for the entire flight, or a pay-by-the-minute charge for more limited use. The flat rates will run from $14.95 to $29.95, depending on the length of the flight. The by-the-minute charge will be $9.95 for a 30-minute block, with 25 cents for each minute after. Boeing plans to bill users directly via credit card, making Connexion the company’s only division that deals directly with consumers. Lufthansa will be the first airline to launch Connexion this spring. Boeing also has firm agreements with Scandinavian Airlines System, Japan Airlines and All-Nippon Airways, and is negotiating with Singapore Airlines and China Airlines.
Cascade Financial Corp. will pay its shareholders a quarterly dividend of 7 cents a share. The payment will be made April 22 to shareholders of record as of April 8. The parent company of Everett-based Cascade Bank increased its quarterly cash dividend from 5 cents to 7 cents in September 2003, and declared a 5-for-4 stock split in December, which was accounted for as a 25 percent stock dividend.
About 1.1 million people will exhaust their state unemployment benefits by the end of the month, with no access to federal benefits, a liberal think tank says. The estimate Thursday by the Center on Budget and Policy Priorities was intended to pressure the Republican-controlled Congress and the Bush administration to resurrect the emergency benefits in a program that expired in December. The program began offering 13 weeks of aid in March 2002 to jobless workers who use up their state benefits – usually 26 weeks. Congress extended it twice. Republican leaders say the economy is improving, jobs are being created and the unemployment rate has fallen to 5.6 percent from a high of 6.3 percent in June.
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