The Boeing Co. has announced a firm order from El Al Israel Airlines for four 777-200ERs. The extended-range passenger jets are worth $850 million at list prices, although customers typically negotiate discounts. Besides the orders that were announced Monday, El Al has taken options for two other 777s and has the right to convert the orders to 777-300ERs, a larger version of the plane. The Israeli carrier’s fleet currently includes four 777s. With the latest deal, Boeing has a backlog of more than 360 777s on order.
Gates Foundation hires new CEO
The Bill &Melinda Gates Foundation says Microsoft Corp. executive Jeff Raikes will be its next chief executive. The world’s largest charitable foundation has been looking for a new leader since chief executive Patty Stonesifer announced in February that she would be stepping down. Raikes has been the top executive in Microsoft’s business software division, responsible for such things as the Office software suite, Microsoft’s server software and applications that help businesses track customers and business processes. In the past decade, the Gates Foundation has made more than $16 billion in grants.
Oil, gas prices hit new record
Oil prices briefly spiked to a new record above $126 a barrel Monday but later ended lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand. Retail gas prices, meanwhile, rose to another record above $3.70 a gallon, again following crude’s recent path higher. Oil futures have set new records for six straight sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward. Many analysts believe the weak dollar has driven oil prices to levels that defy supply and demand.
Boeing and supplier adjust 787 contract
Vought Aircraft Industries, a key supplier for the Boeing Co.’s 787, said on Monday that it continues to improve its assemblies for the Dreamliner jet. However, Boeing’s delays in 787 deliveries have caused the company to slow down production significantly as Boeing prepares to deliver the first jet in 2009. Vought negotiated a new payment schedule with Boeing, which calls for Boeing to compensate Vought for parts produced when the items are shipped, not when the plane is delivered.
Postage costs have gone up
Mailing a letter costs a penny more this week, with the price of a first-class stamp rising to 42 cents Monday. But folks who planned ahead and bought Forever stamps for 41 cents each can still use them without extra postage. The cost to mail a post card also went up a penny, to 27 cents. Other new rates: large envelope, 2 ounces, $1, up 3 cents; certified mail, $2.70, up 5 cents; first-class international letter to Canada or Mexico, 72 cents, up 3 cents; first-class international letter to other countries, 94 cents, up 4 cents; priority mail flat-rate envelope, $4.80, up 20 cents; and express mail flat-rate envelope, $16.50, up 25 cents. Postage rates last went up in May 2007, with a first-class stamp jumping 2 cents to 41 cents.
From Herald staff and news services
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