The Boeing Co. reached another important milestone Wednesday as the company moves toward delivering its first 787 Dreamliner later this year. Boeing called the “ultimate load” tests it performed on the new jet’s wings and fuselage a success. In late March, Boeing had put enough pressure on the wing of its 787 to replicate 150 percent of the most extreme forces the airplane is ever expected to experience while in service. The 787 test plane’s wing was flexed 25 feet upward. Since then, Boeing engineers have been studying the results of the test. Boeing is waiting on the type inspection authorization, which will allow the company to bring regulators from the Federal Aviation Administration to accompany test pilots on 787 flights, an important step toward certification later this year.
Consumer loans slow in February
Consumer borrowing fell again in February, reflecting weakness in credit cards and auto loans. Analysts said the sharp reduction showed that the weak economy is still making consumers hesitant to take on more debt. The Federal Reserve said Wednesday that borrowing declined by $11.5 billion in February, surprisingly weaker than the small $500 million gain that economists had expected. The February decline was the 12th decrease in the past 13 months as consumers slash borrowing in the face of a deep economic recession and high unemployment. Analysts said consumer borrowing is being held back by lingering fears about job security with unemployment still near 10 percent and a move by banks to tighten credit standards.
GM plans payback for bailout in June
General Motors Co., steadily returning to health after its near-collapse in 2009, said Tuesday it plans to pay off its government loans by June — five years ahead of schedule — and could report a profit as early as this year. GM said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion. But things are on the upswing. Sales and production have increased and GM has gained U.S. market share since the start of the year. The automaker will try to maintain that momentum while facing a stiff challenge from a revitalized Ford Motor Co.
Gas pipeline to cost investors $35 billion
A massive endeavor to move natural gas from Alaska’s North Slope to North American markets will cost an estimated $35 billion, according to a plan unveiled Wednesday, potentially setting the stage for a high-stakes showdown with a competing project and the state. Details of the Denali project, a joint effort of ConocoPhillips and BP PLC, were released in a filing with the Federal Energy Regulatory Commission. Denali proposes a pipeline of more than 1,700 miles, with delivery points along the way to help meet gas needs in Alaska and Canada. The project is planned by private investors.
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