Boeing Co. said Wednesday that it has sold 10 of its big 777s to the airplane leasing arm of General Electric. The order for the 777-300ERs would be worth $2.8 billion at list prices, although discounts are common. Boeing spokesman Tim Bader said the order by GE Capital Aviation Services had not been listed previously. The new order means GECAS has ordered a total of 53 777s. The 777-300ER carries 365 passengers. Airlines use the plane on high-density, long-haul routes. GECAS said it has leasing customers lined up for the five planes previously on order, but not for the 10 new planes. Boeing shares rose 18 cents to close at $73.80.
Consumers pay off cards before homes
People are continuing to stay current with their credit card payments even if they are behind on their mortgage. The number of people late on mortgage payments who remain current on their credit cards rose at the end of 2010, continuing a trend that began about three years ago as home values declined and unemployment rose. Among consumers with at least one credit card and a mortgage, 7.24 percent were 30 days late on mortgage payments but were up to date on card payments at the end of 2010, TransUnion says.
Natural gas prices rise more than 2 percent
Natural gas prices climbed more than 2 percent on Wednesday as President Barack Obama said he wanted the U.S. to use more of it instead of foreign oil. Forecasts for colder weather also pushed up prices. Natural gas for May delivery added 9.2 cents to settle at $4.355 per 1,000 cubic feet on the New York Mercantile Exchange. Obama announced that he wants to cut the country’s oil imports by a third by 2025. The president touted a series of initiatives, emphasizing that the U.S. could rely more on its own natural gas and biofuels to generate electricity and to power vehicles. Obama cited the pain at the gas pump in recent months as an reason for reducing America’s dependence on foreign oil.
J.C. Penney CEO gets 48 percent pay raise
An Associated Press calculation shows J.C. Penney CEO and Chairman Myron Ullman III received compensation worth $12.3 million in 2010, up 48 percent from 2009. A document the company filed late Tuesday with the Securities and Exchange Commission shows the 64-year-old Ullman’s base salary was unchanged at $1.5 million, and he got a performance-based cash bonus of $2.56 million in the fiscal year that ended Jan. 29. The largest share of Ullman’s compensation came in the form of stock awards worth nearly $6.4 million when they were granted. He also received options valued at $1.59 million. Ullman received other compensation worth $237,937 million as part of the company’s perk programs. The calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.
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