Mexico will need to buy 391 new airplanes worth about $21 billion over the next 20 years, according to the Boeing Co.’s latest assessment of the nation’s airplane market. About 86 percent of those will be single-aisle jets, such as Boeing’s 737 or 757, according to a report released Thursday. Boeing officials called Mexico a “very dynamic and promising market” that will grow faster than the world average during the next two decades. In other business, Boeing disclosed Thursday that it had sold three 737s to an unidentified buyer in the past week. The planes have list prices between $40 million and $69 million.
Glum investors dominated Wall Street on Thursday, pushing the Dow down 190 points and the broader Standard &Poor’s 500 index just off its low for the year. Selling was heavy and declining issues more than doubled advancers on the New York Stock Exchange as the market digested a revenue warning from Motorola and a mixed batch of retail sales reports.
The all-important back-to-school season proved disappointing for most merchants as consumers flocked to discounters and value-oriented chains in August to buy fashion denim and other must-have items, according to a survey of retail chains. That left many department stores and apparel chains out in the cold.
Horizon Air officials and the leaders of the airline division of the International Brotherhood of Teamsters Local 747 announced Thursday that Horizon’s pilots have ratified their first collective bargaining agreement. The five-year contract leads the regional airline industry in total compensation and includes significant improvements in pay and work rules, union officials said. Sixty-four percent of pilots voted in favor of the contract. Horizon Air serves 39 cities throughout the Northwest.
Electronics retailer Best Buy Co. said Thursday its second-quarter earnings will beat Wall Street’s expectations because of stronger than anticipated sales. Darren Jackson, chief financial officer, said Best Buy now expects earnings of 38 cents per share or better, compared with a 30-cent consensus estimate of analysts. The news sent Best Buy shares up $1.57 to close at $60.29.
Ford Motor Co. is recalling 777,742 Windstar minivans because they have faulty parts that could catch fire. All the 1999 and 2000 models being recalled have a wiper motor that can collect moisture and overheat. About 525,164 have a second wiring problem in the air conditioner.
From Herald news services
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