Business update: Another round for Boeing and EADS
Boeing submitted its bid today for the Air Force’s $35 billion refueling jet contract as the military tries once again to pick a winner for the troubled program after several failed attempts. Boeing will compete against the North American branch of the European aerospace company EADS, which put in its own bid late Thursday. The competition, which pits the world’s foremost jet makers against each other, is the latest Pentagon effort to award the contract over the past decade. Earlier attempts foundered over contractor disputes, Air Force errors, and criminal cases involving officials at the Pentagon and Boeing.
China renews Google license amid censorship row: China renewed Google’s license to operate a website, preserving the search giant’s toehold in the world’s most populous country after the company gave up an attempt to skirt Beijing’s censorship practices. Google said today that Chinese officials had approved its Internet content provider, or ICP, license but gave no details of what services it would offer.
Anadarko tells BP it won’t help pay for oil spill: Anadarko Petroleum Corp. says it won’t help BP pay for the worst oil spill in U.S. history. The Houston company, which owns 25 percent of BP’s blown-out well in the Gulf of Mexico, said today it has refused to send the $272 million contribution that BP requested in June. As part owner, Anadarko was on the hook to help pay to corral and clean up the spill. The company believes it should be excused from payments because of BP’s reckless handling of the failed deepwater operation.
Wholesale inventories rise in May, sales fall: Inventories held by wholesalers rose for a fifth consecutive month in May but sales fell for the first time in more than a year, sending a cautionary signal about the strength of the recovery. Wholesale inventories increased 0.5 percent while sales dropped 0.3 percent, the Commerce Department said today. It was the first decline for sales since March of 2009.
Patent holder sues smart phone makers over patents: The patent-holding company that won a settlement of more than $600 million from the maker of the BlackBerry said today it has sued six other makers of phones and phone software. Patent company NTP Inc. is suing Apple Inc., Google Inc., Microsoft Corp., HTC Corp., Motorola Inc. and LG Electronics Inc., claiming infringement of the same patents that were at issue in its suit against BlackBerry maker Research In Motion Ltd. The suit against RIM ended with a $612.5 million settlement in 2006.
Canada’s unemployment rate dips below 8 percent: Canada’s economy continues to outshine other advanced countries as the unemployment rate unexpectedly dipped below 8 percent for the first time in a year and half. Statistics Canada said today the country added a higher-than-expected 93,000 jobs in June and said the unemployment rate dropped to 7.9 percent. Economists had expected a more modest 15,000 to 20,000 job increase and that the rate would remain at 8.1 percent.
Stocks edge higher after Google wins China license: Stocks rose for a fourth day today after China renewed Google’s license to operate in the country. Big stock movements, though, are being kept in check as investors avoid taking any risky positions ahead of earnings season, which starts next week. Stocks rose sharply earlier in the week. The Dow Jones industrial average was up about 8 points in mid-afternoon trading after posting its biggest three-day advance since mid-May.
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