Boeing aircraft orders, deliveries set record in 2014
CHICAGO – Boeing Co. set records for aircraft orders and deliveries in 2014, as airlines spent heavily to upgrade their fleets with new, more fuel-efficient planes.
Boeing said Tuesday that it took net orders for 1,432 planes with a total listed value of $232.7 billion. Airlines routinely get steep discounts from sticker prices, and Boeing didn’t disclose how much it will get from the orders.
The company said it delivered 723 planes last year and finished 2014 with a backlog of 5,789 orders, also a record.
About two-thirds of the deliveries and three-fourths of the orders were for Boeing’s popular 737 single-aisle jet.
Petco pulls Chinese-made treats over safety concerns
Petco Animal Supplies Inc. said it has pulled all Chinese-made cat and dog treats from its website and stores nationwide following concerns that the treats had sickened thousands of pets.
Petco said the move makes it the first national pet retailer to yank the treats from shelves.
The San Diego-based company and its rival PetSmart vowed in May to remove treats made in China after the U.S. Food and Drug Administration said it had received about 4,800 complaints of pet illnesses which may be linked to jerky treats made there.
Phoenix-based PetSmart Inc. will no longer be selling treats manufactured in China by March, spokeswoman Erin Gray said. The FDA has been investigating pet illnesses and deaths in animals that ate jerky pet treats since 2007 but has not been able to identify a specific cause for the illnesses.
In a May update on the issue, the FDA said it had received reports of more than 1,000 dog deaths.
WASHINGTON – Orders to U.S. factories fell for a fourth straight month in November, with demand in a key category that signals business investment plans down for a third month.
The Commerce Department said Tuesday factory orders dropped 0.7 percent in November after a similar 0.7 percent fall in October. The November weakness came from decreases in demand for primary metals, industrial machinery and military aircraft.
Community banker Landon tapped to join Fed board
WASHINGTON – President Barack Obama has selected the former head of a community bank in Hawaii to fill a vacancy on the Federal Reserve Board.
The White House said Tuesday that Obama will nominate Allan R. Landon, the former chief executive of the Bank of Hawaii, to fill one of two vacancies on the seven-member board. The nomination will require Senate confirmation.
The decision comes after a lobbying campaign by community bankers who argued that the Fed, which regulates banks, should have at least one community banker on its board.
Coach buying Stuart Weitzman for $530 million in deal
NEW YORK – Coach is expanding its footwear collection.
The luxury handbag and accessories company is buying Stuart Weitzman Holdings LLC from private equity firm Sycamore Partners for about $530 million.
Coach Inc. will also make up to $44 million in contingent payments to Sycamore Partners if certain revenue targets are hit over the three years after the deal closes.
The deal is expected to bolster Coach’s image while creating growth opportunities as it struggles to turn around its brand under new CEO Victor Luis, who took the post in January 2014. For Stuart Weitzman, the deal will expand its business overseas.